Tuesday, September 30, 2008

Yesterday Ended On a Good Note

  1. The bail-out failed.
  2. CNN actually posted a commentary by Jeffery Miron that explained the reason this mess actually happened.
  3. TIME posted an article that has the message right and contains no logical or factual errors. In short, it is TIME's best article in a year.
The public is very schizophrenic on the bailout issue, I hope that creates time for cooler heads to prevail. From those who favor the bailout, enough with the various complicated plans with theoretical models demonstrating where the bailout can succeed.

Instead I would like to see a well articulated case that explains how our roughly 535+1 handsomest politicians, most of whom have no formal training in the complexities of financial markets and bank regulation, and all with a diverse array of political incentives for their particular constituency and special interests will come out of Congress with a plan that will create significant net benefits.

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