The Bailout Isn't A Morality Play

摘要

If this were a movie, we'd call it "tarp, the sequel." the obama administration will soon unveil its plan to bolster the nation's financial system by buying or guaranteeing banks' bad loans and securities. Given the widespread revulsion against financial fat cats, the public reception may be underwhelming. But we need to move beyond populist denunciations of "bailing out Wall Street." The fundamental purpose is more compelling. It is to reverse a massive worldwidecredit contraction that is clobbering the real economy of production and jobs.