Magazine September 21, 2009, Issue

Blame Milton Friedman

Milton Friedman (Wikimedia Commons)
Or, how I learned to stop worrying and love the bailout

At the suggestion of our editor, Rich Lowry, I’ve been reviewing some correspondence leading up to National Review’s endorsement of what became known as the Troubled Asset Relief Program, TARP. I was energetically opposed to our endorsement of that action and, upon reviewing my notes from the debate, it strikes me that I may even have been intemperate in my rhetoric. I trust Mr. Lowry will have forgotten my references to his “diseased mental siftings” and my sneering at “the panicked rantings of country-club Republicans in Greenwich, Conn.” In retrospect, that seems a bit much. I was happy that he

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