Friday, October 28, 2011

Choices made

I don't know how many times I'm going to say this, but Paul Krugman has written another great piece on the financial crisis. What's great about this one is that Krugman describes the mantra that was voiced by our leaders in the financial sector and in Washington, and how we as Americans, and many Europeans along with us, chose this position we're in: the bailouts to the banks, the cutting of government spending and size, and now the debates about further bailouts, further cuts, and deregulation.

What I find interesting is that the place we find ourselves in now is exactly where critics of this plan foresaw us. We have banks that were let off the hook for their own reckless investing, we have the public being forced to take on the financial burden of those bad decisions while their jobs are disappearing and the government is being made ineffective to address these problems.

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