Conservatives don’t like bailouts because they believe in accountability. But it is not the bankers who need to be held accountable. It is all of us. This was a society-wide mistake. In a bailout we all are held accountable, which is the right way to go if we
were all at fault. ...People have a hard time taking this in. It is so big. And it strikes people as depressing news to hear that so many smart people got something so basic and important so wrong.
Please don’t be depressed. The wonderful thing about obstacles blocking your progress is the liberating feeling that comes when you figure out the way over them. And the bigger the obstacle, the stronger the liberating feeling. This was a colossal mistake. So, when we overcome it, we can realistically expect to see huge forward movement as a result. This economic crisis is trying to tell us what we need to know to enter the greatest period of economic growth in our history.
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