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Re: Madness: Bailing Out Greed in Wonderland
From: David Farber <dave () farber net>
Date: Wed, 17 Sep 2008 05:26:20 -0400



Begin forwarded message:

From: Paul Saffo <paul () saffo com>
Date: September 17, 2008 12:11:24 AM EDT
To: dave () farber net
Subject: Re: [IP] Madness: Bailing Out Greed in Wonderland

hmmm... I am no fan of bailouts, but I think that Paulson and Bernanke made the right call. There is nothing inconsistent between blowing off Lehman and bailing out AIG. Lehman could fail without upsetting anyone except Wall Street. AIG is deeply intertwined into our financial system and if it had failed there would be an unimaginable series of unintended consequences. As odious as it may seem to do anything to help AIG survive it's vast folly, it is in the taxpayer's self-interest to prop up AIG and bring it in to a soft landing.

best
-p


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