The Third Presidential Debate (Crib Notes)

[youtube=http://uk.youtube.com/watch?v=cc8atgWqefc]

Žižek:

Joseph Stiglitz recently wrote that, although there is a growing consensus among economists that any bailout based on Henry Paulson’s plan won’t work, ‘it is impossible for politicians to do nothing in such a crisis. So we may have to pray that an agreement crafted with the toxic mix of special interests, misguided economics and right-wing ideologies that produced the crisis can somehow produce a rescue plan that works – or whose failure doesn’t do too much damage.’ He’s right: since markets are effectively based on beliefs (even beliefs about other people’s beliefs), how the markets react to the bailout depends not only on its real consequences, but on the belief of the markets in the plan’s efficiency. The bailout may work even if it is economically wrong.

 



Possible, by Jonathan Hoefler.



Joe the Plumber. Joe the Plumber.