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Politics : View from the Center and Left
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To: Sam who wrote (79918)8/23/2008 4:31:33 PM
From: Dale Baker  Read Replies (1) of 543106
 
If the Fed had done nothing when Bear Stearns was about to implode, we probably would have seen a Black Monday 1929-style market crash. Even if one thinks that the government bailout is bad for us, the alternative was unthinkable.

Of course, if government had stepped in earlier and stopped the financial markets from climbing the risk cliff to such precarious heights, this whole thing could have been nipped in the bud.
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