'Bailouts' Always Spark Controversy
The controversy surrounding the U.S. government’s potential role in "fixing" the current housing crisis makes historians examine Washington’s role in economic crises of the past."In both the United States and Britain, policymakers have long sought to distinguish between the so-called deserving and undeserving," says Harvard University economic historian David A. Moss, author of When All Else Fails: Government as the Ultimate Risk Manager.But in practice, he adds, "it's often difficult to distinguish reliably between the two. By pushing too hard on this distinction, policymakers run the risk of punishing everyone, rather than just the supposed bad apples. As James Madison once observed in another context, 'Some degree of abuse is inseparable from the proper use of every thing.' "
The controversy surrounding the U.S. government’s potential role in "fixing" the current housing crisis makes historians examine Washington’s role in economic crises of the past."In both the United States and Britain, policymakers have long sought to distinguish between the so-called deserving and undeserving," says Harvard University economic historian David A. Moss, author of When All Else Fails: Government as the Ultimate Risk Manager.But in practice, he adds, "it's often difficult to distinguish reliably between the two. By pushing too hard on this distinction, policymakers run the risk of punishing everyone, rather than just the supposed bad apples. As James Madison once observed in another context, 'Some degree of abuse is inseparable from the proper use of every thing.' "
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