For years Larry Summers and I had a running argument over industrial policy. He argued that governments can't pick winners and losers. My view was that as an industrial nation we would inevitably make decisions that involved picking winners and losers. Well, now that the U.S. government owns the banks, insurance, and auto companies with Larry as the chief winner and loser picker, that whole discussion has become moot.
More »»
Help us spread the word about these important stories...
Bookmark/Search this post with: