Why Obama was wrong to say he hated the bailout

As anyone who discussed Obama’s State of the Union address with me knows, I absolutely hated the speech’s opening in which Obama expressed his own hatred for the bank bailout. I hated it because Obama’s words seemed to me so, so untrue—or at least they should be untrue if he’s at all listened to the economists who surround him—so full of populist pandering. I was glad to hear David Frum echo this point on Marketplace a few days ago, arguing that it the problem isn’t just a lack of conviction but the fact that that absence of conviction will handcuff the government when it comes to pushing any sort of difficult, currently unpopular long-term policy.

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