Paulson, The Decider

The Economist on the final deal:

None of these concessions seriously cripples Mr Paulson’s flexibility or the programme’s appeal to the industry. He can structure the warrants to be painful or painless. The provisions on executive do not seriously hinder companies’ ability to hand over fat paycheques. The prospect of higher taxes five years from now should not affect a firm’s decision on whether to participate today.

“The highest priority is restoring liquidity to the markets,” says Scott Talbott of the Financial Services Roundtable, representing financial companies. “Companies will participate in the programme even with the restrictions.”

Big questions remain about the programme’s implementation. One challenge is figuring out how to acquire the myriad of mortgage-related securities now clogging the financial system without being ripped off. An even bigger challenge is moving fast enough to create a firebreak against the raging crisis.

 

If I were a House Republican, I'd vote yes, but scream no.