“If [bailout terms are] properly implemented, the taxpayers should leave the negotiating table pleased with the deal they achieved, and everybody else should leave battered, comforted only by the knowledge that, had they not made those concessions, things would have been even worse.”

Econbrowser (via), interpreting the appetite for bailouts as a signal that the bailouts aren’t serving the public interest. Two explanations:  The optimistic view is that joint gains are possible here.  The pessimistic view is that this is a sign of regulatory capture.

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