What Economists Say

http://faculty.chicagogsb.edu/john.cochrane/research/Papers/mortgage_protest.htm

With great pleasure, I am posting what my dear friend Peter just sent to me. In so doing, I realize I was perhaps not as clear during my first post on the topic, so I’ll clarify things a bit.
I am not for Paulson’s bailout – I like Dodd’s version better, if there is one
I don’t know that it needs to be right this second;
However, I think it should come sooner rather than later
I do think action is required, not necessarily right now, but at some point
I do think there are socio-economic ramifications to this, which need to be taken into account before anything is firmly done

To the link that is attached, I like the petition, and far be it for me to speak better on economics than those signatories. I do not, however, believe that our economy in this instance should live and die by the free market. I say that for the following reasons: one, our market does not exist in a vacuum; two, the problem was not created in a vacuum; three, there are ramifications beyond simple profit and loss.

The petition argues not against government intervention. It argues instead for the following: “we ask Congress not to rush, to hold appropriate hearings, and to carefully consider the right course of action, and to wisely determine the future of the financial industry and the U.S. economy for years to come.”

I just wanted to clarify. I erred not stating clearly enough; therefore, conflating the Bush administration's move with things that should be done.