PAUL KRUGMAN: Bailouts for Bunglers

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At www.nytimes.com

I’m not talking about the Obama administration’s plan to support jobs and output with a large, temporary rise in federal spending, which is very much the right thing to do. I’m talking, instead, about the administration’s plans for a banking system rescue—plans that are a classic exercise in “lemon socialism”: taxpayers bear the cost if things go wrong, but stockholders and executives get the benefits if things go right.

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At www.nytimes.com


 

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