About That Petition

According to the Washington Post:

Wall Street economists have mostly endorsed Treasury Secretary Henry M. Paulson Jr.'s plan, or a variation thereof.

But almost 200 academic economists -- who aren't paid by the institutions that could directly benefit from the plan but who also may not have recent practical experience in the markets -- have signed a petition organized by a University of Chicago professor objecting to the plan on the grounds that it could create perverse incentives, that it is too vague and that its long-run effects are unclear.

[snip]

Many economists fault the Bush administration and Congress for moving so quickly on the bailout package without allowing more time for debate. That sentiment was reflected in the petition organized by John Cochrane of the University of Chicago.

John Cochrane is the high priest of the Milton Friedman cult at the University of Chicago. Just so you know.