Monday, March 17, 2008

Bail Out

Just to be clear, we have now made it harder to help out people who run into financial trouble (bankruptcy reform), look down upon helping individuals who are perpetually in financial trouble (welfare), but are perfectly willing to bail out a company worth billions of dollars "for the greater good."

I am not trying to argue that bailing out Bear Stearns wasn't necessary in this economic landscape, but those who claim "moral hazard" anytime the subject of welfare or personal bankruptcy comes up should be up in arms about this deal too. Somehow, I suspect that won't be the case.

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