Friday, May 4, 2012

Quotation Of The Day: Economic Policy Edition

From this New York Times article contrasting the economic problems confronting Europeans and Americans.
The huge bailouts, started in the administration of George W. Bush and continued by President Obama, worked. The banks were bailed out, and the survivors were forced to recapitalize.
The bailouts have become generally unpopular, in no small part because many banks seem to still view themselves as masters of the universe. There is nothing more grating than an ungrateful welfare recipient riding around in a chauffeured Mercedes complaining that he is not being treated fairly. But the reality then — and now — was that a modern economy must have a decently functioning financial system.
 I don't have the expertise to comment on the first paragraph.  The bolded part of the second paragraph, however, reminds me of a definition of poetry:  the best words in the best order.

1 comment:

Anonymous said...

With regards to the first paragraph:

http://www.theatlantic.com/business/archive/2012/04/4-politically-controversial-issues-where-all-economists-agree/255600/

These economists run the gamut in terms of political persuasion. Some are in the Obama Admin, some were in Bush, some are libertarians, some are Europeans, etc.

With regards to the second paragraph: (paraphrasing Goolsbee) the bailouts were necessary, but that doesn't mean we have to like it.