Brad DeLong — Rob Johnson and George Soros: A Better Bailout Was Possible

Summary:
Rob Johnson and George Soros: A Better Bailout Was Possible: "A critical opportunity was missed when the burden of post-crisis adjustment was tilted heavily in favor of creditors relative to debtors.... When President Barack Obama’s administration arrived, one of us (Soros) repeatedly appealed to Summers... [for] equity injection into fragile financial institutions and... writ[ing] down mortgages to a realistic market value.... Summers objected that ... such a policy reeked of socialism and America is not a socialist country... The political cost was the Democrats losing both the presidency, the legislature, and most state capitals, largely as a result of failure to stand up.Grasping RealityRob Johnson and George Soros: A Better Bailout Was Possible Brad DeLong | Professor of Economics,

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