Thursday, September 25, 2008

Repugnance and the financial bailout

There are lots of important market design issues being debated on-the-fly regarding the bailout of financial institutions. I am not surprised to see that repugnance seems to be playing a role. In President Bush's speech last night, for example:
“The American people are angry about executive compensation, and rightly so,” he said. “No one understands pay for failure.”

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