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The Bailout, Experts, and Other False Prophets

Arnold Kling has the scoop.  His entire column is must-reading.  He makes a very common-sense point that I've tried to get into people's heads: The other claim that is made on behalf of the bailout is that Treasury will make a profit for taxpayers by buying distressed mortgage-related assets. However, this claim is being made by the same people who did not see the crisis coming, in large part because they do not understand how the values of these sorts of securities behave.The same experts who recently said everything was going to be alright, are the ones speaking in favor of a bailout.  Why, in light of such a huge error, should we believe them now? We believe because of a common thinking error.  We don't keep track of when people are wrong...continue to full post

Full post as published by Crime & Federalism on October 03, 2008 (boomark / email).