I turned on the TV tonight and these were the first words I heard. I am very anit-bailout. I don’t understand why we as a country would support failure, so these words caught my attention very quickly.
“I think the biggest moral hazzard; the whole issue of moral hazzard-that people are not going to work hard when they get bailed out; that we’ve seen in the last year and a half certainly, maybe the last 25 years, is the bailout of Wall Street.
Talk about moral hazzard, they are the ones who are really insured against risk. They know they can make bigger bets and not have to worry about it.
…….but the way we actually attract capitol here to build good jobs is through investing in better education, better workforce training, better access to higher education; making sure that we have a workforce second to none. That’s how we actually build the economy.”
—Robert Reich – Former Labor Secretary – Univ. of Calf. Berkely Prof of Public Policy
—–discussing what has happened in our economy in the last few years..
“Failure has been rewarded in every corner of our economy – I agree with that.”
– Casey Mulligan – Univ. of Chicago Economics Professor
Both quotes from The Kudlow Report – from tonight on CNBC