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Posted by: Michael Mandel on September 26
WaMu going under…punishment of the greedy (I just hope JPMorgan Chase is getting a good deal)
The so-called bailout deal being submarined by politics? I’m so not surprised. Fighting a major financial crisis requires political legitimacy, because the government has to break contracts and allocate losses coercively. Coming up on a presidential election, our current administration unfortunately lacks political legitimacy.
I’m going to write more on this.
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.