New at Reason: Tim Cavanaugh on the Housing Market, the Bailout, and "Economic Intelligent Design"

December 23, 2008

According to the thinking of lame duck Treasury Secretary Hank Paulson, writes Tim Cavanaugh, the value of an asset—even or especially an asset universally viewed as overpriced—must not be allowed to decline. This kind of economic intelligent design, endorsed by Republican and Democrat alike, even holds that a price decline cannot be a rational outcome in a competitive environment. Rather, it must be evidence of “market failure.”

Read all about it here.