Greg Mankiw's Blog: A Defense of the Paulson Plan
Aha it is more clear the whole saga, where it was and where it is now. You need to know always different angles; so that you can scale things up what is heavy what is not. Now I agree bail out and it is necessary. I agree difference views of ivory tower and reality. Reality, we think on feet. One of the most challenge things is “making decision” without all information. I think that is come from field of experiences. Once I was asked to formulate a company strategy; re-engineering and trouble shooting in my area of expert. I had hard time put them down to words what is in my mind. All in my head, lots of things I can not explain it but just do it when you are in a “situation”. You jus know what is work what is not. Ivory towers theory is not practicable always but nice to know theory behind. End of the day I am the person who is calling the shot not the way around. So I can not afford screw things up for my own good for narrow minded judgment!
By the way, I can guess who is the "A smart friend," who knows more about this topic than he does. Only few perhaps... I think...may be the current Fed chairman?...
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