Re: Madness: Bailing Out Greed in Wonderland

[David Farber <dave () farber net>]

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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