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Einstein's Heuristic and the Market Bailout

Albert Einstein famously said: "You do not really understand something unless you can explain it to your grandmother."  This has been a useful heuristic in my life.  How does it apply to the market bailout? Well, first, my grandmother can understand this comic strip.  So clearly complex market transactions can be explained to an untrained audience. Second, has Henry Paulson, in any of his interviews, explained why this market bailout will actually be a bailout?  If he can't explain, in clear and simple terms why the bailout will work, why should we believe that he understands why the bailout will work?

Full post as published by Crime & Federalism on September 29, 2008 (boomark / email).