[Reader-list] Heavy Hitters Against US Bailout

[Abhishek Hazra]

>>PS - I really enjoy the articles etc. you post on the list. Helps clear
some
of that Kashmir air. . .

same here.

abhishek

On Mon, Sep 29, 2008 at 10:18 PM, Isaac souweine <isouweine at gmail.com>wrote:

> Hi Naeem -
>
> Well, I guess we're saying just about the same thing then, huh? As in - the
> bailout probably isn't that sweet a deal for the common folk. Not that one
> needs a fancy PhD to guess that much would be true ;-) As someone who pays
> into the American treasury every April 15, I guess it's especially appaling
> to see this year's misue of my funds, but when you think that a similar
> amount went to the Iraq boondoggle, and when you consider the annual size
> of
> the defense budget - well, its hard not to feel a little fatalistic. . .
>
> As for Moore, I would say "don't get me started" but really it's a pleasure
> to. Every time I read another open letter from that one-trick
> "documentarian" turned folksy champion of the left, I marvel to myself at
> how snugly Moore fits into America's system of cultural hegemony. Where
> buffoonery and emotive populism hold sway, the rational discourse required
> for real policy change fear to tread. Of course, Moore's politics are often
> in the generally right direction, viz. gun control, health care, the Bush
> years etc., and one could argue that his "gadflyism" opens up space for
> cooler heads to actually do some thinking, but my guess is that every time
> Michael Moore hits send, the powers that be chuckle to themselves.
>
> Cheers,
> Isaac
>
> PS - I really enjoy the articles etc. you post on the list. Helps clear
> some
> of that Kashmir air. . .
>
>
> On Tue, Sep 30, 2008 at 12:19 AM, Naeem Mohaiemen <
> naeem.mohaiemen at gmail.com
> > wrote:
>
> > > 1. Re: Michael Moore: The Rich Are Staging a Coup This Morning (Isaac
> > souweine)
> > > I too found Moore's rant difficult to follow. I think that's what we
> call
> > being out of your depth.
> > ...
> > > Shiller is a pretty heavy hitter <
> > http://en.wikipedia.org/wiki/Robert_Shiller>
> >
> > Moore rants unapologetically because that's his style. Some may find
> > it grating but it's who he is, and his focus is on winning over middle
> > america's mass undecided. His style may irritate, and his
> > footnote-less prose may dismay, but the core sentiments I find echoed
> > in various shades by others-- not on healthcare, that's reflective of
> > MM's singular focus since making SICKO the film; but on worries about
> > the fundamental economic unfairness of this bailout plan.
> >
> > 1. Is the Bailout Needed? Many Economists Say "No"
> > http://www.mcclatchydc.com/227/story/53107.html
> >
> > 2. Stiglitz on a Better Bailout
> > http://www.thenation.com/doc/20081013/stiglitz
> >
> > 3. Economists see need for a penalty
> > http://www.iht.com/articles/2008/09/23/business/23skeptics.php
> >
> > 4.Ferguson-Johnson: Bridge Loan to Nowhere
> > http://www.thenation.com/doc/20081006/ferguson_johnson
> >
> > 5. Economists Petition to House of Representatives
> >
> >
> http://faculty.chicagogsb.edu/john.cochrane/research/Papers/mortgage_protest.htm
> >
> > To the Speaker of the House of Representatives and the President pro
> > tempore of the Senate:
> >
> > As economists, we want to express to Congress our great concern for
> > the plan proposed by Treasury Secretary Paulson to deal with the
> > financial crisis. We are well aware of the difficulty of the current
> > financial situation and we agree with the need for bold action to
> > ensure that the financial system continues to function. We see three
> > fatal pitfalls in the currently proposed plan:
> >
> > 1) Its fairness. The plan is a subsidy to investors at taxpayers'
> > expense. Investors who took risks to earn profits must also bear the
> > losses.  Not every business failure carries systemic risk. The
> > government can ensure a well-functioning financial industry, able to
> > make new loans to creditworthy borrowers, without bailing out
> > particular investors and institutions whose choices proved unwise.
> >
> > 2) Its ambiguity. Neither the mission of the new agency nor its
> > oversight are clear. If  taxpayers are to buy illiquid and opaque
> > assets from troubled sellers, the terms, occasions, and methods of
> > such purchases must be crystal clear ahead of time and carefully
> > monitored afterwards.
> >
> > 3) Its long-term effects.  If the plan is enacted, its effects will be
> > with us for a generation. For all their recent troubles, America's
> > dynamic and innovative private capital markets have brought the nation
> > unparalleled prosperity.  Fundamentally weakening those markets in
> > order to calm short-run disruptions is desperately short-sighted.
> >
> > For these reasons we ask Congress not to rush, to hold appropriate
> > hearings, and to carefully consider the right course of action, and to
> > wisely determine the future of the financial industry and the U.S.
> > economy for years to come.
> >
> >
> > Signed (updated at 9/25/2008 8:30AM CT)
> >
> > Acemoglu Daron (Massachussets Institute of Technology)
> > Adler Michael (Columbia University)
> > Admati Anat R. (Stanford University)
> > Alexis Marcus (Northwestern University)
> > Alvarez Fernando (University of Chicago)
> > Andersen Torben (Northwestern University)
> > Baliga Sandeep (Northwestern University)
> > Banerjee Abhijit V. (Massachussets Institute of Technology)
> > Barankay Iwan (University of Pennsylvania)
> > Barry Brian (University of Chicago)
> > Bartkus James R. (Xavier University of Louisiana)
> > Becker Charles M. (Duke University)
> > Becker Robert A. (Indiana University)
> > Beim David (Columbia University)
> > Berk Jonathan (Stanford University)
> > Bisin Alberto (New York University)
> > Bittlingmayer George (University of Kansas)
> > Boldrin Michele (Washington University)
> > Brooks Taggert J. (University of Wisconsin)
> > Brynjolfsson Erik (Massachusetts Institute of Technology)
> > Buera Francisco J. (UCLA)
> > Camp Mary Elizabeth (Indiana University)
> > Carmel Jonathan (University of Michigan)
> > Carroll Christopher (Johns Hopkins University)
> > Cassar Gavin (University of Pennsylvania)
> > Chaney Thomas (University of Chicago)
> > Chari Varadarajan V. (University of Minnesota)
> > Chauvin Keith W. (University of Kansas)
> > Chintagunta Pradeep K. (University of Chicago)
> > Christiano Lawrence J. (Northwestern University)
> > Cochrane John (University of Chicago)
> > Coleman John (Duke University)
> > Constantinides George M. (University of Chicago)
> > Crain Robert (UC Berkeley)
> > Culp Christopher (University of Chicago)
> > Da Zhi (University of Notre Dame)
> > Davis Morris (University of Wisconsin)
> > De Marzo Peter (Stanford University)
> > Dubé Jean-Pierre H. (University of Chicago)
> > Edlin Aaron (UC Berkeley)
> > Eichenbaum Martin (Northwestern University)
> > Ely Jeffrey (Northwestern University)
> > Eraslan Hülya K. K.(Johns Hopkins University)
> > Faulhaber Gerald (University of Pennsylvania)
> > Feldmann Sven (University of Melbourne)
> > Fernandez-Villaverde Jesus (University of Pennsylvania)
> > Fohlin Caroline (Johns Hopkins University)
> > Fox Jeremy T. (University of Chicago)
> > Frank Murray Z.(University of Minnesota)
> > Frenzen Jonathan (University of Chicago)
> > Fuchs William (University of Chicago)
> > Fudenberg Drew (Harvard University)
> > Gabaix Xavier (New York University)
> > Gao Paul (Notre Dame University)
> > Garicano Luis (University of Chicago)
> > Gerakos Joseph J. (University of Chicago)
> > Gibbs Michael (University of Chicago)
> > Glomm Gerhard (Indiana University)
> > Goettler Ron (University of Chicago)
> > Goldin Claudia (Harvard University)
> > Gordon Robert J. (Northwestern University)
> > Greenstone Michael (Massachusetts Institute of Technology)
> > Guadalupe Maria (Columbia University)
> > Guerrieri Veronica (University of Chicago)
> > Hagerty Kathleen (Northwestern University)
> > Hamada Robert S. (University of Chicago)
> > Hansen Lars (University of Chicago)
> > Harris Milton (University of Chicago)
> > Hart Oliver (Harvard University)
> > Hazlett Thomas W. (George Mason University)
> > Heaton John (University of Chicago)
> > Heckman James (University of Chicago - Nobel Laureate)
> > Henderson David R. (Hoover Institution)
> > Henisz, Witold (University of Pennsylvania)
> > Hertzberg Andrew (Columbia University)
> > Hite Gailen (Columbia University)
> > Hitsch Günter J. (University of Chicago)
> > Hodrick Robert J. (Columbia University)
> > Hopenhayn Hugo (UCLA)
> > Hurst Erik (University of Chicago)
> > Imrohoroglu Ayse (University of Southern California)
> > Isakson Hans (University of Northern Iowa)
> > Israel Ronen (London Business School)
> > Jaffee Dwight M. (UC Berkeley)
> > Jagannathan Ravi (Northwestern University)
> > Jenter Dirk (Stanford University)
> > Jones Charles M. (Columbia Business School)
> > Kaboski Joseph P. (Ohio State University)
> > Kahn Matthew (UCLA)
> > Kaplan Ethan (Stockholm University)
> > Karolyi, Andrew (Ohio State University)
> > Kashyap Anil (University of Chicago)
> > Keim Donald B (University of Pennsylvania)
> > Ketkar Suhas L (Vanderbilt University)
> > Kiesling Lynne (Northwestern University)
> > Klenow Pete (Stanford University)
> > Koch Paul (University of Kansas)
> > Kocherlakota Narayana (University of Minnesota)
> > Koijen Ralph S.J. (University of Chicago)
> > Kondo Jiro (Northwestern University)
> > Korteweg Arthur (Stanford University)
> > Kortum Samuel (University of Chicago)
> > Krueger Dirk (University of Pennsylvania)
> > Ledesma Patricia (Northwestern University)
> > Lee Lung-fei (Ohio State University)
> > Leeper Eric M. (Indiana University)
> > Leuz Christian (University of Chicago)
> > Levine David I.(UC Berkeley)
> > Levine David K.(Washington University)
> > Levy David M. (George Mason University)
> > Linnainmaa Juhani (University of Chicago)
> > Lott John R.  Jr. (University of Maryland)
> > Lucas Robert (University of Chicago - Nobel Laureate)
> > Luttmer Erzo G.J. (University of Minnesota)
> > Manski Charles F. (Northwestern University)
> > Martin Ian (Stanford University)
> > Mayer Christopher (Columbia University)
> > Mazzeo Michael (Northwestern University)
> > McDonald Robert (Northwestern University)
> > Meadow Scott F. (University of Chicago)
> > Mehra Rajnish (UC Santa Barbara)
> > Mian Atif (University of Chicago)
> > Middlebrook Art (University of Chicago)
> > Miguel Edward (UC Berkeley)
> > Miravete Eugenio J. (University of Texas at Austin)
> > Miron Jeffrey (Harvard University)
> > Moretti Enrico (UC Berkeley)
> > Moriguchi Chiaki (Northwestern University)
> > Moro Andrea (Vanderbilt University)
> > Morse Adair (University of Chicago)
> > Mortensen Dale T. (Northwestern University)
> > Mortimer Julie Holland (Harvard University)
> > Muralidharan Karthik (UC San Diego)
> > Nanda Dhananjay  (University of Miami)
> > Nevo Aviv (Northwestern University)
> > Ohanian Lee (UCLA)
> > Pagliari Joseph (University of Chicago)
> > Papanikolaou Dimitris (Northwestern University)
> > Parker Jonathan (Northwestern University)
> > Paul Evans (Ohio State University)
> > Pejovich Svetozar (Steve) (Texas A&M University)
> > Peltzman Sam (University of Chicago)
> > Perri Fabrizio (University of Minnesota)
> > Phelan Christopher (University of Minnesota)
> > Piazzesi Monika (Stanford University)
> > Piskorski Tomasz (Columbia University)
> > Rampini Adriano (Duke University)
> > Reagan Patricia (Ohio State University)
> > Reich Michael (UC Berkeley)
> > Reuben Ernesto (Northwestern University)
> > Roberts Michael (University of Pennsylvania)
> > Robinson David (Duke University)
> > Rogers Michele (Northwestern University)
> > Rotella Elyce (Indiana University)
> > Ruud Paul (Vassar College)
> > Safford Sean (University of Chicago)
> > Sandbu Martin E. (University of Pennsylvania)
> > Sapienza Paola (Northwestern University)
> > Savor Pavel (University of Pennsylvania)
> > Scharfstein David (Harvard University)
> > Seim Katja (University of Pennsylvania)
> > Seru Amit (University of Chicago)
> > Shang-Jin Wei (Columbia University)
> > Shimer Robert (University of Chicago)
> > Shore Stephen H. (Johns Hopkins University)
> > Siegel Ron (Northwestern University)
> > Smith David C. (University of Virginia)
> > Smith Vernon L.(Chapman University- Nobel Laureate)
> > Sorensen Morten (Columbia University)
> > Spiegel Matthew (Yale University)
> > Stevenson Betsey (University of Pennsylvania)
> > Stokey Nancy (University of Chicago)
> > Strahan Philip (Boston College)
> > Strebulaev Ilya (Stanford University)
> > Sufi Amir (University of Chicago)
> > Tabarrok Alex (George Mason University)
> > Taylor Alan M. (UC Davis)
> > Thompson Tim (Northwestern University)
> > Tschoegl Adrian E. (University of Pennsylvania)
> > Uhlig Harald (University of Chicago)
> > Ulrich, Maxim (Columbia University)
> > Van Buskirk Andrew (University of Chicago)
> > Veronesi Pietro (University of Chicago)
> > Vissing-Jorgensen Annette (Northwestern University)
> > Wacziarg Romain (UCLA)
> > Weill Pierre-Olivier (UCLA)
> > Williamson Samuel H. (Miami University)
> > Witte Mark (Northwestern University)
> > Wolfers Justin (University of Pennsylvania)
> > Woutersen Tiemen (Johns Hopkins University)
> > Zingales Luigi (University of Chicago)
> > Zitzewitz Eric (Dartmouth College)
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