Forget Congress for now, whatever emerges there is a compromise of the least objectionable ideas. I’m curious about how the intelligentsia views what is occurring. The most respected university in economics is the University of Chicago. Economists there took the leading in sending out a letter of caution – see below. The letter was signed by hundreds of economists across the country, including Dhananjay Nanda from the University of Miami.
To the Speaker of the House of Representatives and the President pro tempore of the Senate:
As economists, we want to express to Congress our great concern for the plan proposed by Treasury Secretary Paulson to deal with the financial crisis. We are well aware of the difficulty of the current financial situation and we agree with the need for bold action to ensure that the financial system continues to function. We see three fatal pitfalls in the currently proposed…
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Utopia, you are standing in it! 
May 27, 2015 @ 09:58:55
the most respected Uni is the Chicago Uni. really? If Paulson didn’t act the US would have had a depression. classical economists would have loved that but no-one else.
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May 27, 2015 @ 22:08:56
Wasn’t lender of last resort developed by classical economics?
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May 28, 2015 @ 12:23:44
but Jim liquidate everything is a favourite of classical economics. That is why it always leads to depressions.
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