Props to Clay Risen
Democracy editor Clay Risen has been guest-blogging at The New Republic because of the financial crisis. I want to highlight a post of his from today: It looks like Congress is seriously considering an increase in FDIC limits from $100,000 to $250,000. Contrary to my post yesterday, this looks like a good idea, particularly in ...
Democracy editor Clay Risen has been guest-blogging at The New Republic because of the financial crisis. I want to highlight a post of his from today: It looks like Congress is seriously considering an increase in FDIC limits from $100,000 to $250,000. Contrary to my post yesterday, this looks like a good idea, particularly in that it will help small businesses holding a lot of short-term cash. Why the change of heart? Commenters, my friend. I don't blog often, so maybe this is an everyday phenomenon, but instead of harsh blowback I received about a dozen intelligent, thoughtful explanations for why this is, in fact, a good idea. I won't re-hash them; read them yourself. I stand corrected, and appreciative. I bring this up because it's so unusual. An occupational hazard of blogging is that it promotes excessive certainty, and these are really uncertain times. I think I know something about what's going on in financial markets right now, but I sure as hell don't know everything. I'm 85% certain that some kind of financial rescue package is necessary to prevent a complete meltdown of the credit markets -- but that leaves 15% of me gnawing on the possibility that I'm wrong. So if I see new information that persuades me that I'm wrong, I'll be happy to say I've changed my mind. And anyone blogging about this should be prepared to do so as well.
Democracy editor Clay Risen has been guest-blogging at The New Republic because of the financial crisis. I want to highlight a post of his from today:
It looks like Congress is seriously considering an increase in FDIC limits from $100,000 to $250,000. Contrary to my post yesterday, this looks like a good idea, particularly in that it will help small businesses holding a lot of short-term cash. Why the change of heart? Commenters, my friend. I don’t blog often, so maybe this is an everyday phenomenon, but instead of harsh blowback I received about a dozen intelligent, thoughtful explanations for why this is, in fact, a good idea. I won’t re-hash them; read them yourself. I stand corrected, and appreciative.
I bring this up because it’s so unusual. An occupational hazard of blogging is that it promotes excessive certainty, and these are really uncertain times. I think I know something about what’s going on in financial markets right now, but I sure as hell don’t know everything. I’m 85% certain that some kind of financial rescue package is necessary to prevent a complete meltdown of the credit markets — but that leaves 15% of me gnawing on the possibility that I’m wrong. So if I see new information that persuades me that I’m wrong, I’ll be happy to say I’ve changed my mind. And anyone blogging about this should be prepared to do so as well.
Daniel W. Drezner is a professor of international politics at the Fletcher School of Law and Diplomacy at Tufts University and co-host of the Space the Nation podcast. Twitter: @dandrezner
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