One of these days I’m going to write a comprehensive post about Hoover revisionism. Until then, you might like this short squib, which I wrote before it emerged that the bailout bill gives Paulson the discretion to do just what I describe the New Deal RFC doing in the article. (According to this registration-walled Roubini post, it got into the bill partly by some fuzzy language, secured by Barney Frank’s ostentatious comments about the legislators’ intent during the debate.) So this considerably heightens the pressure on this non-New Deal administration to act like New Dealers.

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