Sunday, September 21, 2008

More on the bailout plan

Imagine that it's January 2009, and that Treasury Secretary Phil Gramm has $700 billion to dole out as he likes to Wall Street companies claiming distress. Phrases that occur to me include Teapot Dome (or perhaps I should say Iraq reconstruction), crony capitalism, and great Republican Party fundraising tool.

UPDATE: Great column by U of Chicago economist Luigi Zingales on the bailout.

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