It started with Bear Stearns. Just a few billion dollars to take the edge off. Then Fannie and Freddie gave their lives over to the drug completely, followed by AIG. Suddenly everbody wanted a hit, they soaked up the drug to the tune of $700 billion dollars, and we thought it was over, but they kept wanting more, and the pushers keep supplying them: The Federal Reserve … [Read more...] about Welcome to Our Junkie Economy
Is the Band Really a Surprise?
Legal Satyricon contributor Sam Lea clearly know how to begin a story: Police in Winona, Minnesota charged a 14-year-old boy with desecrating a U.S. flag, after he wrote song lyrics on it, burned holes in it with cigarettes, and then proceeded to tear the flag into several pieces. He then scattered the pieces throughout his high school before skipping class to attend the "Rage … [Read more...] about Is the Band Really a Surprise?
Dow 10,000, Fannie’s Forgiveness, the Pope Talks Money, and Word
Random shots around the web: So how's that bailout coming along? Are we feeling secure yet? Facing foreclosure? About to be evicted? Fannie Mae will apparently forgive your debt if you take a certain painful step. Talk about creating bad incentives... Easy for him to say. What's the word? (Hat tip: C&F) … [Read more...] about Dow 10,000, Fannie’s Forgiveness, the Pope Talks Money, and Word
Ponies For Everyone!
Radley Balko has a few comments about some of the stuff that's made it into the bailout bill to sweeten the deal and get enough votes. Check it out. I think the mental health provisions were part of the original bill that the Senate hijacked for the bailout. (For some procedural reason, it's easier to amend an existing bill than to introduce a new one.) … [Read more...] about Ponies For Everyone!
I’ve Been Thinking About This Economic Crisis…
[Update: I've been reading a lot more about the crisis, and a lot of what I say here is wrong. For example, I assumed that financial experts knew how to evaluate the structured deals and investment vehicles, and therefore that the uncertainty arises because of the difficulty in valuing real estate. Apparently, however (and I could be wrong again), the uncertainty problem is not … [Read more...] about I’ve Been Thinking About This Economic Crisis…