If, by spending the equivalent of S700 billion dollars in 1929 the market crash and ensuing Great Depression could have been avoided, would that expenditure have made sense?
To the Congressional opposition in both parties: Do you really want to have the consequences of inaction on your hands? Do you really believe this is worth that gamble, and that you are smarter than Paulson, Bernanke, et al? George Bush and the senior leadership of his Administration as well as the best economists in the country are all urging rapid action. If the panic and the losses spread and you have sat on your hands, the payback is but six weeks away.