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Taxpayers must pay the freight for over-budget train projects
Topic - Raghuram Rajan
Few people were able to foresee the recent economic downturn. Raghuram Rajan, professor of finance at the Booth School of Business and former chief economist for the International Monetary Fund, was one of them.
Although Mr. Rajan admits that "the gap between government intents and outcomes can be very wide indeed," he simultaneously advocates a stronger individual safety net, saying, "No modern economy should force workers who lose their jobs to make such painful decisions as choosing which of their children to protect with medical insurance."
Yet he also says the housing market, unlike other markets, doesn't allow speculators to bring down prices by taking the short position.