Gail Collins makes a very good point in the NYT:
Instead of dancing around the problem, can’t we just have the government take over the impacted banks, hire all the unemployed bond traders to figure out how much the toxic assets are worth, dispose of them for whatever the market will bear and then sell the newly reconstituted banks back to private investors? That was Sweden’s approach, and it worked rather well.
The answer is that Americans will never do anything that Sweden does. Never have, never will. Don’t argue with me. It’s a rule.
We're just not that smart.
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