Friday, September 26, 2008

Economists on the Bail-Out

One of the principles that I have often argued for is that people should be willing to admit their own ignorance and trust to experts.

On the matter of legislation to bail out the mortgage industry, a group of nearly (as of this writing) academic economists have signed a letter suggesting that the bail-out plan not be rushed. They say that Congress should take the time to hold proper hearings.

See: Economists' Letter on the Bail Out

Three of these economists have won the Nobel Prize.

I am going to have to say that I have no way grounds to declare that I know more about the economic implications than they do. For me to say that you should trust anything I write on this issue over them would be nonsense.

So, I have to say that we should follow their advice.

I wanted to bring this to your attention.

1 comment:

Steelman said...

But Alonzo, Bush and Paulson have a gun to our collective heads, and they sounded serious when they said, "Your money or your life(style)!"

Making light of this perilous situation seems the only course of action currently within my limited means of control. Unless you think there's something more the average citizen could do, beyond writing a letter to congress asking that they not screw us too badly on this one.