Clearing the Air on Moral Hazard

Pejman has a front-pager right now saying that he doesn’t support the government loaning any money to the automobile industry because it might open the floodgates for other industries similarly situated to argue their critical importance to the “lender of last resort.”

I think for balance we should ask Pat Cleary or his contemporary counterpart at the National Association of Manufacturers for their reasonsing, to balance Pejman’s article.

I say this not out of any desire to be a rabble-rouser or a controversialist, but instead because Pat Clearly blogged here for a long time until relatively recently and I personally supported several of Pat’s efforts during that time. I’d like to hear his rebuttal to Pejman and I think it would be an earnest and enlightening tête-à-tête, except with everybody participating, not just two.