The economist, Alan Blinder, had an opinion essay in yesterday’s edition of The Wall Street Journal, entitled Government to the Economic Rescue, but it is not very persuasive.
The essay’s long subtitle, Historians will look back at this time and say the three-pronged strategy of TARP, fiscal stimulus and bank stress testing kept us out of the abyss, sums up his perspective and argument.
He is honest enough to admit that there really is no way to test his hypothesis versus the alternative hypothesis–that one or more of the… Read the rest
