Thursday, February 12, 2009

Economic Policy As Culture War

Krugman is right about this:
And the argument that our culture won’t stand for nationalization — well, our culture isn’t too friendly towards bank bailouts of any kind. Yet those bailouts are necessary; and even in America they may be more palatable if taxpayers at least get to throw the bums out.
If you polled the American electorate right now about whether it'd be better to nationalize failing banks or do another big bailout package, I'd put my money on nationalization being the more popular option. I've always thought the "You blew up the economy, Wall Street Guy, so we're taking your bank away from you" line would play pretty well in Ohio.

Of course, if you limited the poll to people from Geithner and Summers' culture, the results might come out the other way. I'd rather Obama take his political feasibility advice from Axelrod than from those two.
Post a Comment