"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."--F.A. Hayek
21 April 2011
When WE do it, it's OK
Imagine a company were publicly to express confidence in its future earnings and ability to meet its debt obligations while privately pressuring one of the major ratings agencies not to downgrade its bond rating. We would have a term for that, and it would be securities fraud. But nary an eye is blinked when Uncle Sam does it.