Monday, March 10, 2008

Krugman's Wrong Again

Nobody wants to put taxpayers on the hook for the financial industry’s follies.
Um, excuse me? I think a lot of people have been basing their careers and the strategies of their companies on exactly that. What else does 'privatize profits, socialize risk' mean? When 'nobody' includes every strategic decision maker in finance, and every financial policy maker in the Bush Administration, I think you're stretching the concept, somewhat.

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