If you only read one business or economics post today, make it Simon Johnson’s summary of his testimony submitted to the Congressional Oversight Panel on TARP.
Here’s my question. If the only alternatives we have are an unhealthy financial system on the one hand and the promise of bailouts on the other, which should we choose? IMO this is another case like the situations in education, healthcare, and government in which minor tweaking around the edges doesn’t get the job done.
This, of course, combined with a perverse American Exceptionalism.
It is our particular faith in free markets that makes us great, even when it fails us.
Yeah, that was good, if depressing.
I’m thinking either/or fallacy here….
Right, a free market with bailouts. I don’t think you quite know what that phrase means.
I was crertainly writing that with all the irony “free markets” carries.
Voters are very ready to accept free market assertions in domains that are anything but.
We needed to break up the big banks. That chance is gone for a while.
Steve