I enjoyed Stan's account of the CRFB annual dinner and the opportunity to assemble as the full CG&G team. I'll have one thing to add on the dinner in a later post. Since I was making the trip from the frozen tundra of New Hampshire, I made a day of it and attended the roundtable on the economy, financial markets, and the budget that preceded the dinner. For my part, I contributed the following to the discussion:
First, I asked the question, "Who are the Bear Stearns creditors and why is it so important [that it requires Central Bank intervention] that they be paid?" They invested and it turns out that they lost. They might have a case in court, but why do they have a special claim on the federal government? I don't believe they do, and nothing I heard convinced me otherwise.

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