Leftist economist Doug Henwood on the current turmoil
Bob Morris @ Mar 22nd 2008 10:15 - Category: Credit crisis
Key quote:
It’s a risky game for the Fed; maybe it’s been itself tranquilized towards risk because of its long string of successes at containing crises. It may be hard to time this game so carefully. It’s annoying how Wall Street complains about protectionism protecting the incompetent and welfare corrupting the poor and then quickly turns to the state screaming for a bailout. But without a bailout—or the somewhat comprehensive socialization of investment, to quote Keynes—they could take us all down with them.
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