Something for nothing

[Universe Prince]

Economist Robin Hanson of George Mason University puts it this way:

Given how much less respect and deference economists get on most policy topics, relative to docs, physicists, or generals, I'm surprised to see some economists just got away with this sort of thing.  The US has given top government economists, such as Paulson and Bernanke, well over a trillion in mostly blank checks to spend saving their Wall Street friends from ruin, supposedly to prevent another great depression.  But it seems economists looking today at the data available then just can't find clear evidence a massive buyout was needed.

http://www.overcomingbias.com/2008/10/trust-us.html

[Plane]

It is like if you wave a big stick at a dog , it might scare him off before he ever bites you.

The confidence of investors was improved so much by the rapid and wise action that they didn't do all the selling that they might have before they began again to buy.

If they had had only 500 billion dollars to wag at the threat, it might not have been enough to reassure the investors and scare off the bear.