BAILOUTS: Matthew Yglesias, Intellectual Contortionist

Over at ThinkProgress, notorious right-winger Matthew Yglesias is letting his Hamiltonian-Bismarckian colors fly with the post “Debt Ceiling Fight Risks Squandering The Legacy Of America’s First And Best Bailout“.

Sometimes an argument fails so badly, it’s even an embarassment for somebody else just trying to point that out. Matt’s circular reasoning can be paraphrased thusly:

To see why bailouts under the status quo are good, merely look at this historical bailout… There were good arguments against it, but it led to the status quo so it obviously had to have been the right thing to do.

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