PI Original Josh Kalven Monday September 29th, 2008, 10:06am

Bone Up On The Bailout

Want to gauge the progressive temperature on the revised bailout bill unveiled yesterday?  First of all, make sure to read the Washington Post's run-down of the provisions in the measure.  An important thing to understand about this proposal is that the two parties are quite ...

Want to gauge the progressive temperature on the revised bailout bill unveiled yesterday?  First of all, make sure to read the Washington Post's run-down of the provisions in the measure.  An important thing to understand about this proposal is that the two parties are quite divided and the vote later this morning is likely to be a real patchwork on both sides. 

This division also extends to the community of progressive-minded economists, as Washington Monthly's Hilzoy explains in a post that hesitantly endorses the plan. Paul Krugman and Lawrence Summers are also backing the bailout, though not very enthusiastically. 

On the other hand, Dean Baker opposes it, writing that we should "demand more for $700 billion" and warning that -- if passed -- the enormous price tag will likely "be used as an argument against effective stimulus." Meanwhile, David Sirota organizes his thoughts on the proposal into a post titled "Top 5 Reasons To Vote Against Wall Street's $700 Billion Bailout."

We'll be tracking the action on Capitol Hill throughout the day, so check back for more later.

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