Colin Barry

Alexander Hamilton, (CMC, Tuesday, Week 1)


"History rhymes; it doesn't repeat itself." -- Mark Twain

Echoes of Jefferson/Madison (fairness/equity) vs. Hamilton (prosperity) debate resonate in TARP.

Hamilton's Plan:
(1) Consolidation of state debts (Delaware = $50K, Mass = $5M => fair?)
(2) Repay current debt holders (rewards speculators who bought debt, ignores originators [war vets] who supported revolution; BUT establishes property rights precedent)
(3) Taxation by central government
(4) Central bank (Bank of US)

Madison's Plan:
Moral victory; fair to citizens who gave the most during revolutionary war. BUT long-term implications for future investors if government can intervene in market.