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What else would they have done? Someone had to step in to prevent an even worse scenario than we have now.
The problem I have with the bailout is that too many 'earmarks and attachments' were included. Paulson came to Congress with 3 pages....congress added 397 more.
I also have a problem that one of Paulsons' cronies at Goldman Sachs was named to oversee the bailout. Bill Gross of Pimco offered to do it for free. That would have been my choice. But I seriously doubt that the accountability that Gross would have demanded is wanted.
It should have never gotten to that point -- but since it did, action was necessary. Other plans and alternatives for dealing with the crisis were discussed, and I liked of couple of those better than the one that's currently being executed -- but it's usually that way with complex issues (i.e., a decision doesn't have to be the "best" decision in order to lead to a viable solution).