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An Economy of Liars

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AND THIS TIME IS DIFFERENT HOW, EXACTLY?
From the WSJ opinion pages come this, from Gerald O'Driscoll, former vice president at both Citigroup and the Dallas Fed. "Distorted prices and interest rates no longer serve as accurate indicators of the relative importance of goods. Crony capitalism ensures the special access of protected firms and industries to capital. Businesses that stumble in the process of doing what is politically favored are bailed out. That leads to moral hazard and more bailouts in the future. And those losing money may be enabled to hide it by accounting chicanery."

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