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BK Blog Post
Posted by Jared Bernstein.
From 2009 to 2011, Bernstein was the Chief Economist and Economic Adviser to Vice President Joe Biden, executive director of the White House Task Force on the Middle Class, and a member of President Obama’s economic team.
PK correctly reminds me (as did a commenter) that in fact, Manhattan did bail out Texas. But my key point (really, the key point of the German economist who made this argument to me), as Paul notes is this:
But of course Manhattan was never asked to bail out Texas; we had a national system of deposit insurance [which the eurozone, of course, does not–JB], and the big Lone Star bailout was automatic.