Heavy Lifting - thoughts and web finds by an economist
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Wednesday, November 19, 2008

Yet another way the government screwed up

First create an asset class that private investors buy into with the expectation that the assets will have value for, say, thirty years. But less than half way through the expected life of the assets, the government makes the assets worthless. Upshot - another $5 to $10 billion in bailout requests from, not GM, but local transit authorities.

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