The good Dr Bacon was on the radio yesterday morning.
He spoke at length about the need to foreclose on insolvent institutions, to not allow the government to prop up “zombie” institutions, to allow the market to solve the overcapacity and overproduction of goods and the need to protect the taxpayer.
It turns out he was speaking about hotels.
Isn’t it interesting that this prescription is exactly the opposite of the one he offered to the government when the banks were the subject at hand.
Is this a classic case of an economist saying “On the one hand, and then on the other….” or is it a case of looking closely at “Qui bono”?