It seems that all is not lost. Jeffrey Miron from Harvard explains why this failed bailout is good news, not bad news, and he does it in clear, unmistakable prose: CAMBRIDGE, Massachusetts (CNN) — Congress has balked at the Bush administration’s proposed $700 billion bailout of Wall Street. Under this plan, the Treasury would have bought the “troubled assets” of financial institutions in an attempt to avoid economic meltdown. This bailout was a terrible idea. Here’s why. The current mess would never have occurred in the absence of ill-conceived federal policies. The federal government chartered Fannie Mae in 1938 and … Continue reading Clear Thinking from Jeffrey Miron