Hypocrisy?

Picture 1997/98, it is the height of the Asian Financial Crisis. The IMF tells us how we should run our economy and allow bad banks to fail to avoid a capital outflow. Dr Mahathir gives them the middle finger, listens to Daim and institutes capital controls. He then proceeds to set up Danamodal and Danaharta amidst catcalls of cronyism and nepotism. The entire financial community in the Western world shake their heads, click their tongues and warn how Dr Mahathir will destroy the Malaysian economy.

Enter 2008/09, it is the height of Global Financial Crisis. The U.S. bails out Merrill Lynch, Citigroup, AIG, and several other banks to "prevent a meltdown of the financial system". They now plan to set up a "bad bank" to take care of toxic assets and provide guarantees on mortgages.

Sound familiar? It should. It's called hypocrisy.