Arnold Kling:Imagine an announcer came on TV and said, "Welcome to the 2008 Bank Telethon. You've heard all the horror stories. Now, with the holiday season approaching, I know you'll want to reach deep into your pockets to lend a hand."
"I know what you're wondering: How much should I give? Well, the banks need $250 billion. I know--that sounds like a lot of money to raise in just one telethon. But if each household in America gave just $2000, then we could reach our goal. So let's get every household in America to pledge $2,000 to the banks so that they can start lending again."
If that were the announcer's pitch, would you give the $2,000?
Guess what. You just did.
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