If you work for Bailout Bank, Joe the Plumber may be saving you from your bad management, but you will need to contribute too. Now 100% of your income that exceeds Joe’s salary will be taxed. It’s only fair. No wait, if you contributed to Senator Maphia’s campaign, you can get twice Joe’s salary!
Of course, [...]
and I did nothing. Then they came for the car companies, and I did nothing. Then they came for the insurance companies, and when I objected, I was abandoned by all the other insurance companies.
That’s what I’d think if I were a Humana executive, but I’m not. And I worry about how the rest of [...]
The most frightening thing I’ve seen in the Washington Post, today:
The populist anger at the executives who ran their firms into the ground is increasingly blowing back on Obama, whom aides yesterday described as having little recourse in the face of legal contracts that guaranteed those bonuses.
Horror of horrors! Little recourse? What don’t people get [...]
There are at least two broad and competing explanations of the origins of this crisis. The first is that the “easy money” policies of the Federal Reserve produced the U.S. housing bubble that is at the core of today’s financial mess.
The second, and far more credible, explanation agrees that it was indeed lower interest rates [...]
New York Governor David Paterson writes yesterday in the Wall Street Journal
What is sometimes lost in the public discussion of our current economic crisis, amid the $787 billion stimulus package and the multibillion dollar bailouts of banks and insurance companies, is the root cause. The economic downturn began as a mortgage crisis and will not [...]
Do you want Obama to be elected?
What better way than to make the economy look worse just before the election. Does that sound pretty cynical? Note how we have a finance committee led by democrats. These guys, we’ll assume, know something about finance. They would know, for instance, that large government expenditures on all sorts [...]
And here’s an article from standard and poors suggesting some underlying problems emerging in derivatives because of mark to market, yet people were even suggesting then that it shouldn’t be a problem. The date? Oct 2007. When the problems became apparent, who did what?
It can’t be denied that some people started making statements of [...]