Monday, March 30, 2009
Nobel Economist Ed Prescott: "Don’t Subsidize Inefficiency.... Let These Businesses Go Bankrupt. They Gambled, They Lost. That’s Part Of Life"
Nobel economist Ed Prescott says:
Don’t subsidize inefficiency. Cut tax rates to get people to work more. This financial stuff is much ado about nothing. I don’t see any reason for the taxpayers to bail out Goldman Sachs in a roundabout way. Let these businesses go bankrupt. They gambled, they lost. That’s part of life.Numerous economists agree with Prescott. See this, this, this, this and this.