Listening to people talk about today's economic debacle is very interesting. The Pragmatists seem to be saying, "To hell with Theory; let's do what it takes to save ourselves!" (meaning, jobs, investors, Wall Street, Main Street, bondholders, politicians . . . Whatever section they may be sitting in). At least they're not just thinking of themselves.
Then there are the Moralists who want to stay true to the sentiments of Andrew Mellon, former Treasury Sect'y (1921 to 1932, an auspicious moment in economic history) who famously said, "Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate . . . People will work harder, live more moral lives." In today's terms, that translates as "No bailouts! Let the miscreants suffer for their misdeeds!" Many of the Moralists, of course, seem to have enough resources to weather the storm. Some may even benefit from it. And some, regrettably, seem to me to be living in an alternative universe, oblivious to the ruination they welcome.
And never mind who gets crushed in the aftermath!
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