Krugman:

I think that Congressional leaders know that it’s a bad bill, but feel compelled to defend it, because they’re (rightly) scared of the financial consequences of a second rejection. And to some extent economists like myself are in the same position; I think I called it the “hold your nose caucus.”

So am I for the bill? Yuk, phooey, I guess so. And I’m very angry at Paulson for putting us in this position.

Well, wouldn't it be more appropriate for Krugman to direct his anger toward the people who are engineering the "financial consequences", rather than with Paulson who is, at the end of the day, a mere shill and a tool?

Unless an Act of Congress really is what's needed to prevent a stock market crash.

Or unless a trillion dollars in blackmail payments to the infestment bankers is what's needed to restore the flow of credit.

Although, in present circumstances, both those statements seem to be true.

Of course, when you give in to blackmail, what happens?

[pause]

R-i-i-i-i-i-g-h-t.