Economists question initiative

Leading economists on Friday raised a number of questions about what was known or expected of the plan at the time. Most of the concerns related to how the government (either the Federal Reserve or the US Treasury) would determine at which price to buy distressed asset, that have proved impossible to value under current market conditions.

Writing for a forum on the Financial Times website, Charles Calomiris, a professor at Columbia University and advisor to numerous governments and financial i

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