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Prestigious Group of 192 Economists – Including Nobel Prize Winners – Slams Bailout
George Washington’s Blog
Friday, Sept 26, 2008
The following group of prominent economists, including numerous Nobel Prize winners, has written a letter slamming the bailout proposal:
- Acemoglu Daron (Massachusetts Institute of Technology)
- Adler Michael (Columbia University)
- Admati Anat R. (Stanford University)
- Alexis Marcus (Northwestern University)
- Alvarez Fernando (University of Chicago)
- Andersen Torben (Northwestern University)
- Baliga Sandeep (Northwestern University)
(Article continues below)
- Banerjee Abhijit V. (Massachusetts Institute of Technology)
- Barankay Iwan (University of Pennsylvania)
- Barry Brian (University of Chicago)
- Bartkus James R. (Xavier University of Louisiana)
- Becker Charles M. (Duke University)
- Becker Robert A. (Indiana University)
- Beim David (Columbia University)
- Berk Jonathan (Stanford University)
- Bisin Alberto (New York University)
- Bittlingmayer George (University of Kansas)
- Boldrin Michele (Washington University)
- Brooks Taggert J. (University of Wisconsin)
- Brynjolfsson Erik (Massachusetts Institute of Technology)
- Buera Francisco J. (UCLA)
- Camp Mary Elizabeth (Indiana University)
- Carmel Jonathan (University of Michigan)
- Carroll Christopher (Johns Hopkins University)
- Cassar Gavin (University of Pennsylvania)
- Chaney Thomas (University of Chicago)
- Chari Varadarajan V. (University of Minnesota)
- Chauvin Keith W. (University of Kansas)
- Chintagunta Pradeep K. (University of Chicago)
- Christiano Lawrence J. (Northwestern University)
- Cochrane John (University of Chicago)
- Coleman John (Duke University)
- Constantinides George M. (University of Chicago)
- Crain Robert (UC Berkeley)
- Culp Christopher (University of Chicago)
- Da Zhi (University of Notre Dame)
- Davis Morris (University of Wisconsin)
- De Marzo Peter (Stanford University)
- Dubé Jean-Pierre H. (University of Chicago)
- Edlin Aaron (UC Berkeley)
- Eichenbaum Martin (Northwestern University)
- Ely Jeffrey (Northwestern University)
- Eraslan Hülya K. K.(Johns Hopkins University)
- Faulhaber Gerald (University of Pennsylvania)
- Feldmann Sven (University of Melbourne)
- Fernandez-Villaverde Jesus (University of Pennsylvania)
- Fohlin Caroline (Johns Hopkins University)
- Fox Jeremy T. (University of Chicago)
- Frank Murray Z.(University of Minnesota)
- Frenzen Jonathan (University of Chicago)
- Fuchs William (University of Chicago)
- Fudenberg Drew (Harvard University)
- Gabaix Xavier (New York University)
- Gao Paul (Notre Dame University)
- Garicano Luis (University of Chicago)
- Gerakos Joseph J. (University of Chicago)
- Gibbs Michael (University of Chicago)
- Glomm Gerhard (Indiana University)
- Goettler Ron (University of Chicago)
- Goldin Claudia (Harvard University)
- Gordon Robert J. (Northwestern University)
- Greenstone Michael (Massachusetts Institute of Technology)
- Guadalupe Maria (Columbia University)
- Guerrieri Veronica (University of Chicago)
- Hagerty Kathleen (Northwestern University)
- Hamada Robert S. (University of Chicago)
- Hansen Lars (University of Chicago)
- Harris Milton (University of Chicago)
- Hart Oliver (Harvard University)
- Hazlett Thomas W. (George Mason University)
- Heaton John (University of Chicago)
- Heckman James (University of Chicago – Nobel Laureate)
- Henderson David R. (Hoover Institution)
- Henisz, Witold (University of Pennsylvania)
- Hertzberg Andrew (Columbia University)
- Hite Gailen (Columbia University)
- Hitsch Günter J. (University of Chicago)
- Hodrick Robert J. (Columbia University)
- Hopenhayn Hugo (UCLA)
- Hurst Erik (University of Chicago)
- Imrohoroglu Ayse (University of Southern California)
- Isakson Hans (University of Northern Iowa)
- Israel Ronen (London Business School)
- Jaffee Dwight M. (UC Berkeley)
- Jagannathan Ravi (Northwestern University)
- Jenter Dirk (Stanford University)
- Jones Charles M. (Columbia Business School)
- Kaboski Joseph P. (Ohio State University)
- Kahn Matthew (UCLA)
- Kaplan Ethan (Stockholm University)
- Karolyi, Andrew (Ohio State University)
- Kashyap Anil (University of Chicago)
- Keim Donald B (University of Pennsylvania)
- Ketkar Suhas L (Vanderbilt University)
- Kiesling Lynne (Northwestern University)
- Klenow Pete (Stanford University)
- Koch Paul (University of Kansas)
- Kocherlakota Narayana (University of Minnesota)
- Koijen Ralph S.J. (University of Chicago)
- Kondo Jiro (Northwestern University)
- Korteweg Arthur (Stanford University)
- Kortum Samuel (University of Chicago)
- Krueger Dirk (University of Pennsylvania)
- Ledesma Patricia (Northwestern University)
- Lee Lung-fei (Ohio State University)
- Leeper Eric M. (Indiana University)
- Leuz Christian (University of Chicago)
- Levine David I.(UC Berkeley)
- Levine David K.(Washington University)
- Levy David M. (George Mason University)
- Linnainmaa Juhani (University of Chicago)
- Lott John R. Jr. (University of Maryland)
- Lucas Robert (University of Chicago – Nobel Laureate)
- Luttmer Erzo G.J. (University of Minnesota)
- Manski Charles F. (Northwestern University)
- Martin Ian (Stanford University)
- Mayer Christopher (Columbia University)
- Mazzeo Michael (Northwestern University)
- McDonald Robert (Northwestern University)
- Meadow Scott F. (University of Chicago)
- Mehra Rajnish (UC Santa Barbara)
- Mian Atif (University of Chicago)
- Middlebrook Art (University of Chicago)
- Miguel Edward (UC Berkeley)
- Miravete Eugenio J. (University of Texas at Austin)
- Miron Jeffrey (Harvard University)
- Moretti Enrico (UC Berkeley)
- Moriguchi Chiaki (Northwestern University)
- Moro Andrea (Vanderbilt University)
- Morse Adair (University of Chicago)
- Mortensen Dale T. (Northwestern University)
- Mortimer Julie Holland (Harvard University)
- Muralidharan Karthik (UC San Diego)
- Nanda Dhananjay (University of Miami)
- Nevo Aviv (Northwestern University)
- Ohanian Lee (UCLA)
- Pagliari Joseph (University of Chicago)
- Papanikolaou Dimitris (Northwestern University)
- Parker Jonathan (Northwestern University)
- Paul Evans (Ohio State University)
- Pejovich Svetozar (Texas A&M University)
- Peltzman Sam (University of Chicago)
- Perri Fabrizio (University of Minnesota)
- Phelan Christopher (University of Minnesota)
- Piazzesi Monika (Stanford University)
- Piskorski Tomasz (Columbia University)
- Rampini Adriano (Duke University)
- Reagan Patricia (Ohio State University)
- Reich Michael (UC Berkeley)
- Reuben Ernesto (Northwestern University)
- Roberts Michael (University of Pennsylvania)
- Robinson David (Duke University)
- Rogers Michele (Northwestern University)
- Rotella Elyce (Indiana University)
- Ruud Paul (Vassar College)
- Safford Sean (University of Chicago)
- Sandbu Martin E. (University of Pennsylvania)
- Sapienza Paola (Northwestern University)
- Savor Pavel (University of Pennsylvania)
- Scharfstein David (Harvard University)
- Seim Katja (University of Pennsylvania)
- Seru Amit (University of Chicago)
- Shang-Jin Wei (Columbia University)
- Shimer Robert (University of Chicago)
- Shore Stephen H. (Johns Hopkins University)
- Siegel Ron (Northwestern University)
- Smith David C. (University of Virginia)
- Smith Vernon L.(Chapman University- Nobel Laureate)
- Sorensen Morten (Columbia University)
- Spiegel Matthew (Yale University)
- Stevenson Betsey (University of Pennsylvania)
- Stokey Nancy (University of Chicago)
- Strahan Philip (Boston College)
- Strebulaev Ilya (Stanford University)
- Sufi Amir (University of Chicago)
- Tabarrok Alex (George Mason University)
- Taylor Alan M. (UC Davis)
- Thompson Tim (Northwestern University)
- Tschoegl Adrian E. (University of Pennsylvania)
- Uhlig Harald (University of Chicago)
- Ulrich, Maxim (Columbia University)
- Van Buskirk Andrew (University of Chicago)
- Veronesi Pietro (University of Chicago)
- Vissing-Jorgensen Annette (Northwestern University)
- Wacziarg Romain (UCLA)
- Weill Pierre-Olivier (UCLA)
- Williamson Samuel H. (Miami University)
- Witte Mark (Northwestern University)
- Wolfers Justin (University of Pennsylvania)
- Woutersen Tiemen (Johns Hopkins University)
- Zingales Luigi (University of Chicago)
- Zitzewitz Eric (Dartmouth College)
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26 Responses to “Prestigious Group of 192 Economists – Including Nobel Prize Winners – Slams Bailout”
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September 26th, 2008 at 4:08 am
http://ca.youtube.com/watch?v=X4rD6muiCd4
September 26th, 2008 at 4:08 am
They’re obviously all with Al-Qaeda. Just like our leaders of the new corporate socialist state said, ‘if’n yer nut wit us yer wit the terahists’. Arrest them all for daring to speak truth to power.
September 26th, 2008 at 4:16 am
Yeah,but our prezident did some ceiphering,and deecided that these townsfolk didn’t know nuthin’ nohow.
September 26th, 2008 at 4:39 am
I am at a loss for words. I thought the situation was bad but….. all the very best to you, our American friends. Defend your Constitution.
God Bless
September 26th, 2008 at 5:37 am
you can make about 1/2 of congress with these folks, maybe they should run to replace the current idiots !!!!!!!!!!!!!!!!!!!!!!!!
http://www.youtube.com/watch?v=lM5xGLS6eUY
September 26th, 2008 at 6:29 am
The handwriting is on the wall. These economists must, like Ron Paul, understand that reality will eventually assert itself, no matter how many edicts are issued by authority. The market is like the water in a series of locks — it must naturally rise and fall with the huge body of water that surrounds it, or the gates cannot be opened. To artifically meddle in it in order to protect friends is how the French heads rolled: from “L’etat c’est moi” of Louis XIV to “Apres moi le deluge” of Louis XV, to “Let them eat cake” (or whatever the later-guillontined Queen said) — it’s a road to terror and anarchy we do not want to take. Better to let AIG receive its just deserts. Better to take the short-run medicine.
In the long run, a better set of the rules of the road has to come out, without fear or favor. If it takes some time, so much the better. The market is after all a casino, but underlying it, there are the inherent realities of the economy and of our lives.
The world is not about to end in this. We are a strong people. But we will not be humiliated into exchanging our childrens’ futures to pay for the irresponsibility of people who are our self-annointed overlords. They are going now — or later and in much worse circumstances, with needless waste and confusion. Which is it going to be? Now or later?
September 26th, 2008 at 6:42 am
Wow. How about that?
These guys actually have some idea. Bailout the homeowners instead. Renegotiate the mortgages. It will cost 1/1000000000000000 as much as bailing out Wall Street. And DAMN, I mean they ARE American fucking citizens after all, not fascist pigs.
But just about all of these economists, STILL don’t understand what is going on. They STILL don’t get it.
Without the government going to bankruptcy reorganization, these are the POSSIBILITIES:
1) With a bailout: The dollar has ZERO value. NONE.
2) Without a bailout: The banks are bankrupt times 1,000,000,000,000,000,000,000,000.
Don’t continue to believe economists who simply could not and did not forecast these events. The have PROVEN themselves to be mostly or completely incompetent. STOP LISTENING TO THE ONES WHO WERE WRONG.
For example, this was LaRouche’s position on November 27, 2007
http://www.larouchepac.com/new.....attle.html
July 31, 2007
http://www.larouchepac.com/new.....apsed.html
September 26th, 2008 at 7:06 am
Most, not all but most economists and investors are in it for one thing…..wealth. They only care about what they can take from you, they certainly don’t care about YOU.
Read Proverbs chapter 1. If they say, “Come with us, let us lie in wait for blood; let us ambush the innocent without reason; like Sheol let us swallow them alive, and whole, like those who go down to the pit; we shall find all precious goods, we shall fill our houses with plunder; throw in your lot among us; we will all have one purse”– Don’t follow them.
This sounds allot like what the government and the economists have been shouting, and sounds allot like any salesmen to me.
September 26th, 2008 at 7:25 am
These guys will probably be put on a terrorist watchlist now!!!
September 26th, 2008 at 9:54 am
Cut their funding, then they’ll sober up. Right George and Bernie?
September 26th, 2008 at 10:22 am
a grand jury needs to be established YESTERDAY and get these experts on the main stream media YESTERDAY there is no time to waste.
September 26th, 2008 at 10:33 am
I put a spell out to kill this bailout bill. It won’t pass.
September 26th, 2008 at 10:37 am
Support the Wall Street-Funded Rescue Plan: http://georgewashington2.blogs.....-plan.html
September 26th, 2008 at 10:51 am
Okay… Where are the UW Huskies at? WaMu didn’t get a bailout, why should those other clowns? Sorry, I don’t have any money to donate, it went to pay Goldman via the taxman!
September 26th, 2008 at 10:59 am
This bailout proposal is like giving a big shot of nitrous to a rattling old engine that is badly in need of an overhaul. We might make it over the next hill and then coast awhile after the engine throws a rod, but after that we’ll have to walk.
September 26th, 2008 at 11:13 am
Lyndon Larouche should be recognized amongst the better economists that have been calling this since 1971. He even called the collapse of the USSR, and called the collapse of the entire system days before the “subprime housing crisis” which was infact the entire system itself.
Everyone needs to watch the movie “Firewall: In Defense of A Nation State” on http://www.larouchepac.com it’s probably the most detailed, accurate, and relevent movie in terms of the state of the global financial system.
September 26th, 2008 at 11:53 am
By paying off the gangsters the people of US are just saying that the Fed reserve can do what ever they want with us. In fact the price of forclosed homes will remain high, artificially. This will actually cause more homelessness.
September 26th, 2008 at 12:08 pm
I thought if you told you had a spell put out, it wouldn’t work.
September 26th, 2008 at 1:43 pm
The sheeple are waking up, but they don’t know what to do!
September 26th, 2008 at 2:09 pm
The microchip is the answer?
We Americans like Hi-Tech, quick solutions to manufactured problems.
September 26th, 2008 at 7:08 pm
These economists recognize that the Emperor has no clothes. Wall Street and its affiliated investment banking houses are BANKRUPT. The only lawful, legal, Constitutional thing to do is to place these organizations under BANKRUPTCY Protection & Reorganization. This is the only way in which to avert social and economic chaos.
September 26th, 2008 at 7:10 pm
Let us revisit NESERA and slam dunk a whole bunch of problems all at once… a new monetary unit backed by gold, the removal of all of Bush’s people, preferably in hand cuffs, immediate dismissal of all of our overseas troops, truly make it a “garbage in-garbage out” kind of day. Don’t bail out Wall Street, let the illuminati exorcise their own demons and get on our way to a new day in the U.S.
September 26th, 2008 at 10:28 pm
I think that even if the bailout plan fails, we are stil in for a rude awakening. It is just a matter of “if government agrees and vote for the Federal Takeover of Wall St (and the rest of the United States, in a consilidation of goverment aand oversight), or them taking it by force. I think the only people who can really stop it now is us if we go and protest tomorrow, and announce the real reasons why government has continuingly prodding us toward socialism.
September 27th, 2008 at 10:07 am
They want a fascist planet with the superwealthy ruling it all
Since we’re too independent, America must be led to fall
When our credit’s been exhausted to subdue the Middle East,
They’ll install our debtor nation in the body of The Beast
Traitor…Dare call it treason
http://www.youtube.com/watch?v=uw5dP5gy2Vs
September 28th, 2008 at 7:36 pm
that is a lot of ink to stamp on $15 trillion plus notes.. i like the idea but its a bit late now of that.. good luck people!
September 28th, 2008 at 7:57 pm
This is the best letter these clowns could come up with….WTF. I live in a FREE country (almost) and the only thing that makes it not perfect is stupid ass BUSH. If you clowns in America can’t get rid of this prick, then you deserve to be fucked.
And if that starts effecting us, in this free country, then we’ll come and do it. And as for your military turning on the people, well you’ve seriously got one big problem. WAKE UP YOU IDIOTS. Don’t protest, storm the F%#$K HILL, and boot them out….sheessshh. You’ll invade and take over another country for no reason, how about take over your own country.