Word: bille
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Just as the House of Representatives was split on the wisdom of the $700 billion bailout bill, so too are Harvard’s economists, who have left their Ivory Tower perches to weigh in on a plan that would mark an unprecedented government intervention in the financial sector...
...while the bailout bill was voted down in the House on Monday, many of the University’s economists predict it will eventually succeed in some form, whether or not they think it’s a good thing...
...article, Miron argued that troubled financial institutions should be allowed to fail in order to protect the American taxpayer from the liability inherent in buying troubled securities, as the bailout bill proposes...
Kenneth S. Rogoff, an economics professor and a former researcher at the International Monetary Fund, took a more measured approach to criticizing the bill, saying that he was not “thrilled” by it and was worried that the stronger banks might not want to take advantage of it. But he added that failing to pass the bill would send “a message to the credit markets that Congress didn’t care...
Other economists have been more supportive of the bill. Former University President Lawrence H. Summers wrote a piece for the Financial Times supporting the bailout, calling it “as necessary as the need for it was regrettable,” and “not a time for government to step back...