It seems the Ivory Tower set does not want there to be any sort of bailout.
In a letter yesterday to congressional leaders, 166 academic economists said they oppose Treasury Secretary Henry Paulson's plan because it's a ``subsidy'' for business, it's ambiguous and it may have adverse market consequences in the long term. They also expressed alarm at the haste of lawmakers and the Bush administration to pass legislation.
``It doesn't seem to me that a lot decisions that we're going to have to live with for a long time have to be made by Friday,'' said Robert Lucas, a University of Chicago economist and 1995 Nobel Prize winner who signed the letter. ``The situation may get urgent, but it's not urgent right now. Right now it's a financial sector problem.''
Yup, lets wait until there is a world-wide depression before we do anything. Then I bet they will study the problem, catalogue it, and then after all long course of study and rigourous examination they will declare an action plan recommendation. In the meantime we have Great Depression II and millions are thrown out of work, can't get car loans, and lose their homes. Sometimes you have to act first and study second. I guess if you are tenured you don't have to worry about what the common person has to.
No comments:
Post a Comment