Friday, September 26, 2008

Cognitive dissonance

When the bailout plan was first conceived, the reaction to it in the liberal blogosphere was extremely negative. The argument was that any bailout would necessarily be a handout from everyday Americans to the rich Wall Street assholes who were themselves responsible for the mess, and that would be bad. The whole notion that there is a "credit crisis" was largely derided as a ploy to get Uncle Sam to reach for his billfold faster.

Now that it appears it's going to be Republicans, including possibly John McCain, that are providing the opposition to the plan, everyone's worried about the consequences of inaction.

Sure, the bailout has been chopped into installments and made more taxpayer-friendly, but it's still a massive transfer of wealth from the Treasury to a bunch of struggling banks, which a lot of people were screaming bloody murder about on principle just a few days ago.

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