Bailout nonsense
2nd October 2008
Steven E. Landsburg, a professor of economics at the University of Rochester in Rochester, New York.
We are embarking on the most radical transformation of the American economy since the New Deal, committing hundreds of billions in taxpayer money to save banks and other financial institutions from the consequences of their own bad investments. This, we are told, is the cost of averting a crisis. But I sure wish someone would explain to me exactly what crisis we’re trying to avert.