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Senior lecturer in economics at Harvard University Say NO BAILOUT
September 29, 2008 4:28 pm Finance, Politics, Taxes, U.S. Law and PolicyCommentary: Bankruptcy, not bailout, is the right answer
Special to CNN
Editor’s
note: Jeffrey A. Miron is senior lecturer in economics at Harvard
University. A Libertarian, he was one of 166 academic economists who
signed a letter to congressional leaders last week opposing the
government bailout plan.
CAMBRIDGE, Massachusetts (CNN) — Congress has balked at the
Bush administration’s proposed $700 billion bailout of Wall Street.
Under this plan, the Treasury would have bought the “troubled assets”
of financial institutions in an attempt to avoid economic meltdown.
This bailout was a terrible idea. Here’s why.
The current
mess would never have occurred in the absence of ill-conceived federal
policies. The federal government chartered Fannie Mae in 1938 and
Freddie Mac in 1970….
