The bank bailout is unnecessary is Naked Capitalism’s assessment of Bert Ely’s comments from an interview at Institutional Risk Analytics.
A banking industry expert, Bert Ely, who has a stellar track record in predicting crises and calling false alarms says that the banking industry can handle this mess internally and does not need subsidies. [Source, Naked Capitalism, Banking Expert: Bailout Not Necessary, Industry Can Take Losses]
Update: Bailout has been planned for months and The New York Times says the Issue Is Payback, Not Bailout.
Update 25Sept2008: Billionaire George Soros says Paulson cannot be allowed a blank check.
Update: Ron Paul lectures Bernanke on the flaws of the bailout plan and the hazard of the attempt to fix prices versus letting them correct naturally in the free market.
Update: Newscoma points to another billionaire, Mark Cuban, who is harsh on the bailout. "The bankers that we hope will reflate the economy with loans to the people and companies who need it ARE THE SAME BANKERS THAT GOT US INTO THIS MESS." Watch for comments at No Silence Here.
