I'm still reeling from Friday's WSJ. See p.A2, "Rubin Says Global Investors Don't Suffer Enough." Rubin, the creator and chief propagandist of the Mexico bailout, is now noticing that by socializing losses, bailouts encourage the large portfolio flows that destabilize financially-open economies in the first place. The analysis is impeccable but, given that the result of Mexico was to create this large IMF fund and procedure to speed up bailouts (recently applied to Philippines and Thailand) ironic. Best, Colin
