March 27, 2008
Bailout mentality
The bailout mentality is becoming ingrained in people's beliefs (if it's not already). One prominent pundit articulates what many are thinking.
While complaints of unfairness can always be raised, government bailouts can generally be defended when the government's failure to act could have dire consequences on society or the nation's financial system, said William Galston, a former domestic policy adviser to President Clinton and now a senior fellow at Washington's Brookings Institution.
"Sometimes, you have to act in a very broad way, a way that's not very sensitive to the distinction between the innocent and the guilty, in order to bring about a broader public good. And then you sort it out later if you can," Galston said.
Article "More government bailouts may be on way".
Posted by Edward J. Lopez at 11:11 AM in
Economics