Reader Bruce Hall inquires why Econbrowser has not weighed in on the rescue debate. First, I’ll observe there has been plenty of commentary on the web. But if compelled, then speaking only for myself, I think the members of Congress who voted against the plan the first time should, this time around, ask themselves this single question: “Do I Feel Lucky?” Those who are familiar with this quote will understand my meaning.
Caveats: First, of course, the plan is not perfect; but as they say, don’t let the perfect be the enemy of the good. Second, the metaphor is inexact; in this case, collateral damage would encompass everybody — innocent and guilty alike — as well as the entire global macroeconomy.
Post by Menzie Chinn.
Update 10/3 3:40am Pacific: Martin Wolf has a more comprehensive discussion.
Update 10/5 3:40pm Pacific: In the comments, Stefan Karlsson misapprehends my meaning by fixing on the wrong segment. The correct segment is here.