What Hope of Success with Typical Bureaucratic Efficiency?
We have criticized the “$700 billion” federal bailout of banks for the past two weeks and have done so for a variety of reasons. (We used the scare quotes to denote the unreliability of the estimate, which seems to have been grasped from thin air.) We won’t cite all of the reasons for its likely failure, because in this post, we’ll suppose that the “bailout” is perfectly executed.
Would such perfectly executed plan return us to the pre-crisis, halcyon days of early 2007? No! To anything close… Read the rest
