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#1052346 - 09/28/08 01:11 PM 165 Economists Rip Bailout Plan
TheManofSteel Offline
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edited for copyright...


http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=76231
165 economists rip bailout plan
Contend administration proposal has 3 pitfalls
Posted: September 25, 2008
7:08 pm Eastern


Treasury Secretary Henry Paulson - At least 165 economists have signed a letter to Congress members warning of three pitfalls in the Bush administration's $700 billion proposal to deal with the Wall Street crisis.


"For all their recent troubles, America's dynamic and innovative private capital markets have brought the nation unparalleled prosperity," they say. "Fundamentally weakening those markets in order to calm short-run disruptions is desperately short-sighted."

The signatories as of this morning were:

Acemoglu Daron (Massachussets Institute of Technology)
Adler Michael (Columbia University)
Admati Anat R. (Stanford University)
Alvarez Fernando (University of Chicago)
Andersen Torben (Northwestern University)
Barankay Iwan (University of Pennsylvania)
Barry Brian (University of Chicago)
Beim David (Columbia University)
Berk Jonathan (Stanford University)
Bisin Alberto (New York University)
Bittlingmayer George (University of Kansas)
Boldrin Michele (Washington University)
Brooks Taggert J. (University of Wisconsin)
Brynjolfsson Erik (Massachusetts Institute of Technology)
Buera Francisco J.(UCLA)
Carroll Christopher (Johns Hopkins University)
Cassar Gavin (University of Pennsylvania)
Chaney Thomas (University of Chicago)
Chari Varadarajan V. (University of Minnesota)
Chauvin Keith W. (University of Kansas)
Chintagunta Pradeep K. (University of Chicago)
Christiano Lawrence J. (Northwestern University)
Cochrane John (University of Chicago)
Coleman John (Duke University)
Constantinides George M. (University of Chicago)
Crain Robert (UC Berkeley)
Culp Christopher (University of Chicago)
De Marzo Peter (Stanford University)
Dubé Jean-Pierre H. (University of Chicago)
Edlin Aaron (UC Berkeley)
Eichenbaum Martin (Northwestern University)
Ely Jeffrey (Northwestern University)
Eraslan Hülya K. K.(Johns Hopkins University)
Faulhaber Gerald (University of Pennsylvania)
Feldmann Sven (University of Melbourne)
Fernandez-Villaverde Jesus (University of Pennsylvania)
Fox Jeremy T. (University of Chicago)
Frank Murray Z.(University of Minnesota)
Fuchs William (University of Chicago)
Fudenberg Drew (Harvard University)
Gabaix Xavier (New York University)
Gao Paul (Notre Dame University)
Garicano Luis (University of Chicago)
Gerakos Joseph J. (University of Chicago)
Gibbs Michael (University of Chicago)
Goettler Ron (University of Chicago)
Goldin Claudia (Harvard University)
Gordon Robert J. (Northwestern University)
Guadalupe Maria (Columbia University)
Hagerty Kathleen (Northwestern University)
Hamada Robert S. (University of Chicago)
Hansen Lars (University of Chicago)
Harris Milton (University of Chicago)
Hart Oliver (Harvard University)
Hazlett Thomas W. (George Mason University)
Heaton John (University of Chicago)
Heckman James (University of Chicago - Nobel Laureate)
Henderson David R. (Hoover Institution)
Henisz, Witold (University of Pennsylvania)
Hertzberg Andrew (Columbia University)
Hite Gailen (Columbia University)
Hitsch Günter J. (University of Chicago)
Hodrick Robert J. (Columbia University)
Hopenhayn Hugo (UCLA)
Hurst Erik (University of Chicago)
Imrohoroglu Ayse (University of Southern California)
Israel Ronen (London Business School)
Jaffee Dwight M. (UC Berkeley)
Jagannathan Ravi (Northwestern University)
Jenter Dirk (Stanford University)
Jones Charles M. (Columbia Business School)
Kaboski Joseph P. (Ohio State University)
Kaplan Ethan (Stockholm University)
Karolyi, Andrew (Ohio State University)
Kashyap Anil (University of Chicago)
Keim Donald B (University of Pennsylvania)
Ketkar Suhas L (Vanderbilt University)
Kiesling Lynne (Northwestern University)
Klenow Pete (Stanford University)
Koch Paul (University of Kansas)
Kocherlakota Narayana (University of Minnesota)
Koijen Ralph S.J. (University of Chicago)
Kondo Jiro (Northwestern University)
Korteweg Arthur (Stanford University)
Kortum Samuel (University of Chicago)
Krueger Dirk (University of Pennsylvania)
Ledesma Patricia (Northwestern University)
Lee Lung-fei (Ohio State University)
Leuz Christian (University of Chicago)
Levine David I.(UC Berkeley)
Levine David K.(Washington University)
Linnainmaa Juhani (University of Chicago)
Lucas Robert (University of Chicago - Nobel Laureate)
Luttmer Erzo G.J. (University of Minnesota)
Manski Charles F. (Northwestern University)
Martin Ian (Stanford University)
Mayer Christopher (Columbia University)
Mazzeo Michael (Northwestern University)
McDonald Robert (Northwestern University)
Meadow Scott F. (University of Chicago)
Mehra Rajnish (UC Santa Barbara)
Mian Atif (University of Chicago)
Middlebrook Art (University of Chicago)
Miguel Edward (UC Berkeley)
Miravete Eugenio J. (University of Texas at Austin)
Miron Jeffrey (Harvard University)
Moretti Enrico (UC Berkeley)
Moriguchi Chiaki (Northwestern University)
Moro Andrea (Vanderbilt University)
Morse Adair (University of Chicago)
Mortensen Dale T. (Northwestern University)
Mortimer Julie Holland (Harvard University)
Muralidharan Karthik (UC San Diego)
Nevo Aviv (Northwestern University)
Ohanian Lee (UCLA)
Pagliari Joseph (University of Chicago)
Papanikolaou Dimitris (Northwestern University)
Paul Evans (Ohio State University)
Peltzman Sam (University of Chicago)
Perri Fabrizio (University of Minnesota)
Phelan Christopher (University of Minnesota)
Piazzesi Monika (Stanford University)
Piskorski Tomasz (Columbia University)
Rampini Adriano (Duke University)
Reagan Patricia (Ohio State University)
Reich Michael (UC Berkeley)
Reuben Ernesto (Northwestern University)
Roberts Michael (University of Pennsylvania)
Rogers Michele (Northwestern University)
Rotella Elyce (Indiana University)
Ruud Paul (Vassar College)
Safford Sean (University of Chicago)
Sandbu Martin E. (University of Pennsylvania)
Sapienza Paola (Northwestern University)
Savor Pavel (University of Pennsylvania)
Scharfstein David (Harvard University)
Seim Katja (University of Pennsylvania)
Shang-Jin Wei (Columbia University)
Shimer Robert (University of Chicago)
Shore Stephen H. (Johns Hopkins University)
Siegel Ron (Northwestern University)
Smith David C. (University of Virginia)
Smith Vernon L.(Chapman University- Nobel Laureate)
Sorensen Morten (Columbia University)
Spiegel Matthew (Yale University)
Stevenson Betsey (University of Pennsylvania)
Stokey Nancy (University of Chicago)
Strahan Philip (Boston College)
Strebulaev Ilya (Stanford University)
Sufi Amir (University of Chicago)
Tabarrok Alex (George Mason University)
Taylor Alan M. (UC Davis)
Thompson Tim (Northwestern University)
Tschoegl Adrian E. (University of Pennsylvania)
Uhlig Harald (University of Chicago)
Ulrich, Maxim (Columbia University)
Van Buskirk Andrew (University of Chicago)
Veronesi Pietro (University of Chicago)
Vissing-Jorgensen Annette (Northwestern University)
Wacziarg Romain (UCLA)
Weill Pierre-Olivier (UCLA)
Williamson Samuel H. (Miami University)
Witte Mark (Northwestern University)
Wolfers Justin (University of Pennsylvania)
Woutersen Tiemen (Johns Hopkins University)
Zingales Luigi (University of Chicago)
Last edited by Devil Queen; 09/29/08 01:09 PM.
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#1052360 - 09/28/08 03:06 PM Re: 165 Economists Rip Bailout Plan TheManofSteel
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I find it quite interesting that every one of these economists are employed by a college or university. I don't see one Federal Reserve economist or any freelance folks. I'm sure the Fed folks have their hands tied since if they spoke out it might a career limiting move, but where are other voices? (By the way, I know that there are folks in the Federal Reserve System who have enough integrity to speak out, even if it would mean they could lose their jobs, so I still think it's interesting none of their names appear on the list.)

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#1052377 - 09/28/08 08:11 PM Re: 165 Economists Rip Bailout Plan buggs
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I thought I read that the senators called Warren Buffet to get his input on the plan. I am curious to hear if Mr. Buffet has an opinion to offer about the final product.

Which leads me to another question - why isn't Warren Buffet among the candidates for President? Or would that be too reminiscent of Ross Perot?

I think Stockdale is still regarded as one of the worst choices for the V.P. spot on the ticket. IMHO it was a very unfortunate circumstance and unfairly overshadowed his heroic sacrifices and service to our country.
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#1052386 - 09/28/08 09:56 PM Re: 165 Economists Rip Bailout Plan buggs
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Originally Posted By: Bugs Bunny
I find it quite interesting that every one of these economists are employed by a college or university.


And many of them are employed by the University of Chicago, home to Milton Friedman and his monetarist school of thought, which is embraced by many conservatives. As has been evident, Bush has had a much tougher time selling this to his own party.

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#1052387 - 09/28/08 09:57 PM Re: 165 Economists Rip Bailout Plan Princess Romeo
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Originally Posted By: Bonnie M

Which leads me to another question - why isn't Warren Buffet among the candidates for President?


Huge pay cut and 10 times the aggravation??

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#1052408 - 09/29/08 01:55 AM Re: 165 Economists Rip Bailout Plan grmasterb
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Originally Posted By: grmasterb
Originally Posted By: Bonnie M

Which leads me to another question - why isn't Warren Buffet among the candidates for President?


Huge pay cut and 10 times the aggravation??



he has $5 billion riding on the plan passing and it helping JP Morgan
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#1052409 - 09/29/08 02:09 AM Re: 165 Economists Rip Bailout Plan Pale Rider
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what is the link, huge? what does buffet have to do with jpmorgan?

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#1052417 - 09/29/08 02:21 AM Re: 165 Economists Rip Bailout Plan Hated By Some
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Originally Posted By: McCain Economics
what is the link, huge? what does buffet have to do with jpmorgan?


"Shares of Morgan Stanley (NYSE: MS) are trading up over 10% on the heels of news that Warren Buffett will invest $5 billion in rival Goldman Sachs (NYSE: GS). Investors believe the move by Bufffett, while not directly benefiting Morgan Stanley...."

make that a $5 billion bet on Goldman Sachs, indirectly benefiting Morgan.....
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#1052420 - 09/29/08 02:28 AM Re: 165 Economists Rip Bailout Plan Pale Rider
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the buffet for president link?

pale, why don't you put in your own words what link to jp morgan there is.

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#1052424 - 09/29/08 03:50 AM Re: 165 Economists Rip Bailout Plan Hated By Some
Pale Rider Offline
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Originally Posted By: McCain Economics
the buffet for president link?

pale, why don't you put in your own words what link to jp morgan there is.



ah, cause you asked for a link
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#1052497 - 09/29/08 01:40 PM Re: 165 Economists Rip Bailout Plan Pale Rider
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huge pale, do you even know what you are trying to say?

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#1052585 - 09/29/08 03:03 PM Re: 165 Economists Rip Bailout Plan Hated By Some
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Originally Posted By: McCain Economics
huge pale, do you even know what you are trying to say?



I was responding to Bonnie, post #1052377. She questioned whether they had gotten Buffet's input on this plan. Does that help you? He obviously would be a vigorous supporter of the paln, don't you think?

He has already put up an additional $5 billion in bets on Goldman.

Can you keep up please?
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#1052619 - 09/29/08 03:27 PM Re: 165 Economists Rip Bailout Plan Pale Rider
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yeah...keep up!

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#1052639 - 09/29/08 03:39 PM Re: 165 Economists Rip Bailout Plan Miscuit
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....no comment!!!!!
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#1052754 - 09/29/08 04:54 PM Re: 165 Economists Rip Bailout Plan Pale Rider
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my bad. i thought that you were referring to buffet-for-pres as that is what she said in the post that i thought that you were referring to.

of course buffet is supporting this plan as is anybody other than the house gop members from ultra-conservative istricts running for reelection.

nobody is happy that this is happening, huge, but without this plan, get ready for bread lines.

now, regarding buffet, he has actually made 2 purchases in as many weeks: goldman and constellation energy. what this means to me is that there is substantial value to be had in the market and that as soon as the fog of negative psychology clears, we can start rebuilding. moreover, the one thing that people seem to overlook is that this bailout can generate a profit for taxpayers.

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#1052763 - 09/29/08 05:01 PM Re: 165 Economists Rip Bailout Plan Pale Rider
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Originally Posted By: Pale Rider
Originally Posted By: McCain Economics
huge pale, do you even know what you are trying to say?



I was responding to Bonnie, post #1052377. She questioned whether they had gotten Buffet's input on this plan. Does that help you? He obviously would be a vigorous supporter of the paln, don't you think?

He has already put up an additional $5 billion in bets on Goldman.

Can you keep up please?


Pale Rider - I had read on a couple of the news story about members of Congress calling Warren Buffet as well as some other notable financial experts, but I don't recall where I read it. A quick Google search shows that Buffet does favor the plan. I read an interview on Fox news that Trump apparently feels the plan, while unfortunate, is necessary.
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#1052858 - 09/29/08 05:51 PM Re: 165 Economists Rip Bailout Plan Princess Romeo
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BREAKING NEWS: Looks like the plan is going down to defeat. I'm watching CNBC right now, it's 205 For, 228 Against. House GOP is rebelling against Bush.

The DJIA is down more than 500 points.

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#1052863 - 09/29/08 05:52 PM Re: 165 Economists Rip Bailout Plan grmasterb
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Originally Posted By: grmasterb
BREAKING NEWS: Looks like the plan is going down to defeat. I'm watching CNBC right now, it's 205 For, 228 Against. House GOP is rebelling against Bush.

The DJIA is down more than 500 points.

this is awesome! we need to cut off our nose to spite our face. that will show everybody!

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#1052864 - 09/29/08 05:53 PM Re: 165 Economists Rip Bailout Plan Hated By Some
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you can't sustain capitalism with socialism!!!!!!!!!!!!!!!!!!!
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#1052880 - 09/29/08 05:57 PM Re: 165 Economists Rip Bailout Plan Pale Rider
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The vote hasn't been called yet. The arm-twisting is ongoing. So far only two have flipped their votes.

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#1052889 - 09/29/08 06:01 PM Re: 165 Economists Rip Bailout Plan Pale Rider
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Originally Posted By: Pale Rider
you can't sustain capitalism with socialism!!!!!!!!!!!!!!!!!!!

you can recreate the great depression with politicians seeking reelection!

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#1052895 - 09/29/08 06:04 PM Re: 165 Economists Rip Bailout Plan Hated By Some
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grmasterb, i just saw that they need 9 votes in the house yet.

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#1052904 - 09/29/08 06:09 PM Re: 165 Economists Rip Bailout Plan Hated By Some
grmasterb Offline
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Originally Posted By: McCain Economics
grmasterb, i just saw that they need 9 votes in the house yet.


Even if 9 flipped, it's not enough.

CNBC is now saying it's dead.

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#1052907 - 09/29/08 06:10 PM Re: 165 Economists Rip Bailout Plan grmasterb
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ouch. oh well. at least those gop house members will stay elected. i wonder if they will let me butt in line for bread?

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#1052908 - 09/29/08 06:11 PM Re: 165 Economists Rip Bailout Plan grmasterb
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So why are people against it?
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