Quote Of The Day: Betting Odds Edition
Published: October 12th, 2009
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“What do you think the percentage likelihood is that, if we give this deal a chance, it will succeed?” Rattner didn’t make the decision any easier. “Fifty-one per cent,” he said. “But, Mr. President, in my experience, deals get worse, not better, over time.”
Ryan Lizza recounts the decision to bail out Chrysler in his epic New Yorker piece on Larry Summers and the president’s economic team [via Kausfiles]. This exchange came after the economic council split 4-4 on the automaker bailout, and Rattner was identified as the tie-breaking vote. Is it safe to say now that nobody expects Chrysler to survive?
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"His job is to help get our economy going again..." "Our greatest primary task is to put people to work. This is no unsolvable problem if we face it wisely and courageously. It can be accomplished in part by direct recruiting by the Government itself, treating the task as we would treat the emergency of a war, but at the same time, through this employment, accomplishing greatly needed projects to stimulate and reorganize the use of our natural resources." FDR, 4 March 1933. Mid 1938 the New Deal was dead and unemployment was 18 percent. It is the imagined power of the President vs Reality.
I think Bush had the same coat and tie policy in the oval office. This was in sharp contrast with the previous administration, when wearing pants was optional. Reagan was certifiable? You know, I never heard any regrets from people who made fun of his old age-isms after he was diagnosed with Alzheimers.
@ mattstairs You might enjoy this.