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This week’s Seven Questions is with the very, very smart Raghuram G. Rajan, a former chief economist at the International Monetary Fund. He tells FP that the Treasury Department’s $700 billion bailout plan is flawed and argues that the private sector needs to step in and help out—or risk a mammoth public backlash: Where are ...
This week's Seven Questions is with the very, very smart Raghuram G. Rajan, a former chief economist at the International Monetary Fund. He tells FP that the Treasury Department’s $700 billion bailout plan is flawed and argues that the private sector needs to step in and help out—or risk a mammoth public backlash:
Where are the titans of the financial sector at this point? Why aren’t they coming together in a room at the New York Fed and saying, 'This is a severe crisis for the financial system and we are going to put up some of our own money to refloat the system.' They should find ways to ensure that the public is not giving a windfall to the financial sector, because it will actually hurt them in the long run. The taxpayer is not in a forgiving mood."
This week’s Seven Questions is with the very, very smart Raghuram G. Rajan, a former chief economist at the International Monetary Fund. He tells FP that the Treasury Department’s $700 billion bailout plan is flawed and argues that the private sector needs to step in and help out—or risk a mammoth public backlash:
Where are the titans of the financial sector at this point? Why aren’t they coming together in a room at the New York Fed and saying, ‘This is a severe crisis for the financial system and we are going to put up some of our own money to refloat the system.’ They should find ways to ensure that the public is not giving a windfall to the financial sector, because it will actually hurt them in the long run. The taxpayer is not in a forgiving mood."
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