Actor The Promise The Reality Financial Executives Brilliant Risk Management Catastrophic Losses Eliot Spitzer Mr. Clean, Financial Reformer Celebrity Prosecutions, Real Abuses Untouched, and Not So Clean Sarbanes-Oxley Financial Responsibility Large Costs, No Apparent Benefits Basel Capital Standards International Coordination, Sound Banks Worldwide Banking Collapse Fannie, Freddie Stable Mortgage Credit Fed the Boom, Stuck Taxpayers with the Bust TARP Unclog the Financial System Zombie Banks Big Fiscal Stimulus Put the Economy on a Better Path Wait and See
The pattern is big egos, big money, and big power offering big promises, getting big media play, and making big mistakes (Spitzer's mistakes were relatively small, to be honest). To me, the fiscal stimulus represents yet another redistribution of power away from ordinary people and toward the elite, when already the imbalance is too high. I am more worried about rot at the top of society than at the bottom.
Wednesday, January 14, 2009
With the government making so many mistakes these days, it can be hard to keep track of it all. Luckily, Arnold Kling at EconLog has helped us out with a handy graph (and some spot-on commentary).
Posted by second-tier at 1:21 PM