An enormous, taxpayer-financed program to buy up bad mortgages and other distressed debt is necessary to protect the savings and aspirations of millions of Americans, President Bush and Treasury Secretary Henry M. Paulson Jr. said on Friday.
“We’re talking hundreds of billions” of dollars, Mr. Paulson said at a briefing in which he underscored the depth of the problem, pledged to work with Congress to address it quickly and voiced optimism that, in the end, the country would emerge from the financial chaos.
Seeking to dispel any impression that the bailout would amount to a rescue of greedy Wall Street executives by Main Street Americans, Mr. Paulson said the program would “cost Americans far less than the alternative.”
The New York Times, September 19, 2008
I hereby propose that, from now on, any banker who disparages government arts funding as unfairly rewarding organizations that can’t make it in the free market gets the business end of a broken beer bottle.
Have I been talking a lot more economics in this space lately? Yes, actually—out of curiosity, I pulled up some of the more dismal-science-heavy posts on this blog, and sure enough, most of them are from this past year. When in Rome (circa 476 A.D.), &c. Here’s a list, in case your Friday procrastination needs a lift. I haven’t re-read through all of them in detail. I wonder how many of them I’ve changed my mind on.
One way or another
Greetings from Hooverville
Down a Country Lane
Bread and Roses
E pur si muove
Who Cares If You Save?
You’ll Never Get Rich
Searching for Love
Get on Board
The bustle in a house
There’s a hole in the bucket
“Oh, take your next vacation in a brand-new Frigidaire”
A chicken in every pot
I couldn’t p now if I tried