Is the Bailout Needed? Many Economists Say "No"

Kevin G. Hall, McClatchy Newspapers: "A funny thing happened in the drafting of the largest-ever US government intervention in the financial system. Lawmakers of all stripes mostly fell in line, but many of the nation's brightest economic minds are warning that the Wall Street bailout's a dangerous rush job. President Bush and his Treasury secretary, former Goldman Sachs chief executive Henry Paulson, have warned of imminent economic collapse and another Great Depression if their rescue plan isn't passed immediately. Is that true?"...Coming out of the White House on Thursday, the ranking Republican on the Senate Banking Committee, Alabama's Richard Shelby, held up what he said was a five-page list of economists opposing the rescue plan.

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