main street

Brad Setser at Follow the Money gets it exactly right today: “It looks like the U.S. government’s no-bailout policy lasted all of two days.” Adding to that thought, The L.A. Times questions what becoming a bailout nation means for a new administration:
The situation is bound to raise thorny policy issues for the next president, [...]

With the bankruptcy of Lehman Bros. and the Bank of America takeover of Merrill Lynch roiling Wall Street, Sen. John McCain attempted to reassure voters about the economy at a rally this morning in Jacksonville, Fla.
Before an audience of about 3,000, McCain repeated his assertion that “the fundamentals of the of our economy are strong,” [...]