Friday, June 05, 2009
'The problem with bailouts'
The crux of the problem: “(P)ublic-sector intervention usually errs on the side of the status quo.” … Like this? … Politicians aren't really interested in economic efficiencies. They're interested in political efficiencies. The mother of all political efficiencies in the GM bailout is protecting the UAW.
The crux of the problem: “(P)ublic-sector intervention usually errs on the side of the status quo.” … Like this? … Politicians aren't really interested in economic efficiencies. They're interested in political efficiencies. The mother of all political efficiencies in the GM bailout is protecting the UAW.
