Some skeptics are calling Henry Paulson’s $700 billion rescue plan for the U.S. financial system “cash for trash.” ... [] Mr. Paulson is demanding extraordinary power for himself — and for his successor — to deploy taxpayers’ money on behalf of a plan that, as far as I can see, doesn’t make sense. ... [Paulson] is a smart guy, but [h]e’s making it up as he goes along, just like the rest of us. So let’s try to think this through for ourselves. I have a four-step view of the financial crisis: 1. The bursting of the housing bubble has...
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