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03 Oct 2008 03:55 pm
We Are All Socialists Now
The bailout passed. Pethokoukis says more bailouts may be on the way:
...more and more conservative economists I talk to are cooking up plans for the Son of the Mother of All Bailouts.
In the Wall Street Journal yesterday, former White House economist Glenn Hubbard offered a $400 billion to $600 billion plan through which the government would refinance all U.S. mortgages into 30-year fixed mortgages at 5.25 percent through Fannie and Freddie. And just the other day, I talked to another prominent conservative economist who suggested a somewhat similar plan. I asked whether all these plans didn't smell of socialism. The economist's answer: "I think that bridge has already been crossed."
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