Monday, September 08, 2008

Likely Very Expensive

Lawrence SummersToday's necessary but likely very expensive action for taxpayers is the consequence of regulatory neglect and of a broader political system's reluctance to take on what should have been clearly seen as festering problems.

-- Former Treasury Secretary Lawrence H. Summers, on the bailout of Fannie Mae and Freddie Mac, New York Times, 8 September 2008

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