UM: Economy

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Michigan finance prof Amiyatosh Purnanandam is interviewed for a Crain’s Detroit Business article on fallout from recent turmoil on Wall Street. “The Fed cannot be in the business of bailing out private businesses. It raised the issue of moral hazard. If they get bailed out today, they’ll expect to be bailed out tomorrow, and they’ll continue to go out and take too many risks.” [Source]