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Article Title

Buying Troubled Assets

Abstract

This Essay analyzes how government intervention in the market for banks' troubled assets is best designed, and also uses this analysis to evaluate the public-private investment program announced by the U.S. government in March 2009. I begin by presenting the case for using government funds to restart the market for troubled assets. I then discuss the advantages of providing government capital to competing privately managed funds--a strategy I have advocated in past work--and I outline the key elements that such a plan should include.

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