Hilzoy on the bailout:
Deciding what to do about the present financial crisis is beyond anything remotely resembling my expertise. However, like Steve Benen, I've been reading around, and I can't find a single decent economist who likes the plan. That scares me, since I expect that the political dynamics will go something like this: Paulson has proposed a plan; not to accept it would deeply damage confidence in the markets and make things much worse, regardless of whether it's a good plan or not; therefore, it will be passed. I hope the Democrats try to get some decent regulation and structural reform for all that money.
This article available online at:
http://www.theatlantic.com/daily-dish/archive/2008/09/wait-a-minute/211363/
