Carnegie Mellon Professor: No bailout needed

[kpete]

Carnegie Mellon Professor: No bailout needed
by Yo yo yo
Wed Sep 24, 2008 at 10:45:44 AM PDT

PBS News Hour had Allan Meltzer, professor of political economy & public policy at Carnegie Mellon University and a visiting scholar at the American Enterprise Institute. On bailout:

ALLAN MELTZER: It's a terrible idea. It's undemocratic. It's bad economic policy, and it's bad social policy. And it has a very little chance of solving the problem in a meaningful way.

I've listened to governments tell me for 40 years that there was a crisis and the world was going to fall apart if we didn't do this or that. But there have been a few cases where they weren't able to do that.

One was the commercial paper crisis in 1970. There have been several others. The world did not fall apart. Last week, we had Lehman Brothers went into bankruptcy. Within three days, most of the assets were sold.

We had AIG turn down three offers to buy the company because they thought they would get a better deal from the government. It turned out they didn't get the better deal from the government. Now the stockholders suddenly woke up and said -- the major stockholders said, "We'd like to buy the company."

Well, that's what I think we need to do. We need to get the government's hand out of this, and let's see whether we can't get a market solution.

much more at:
http://www.pbs.org/newshour/bb/business/july-dec08/bailouttalk_09-23.html

[Eurobabe]

1. BushCo is determined to spend every last dime

and more before his ass is out of office. Remember when he came out with the Trifecta line? That still sticks in my craw, evil little Fucker.

[jtrockville]

2. SPEND? I think you mean LOOT.

Let's remember who benefits from his largesse.

[Eurobabe]

4. spend, loot, gouge,

pilfer, pillage, plunder, ravage, rifle, rob, sack, snatch, steal, strip, swipe

Pick your poison.

[bdamomma]

3. bush is on TV tonite, and McCain bailing out of the debate

to deal with the bailout he deregulated, things are really fucked up.

[Eurobabe]

5. hey alyce!

man this has been a couple of depressing weeks. First good news I've seen all day is that Obama has pulled ahead in polls. Polls, schmolls, but it made me feel better for a change. :hi: