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