After the House of Representatives’ NO vote on the $700-Bil. bailout the free market just may have a chance to show it ability to solve a problem of its own making. In doing so there will be pain, but much of it will fall on those who deserve to suffer it due to their […]
Recently Senator Shelby held up what he described as a “5-page report” from economists objecting to the Paulson $400 Bil. Bailout plan. Here’s the detail.
The recommendation signed by 200 economists
OK, Congress. Now go to work and fashion a sensible plan. The stampede is over.
A new article by Dr. Richard S. Lindzen, Professor (Program in Atmospheres, Oceans and Climate
Massachusetts Institute of Technology) discusses the perversion of the scientific establishment caused by the insinuation of leftist environmental politics into its very structure.
Climate Science: Is it currently designed to answer questions?
This reinforces the point that the climate debate isn’t about science. […]
It’s a weak light, but light nonetheless:
An Alternative ProposalDick Army’s article
NY Times, Joe Nocera
From Naked Capitalism: Banking Expert: Bailout Not Necessary, Industry Can Take Losses
They’re worth a peek.
P.S. For Libertarians: Ron Paul sounded off on this. Not a significant word from Bob Barr so far.
The longer this financial “Crisis” goes on, the more it appears to be another case of herd instinct. Where are the other viewpoints on how to solve the problem? Near silence. Is everyone scared to speak up? Is anyone unafraid to get out of the stampede and speak clearly and originally? […]
Crisis politics is what we’re now seeing. The pols and bureaucrats are really scared out of their wits — someone might be blamed for the failures of the financial markets in recent days.
OK, but what are some of the facts:
1) The financial industry is already among the most regulated industries in the country. […]
Since my last post I’ve been searching for an explanation as to why an admittely high, but not catastrophic (6.4%) default rate on home mortgages could possibly cause the chaos we see in the financial markets. Today’s Wall Street Journal (9/20/08) has an article (page A15) Maybe the Banks Are Just Counting Wrong” by […]
Over the years I’ve developed a keen sense for what constitutes irrational public behavior. The current financial “crisis” is a good example of this. The self-delusion about home prices rising forever created the real estate bubble. The real estate bubble was amplified by the irrationality of the financial industry, and now we […]
A mass delusion produced the financial mess this week that led to the U.S. Government’s take-over of AIG, Freddie Mac and Fannie Mae, and the failures of Bear Stearns, Merrill Lynch, and Lehman Bros. A bigger delusion remains and strengthens like a hurricane gathering force from warm water.
The first big delusion, shared by nearly […]