| September 23, 2008 |
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The financial crisis came to a head last week. The U.S. Treasury has proposed its solution, and seeks immediate, dramatic action from Congress. The articles below point to different solutions both short term and long term, and discuss some of the current anomalies. Luigi Zingales There are alternatives to a massive government bailout of the U.S. financial industry, according to Luigi Zingales--they just would be more costly for financiers and cheaper for taxpayers.Questioning the Treasury's $700 Billion Blank Check: An Open Letter to Secretary Paulson Aaron S. Edlin The Treasury wants a blank check for $700 billion, at taxpayer expense; instead a businessman like Buffett should be given the job of making the taxpayers some money out of this mess, according to Aaron Edlin.Dr. StrangeLoan: or How I Learned to Stop Worrying and Love the Financial Collapse Aaron S. Edlin Last week, on Wednesday September 17, 2008, the Bush Administration almost stumbled upon a way to eliminate the U.S. debt and even taxes. Aaron Edlin's ironic take on a world gone mad.Investment Banking Regulation After Bear Stearns Dwight M. Jaffee and Mark Perlow The Bear Stearns bailout created an implicit guarantee that will create a great deal of moral hazard unless we smartly regulate investment banks in a way that doesn't destroy their value; so say Dwight Jaffee and Mark Perlow.About this journalThe Economists' Voice, edited by Aaron Edlin and Joseph Stiglitz, recipient of the 2001 Nobel Prize for Economics, together with Jonathan Carmel, J. Bradford DeLong, William Gale, James Hines and Jeffrey Zwiebel, is the decade's most successful publishing innovation for professional economists. It was shortlisted for Best New Journal in the 2007 ALPSP/Charlesworth Awards. Its short, focused policy articles fill a gap between the op-ed pages of the newspaper and full-length journal articles. Contributors include seven Nobel Prize winners, five past chairs of the President's Council of Economic Advisors, public intellectuals like Paul Krugman and Richard Posner, and a veritable "Who's Who" of modern economic theory and policy. The Economists' Voice is a source of expertise directed at once at the professional economist, policy makers, students, and anyone curious about the economy today. Articles from The Economists' Voice have been prominently featured on the Op-Ed pages of The New York Times, The Washington Post, Salon.com, The Wall Street Journal's MarketWatch.com, and distributed by Project Syndicate to newspapers around the world. |
Edited by Aaron Edlin
Joseph Stiglitz
Co-Editors: Jonathan Carmel
Bradford DeLong
William Gale
James Hines
Jeffrey Zwiebel
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