Over time, and through much argument, a rough consensus emerged that recapitalizing the banks was ultimately the most likely approach to work. And sure enough, that's what ended up happening. Now, there is no clear paper trail linking the econoblogosphere to Hank Paulson's change of heart, but it would be foolish to argue that his or Ben Bernanke's economic pronouncements did not receive withering peer review.
From Salon.
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