OK, I realize that’s an old joke, but I just basically wanted to give y’all a post on which to react to the Bush administration’s proposal for dealing with the crisis on Wall Street:
WASHINGTON — Struggling to stave off financial catastrophe, the Bush administration on Friday laid out a radical bailout plan with a jaw-dropping price tag — a takeover of a half-trillion dollars or more in worthless mortgages and other bad debt held by tottering institutions.
Relieved investors sent stocks soaring on Wall Street and around the globe. The Dow-Jones industrials average rose 368 points after surging 410 points the day before on rumors the federal action was afoot.
A grim-faced President Bush acknowledged risks to taxpayers in what would be the most sweeping government intervention to rescue failing financial institutions since the Great Depression. But he declared, "The risk of not acting would be far higher."
Here are several versions of the story:
- The AP version on thestate.com., the most gee-whiz version I’ve seen (unusual for the AP)
- The one from The Wall Street Journal
- The New York Times version.
I’m still scrambling here to get the weekend editorial and op-ed pages out, but in the meantime, what do y’all think? The market seems to like it, but those folks are easily excited…