At EconLog, Bryan Caplan writes,
Googling "bail-out rich" basically kicks back a bunch of libertarians. Where are the left-wing demagogues denouncing the bail-outs as "welfare for the rich"? Where are the right-wing demagogues denouncing the bail-outs as "foreign aid for the rich"?In an earlier post titled "Why Only Bush Could Bring Socialism to America," he seems to answer his own question.
If a Democratic president were backing a $700B bail-out, I have to think that Republicans would be crying "Socialism!" But if a Republican president does the same, the bail-out's natural enemies keep silent out of loyalty or ingroup bias. It's a lot like the contemporary Republican reaction to Nixon's price controls - if our boy is doing it, how bad can it be?How can anyone stand to vote for these hypocrites?
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