Jim Farmelant
On Wed, 30 Sep 1998 07:49:33 -0700 James Devine <jdevine at popmail.lmu.edu>
writes:
>At 04:23 PM 9/29/98 -0400, Carl Remick wrote:
>on the LTCM bailout: > ... When the NY Times, for God's sake, starts
>talking about
>>the dangers of creeping "crony capitalism" in the nation, there's a
>>definite shift in the wind zeitgeistwise. I think Will Sutton in
>that
>>Observer piece that was posted here nailed the implications of the
>LTCM
>>bailout exactly: "Last week, free market economic theory died."
>>There's a big difference between the run-of-the-mill hypocrisy that
>>normally oils our economic workings and the *naked* hypocrisy seen in
>>the Fed's orchestration of the LTCM bailout while we urge the rest of
>>the world to heed market strictures. PR-wise, this is much worse
>than,
>>say, the RTC bailout -- with thrifts, at least, you could *claim* to
>be
>>protecting grass-roots financial interests to some extent; it's hard
>to
>>make the "jes' lookin' out for the folks" argument with the LTCM
>crowd.
>
>it's interesting to note that Matt Miller -- a professional
>middle-of-the-roader, who works for US News & World Report and plays
>the
>"center" on an amusing public radio show called "left, right, and
>center"
>(with Bob Scheer and Ariana Huffington on left and right,
>respectively) --
>was a bit peeved by this bailout in today's LA TIMES. No one, he said
>in
>his op-ed piece, ever held an emergency meeting of this sort to bail
>out
>the children stuck in poverty....
>
>Jim Devine jdevine at popmail.lmu.edu &
>http://clawww.lmu.edu/Departments/ECON/jdevine.html
>
>
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