Shorter Megan McArdle: We had to bail out the banks or else we would have had "widespread bank runs," but saving the auto industry is corrupt.
It was sheer political theater, and incredibly corrosive to public trust in our government institutions, as well as a gross misallocation of economic resources.
The same could be said for the banks, but won't be, at least not by McArdle.
The role of the state is to prevent human suffering, not prop up failing enterprises that happen to have politically well-connected employees.
Can we all stop pretending that she's a Libertarian now? Thank you.
I am genuinely struggling to come up with what principled argument Andrew might be making in his head for what has always struck me as a pretty blatant handout to a powerful Democratic interest group.
In other words, Sullivan zinged McArdle on her lies a couple of times and McArdle gets revenge by implying Sullivan's unprincipled. Sadly, their little feud is not likely to go far. Both are too self-absorbed to be truly vicious.
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