A System Corrupted A System Corrupted

By PAUL KRUGMAN

E-mail: krugman@nytimes.com

Clearly, Larry Lindsey shouldn’t have described the Enron affair as a “tribute to American capitalism,” and Paul O’Neill shouldn’t have declared: “Companies come and go. It’s part of the genius of capitalism.” Both the top White House economist and the Treasury secretary have been excoriated for their callousness. But did they have a point?

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