Quotes of the Day

"We need this to be clean and quick, and we need to get it in place."—Treasury Secretary Henry Paulson on the proposed $700 billion Wall Street bailout, which he has urged Congress to legislate without delay and without linking it to any new programs.

"We cannot just turn over $700 billion in taxpayer money and not insist that that taxpayer is going to be protected in this."—Senate Banking Committee Chairman Chris Dodd, who has introduced a bill (pdf) that would create a five-member oversight board to supervise the bailout, require the government to secure an equity stake equal to the value of the purchased debt, penalize executives for "inappropriate or excessive" risks, and compel executives to return profits earned based on inaccurate accounting measures.

"Treasury should now be required to explain why this isn’t a much, much better way to do this rescue."Paul Krugman, on Dodd's proposed legislation.

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