Tuesday, March 24, 2009


Capital Gains and Games:
"The issue is not whether the taxpayers will get a good deal. The issue is not whether the financiers who put these mortgage assets together got off without punishment after they pawned off risky assets on overseas investors. The issue is whether credit function in the world economy will be restored so we can get economic recovery underway. There is no clean, efficient, popular solution to this credit crisis. The solution will be to restore confidence and to get the world economy growing again at the least cost to the taxpayers. That cost will be large, but it will be a lot larger if we don't revive bank lending and get the economy growing again this year."

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