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A $700 billion slap in the face
Another classic from Paul Krugman, who's a far left moonbat politically (like 80% of economists), but a Nobel caliber economist. He's out of his depth on politics, but his economic essays are just brilliant. The initial Treasury stance on the bailout was one of sheer demand for authority: give us total discretion and a blank check, and we'll fix things. There was no explanation of the theory of the case -- of why we should believe the proposed intervention would work. So many of us turned to our own analyses, and concluded that it probably wouldn't work -- unless it amounted to a huge giveaway to the financial industry. Now, under duress, Ben Bernanke (not Paulson!) has offered an explanation of sorts about the missing theory. And it is, in effect, a metastasized version of the "slap-in-the-face" theory that has failed to resolve the crisis so far. Posted by: Zhang Fei 2008-09-25 |
| http://www.rantburg.com/poparticle.php?ID=251019 |