Shorter Megan McArdle: “Hold on, skeptics! Funneling billions of tax dollars to the financial sector (again) might work out for us, let’s wait and see!”.
There’s a line between hopeful optimism & ridiculous naivete. With that assertion, Megan crossed it with a determination I haven’t seen since Ed Reed took that interception 107 yards.
Edit: Interestingly, the “wise economist” who originally suggested to her the “need” for bailouts turned out to be Brad DeLong*. If anyone has an explanation why a “progressive” who is pro-bailout isn’t laughed at, feel free to share it.
(* – yes, I know he’s an economics professor. That makes it worse, since the average person would take all of three seconds to realize that cushioning systemic failures just makes the behavior that led to them more likely to recur, since the risk from such is removed, and there’s no incentive to reinvest free money. I wonder how quickly you’d get flunked if you kept bringing up such inconvenient common sense in his class…)