Dani Rodrik makes this interesting point in his October 12 post and places the cause of recent Credit squeeze at the doors of the United States treasury not bailing out Lehman Brothers Holdings. Rodrik contends that the treasury should have bailed out Lehman as immediately after that decision Short term paper spreads rose beyond reason and credit markets seized up. Rodrik cautions there is another "Perfect Storm" coming our way. the whole piece can be read here.
http://rodrik.typepad.com
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