Wow, the guy who has a $10 billion investment in Wells Fargo thinks the bank bailout was a good thing. Shocker.
Bias notwithstanding, here are my two problems with this article:
1. It gives a free pass for the government failing to prevent — if not outright aiding and abetting, in many cases — the years of bubbles and capital misallocation that brought the crisis on to begin with.
2. He acts as if it’s all over. Yes, they mitigated one problem, but in so doing they have created another potentially even bigger problem. It’s not yet clear what will be the consequences of all the borrowing and printing that financed the bailout, and it’s thus way, way too early for the pro-bailout folks to declare victory.
