My incoming links reveal that Chetan is asking why free market fundamentalists are not clamouring about the evil governments of the world looting the maid’s money.
Chetan, I cannot speak for anybody else, but I haven’t written about it yet because the details of the bailouts are unbelievably complex, and it’ll take me intense reading to understand them. I don’t want to write about things which I don’t understand yet. (This is why I have vowed to never write about US Healthcare.)
If you really want uninformed commentary by people who don’t know anything about what they’re talking about, I suggest you watch Indian news channels. Or read Shivam Vij who excels at that sort of thing.
OK, snark done. Serious answer now. Yes, I honestly do not understand the details of the bailout. Yes, I may read up on it more and then write about it seriously. But sleisha job crisis is happening on the personal front, so I may take time.
The only thing I have to say at this time concerns Tyler Cowen’s repeated statements that recapitalisation is a public good. They tie in with my repeated statements that the financial system is infrastructure as much as highways and power distribution are. So the statement is true, but public goods don’t necessarily have to be produced by the public sector.