September 2008
87 posts
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“The disruption in the global money markets that pushed relative borrowing costs...”
– “Money Market Strains to Continue ‘for Some Time,’ BIS Reports” via Bloomberg
August 2008
81 posts
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“The Bank of England is expected to ignore pleas for a cut in rates this week,...”
– “Bank of England to show no mercy as firms go under” via The Independent
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“Have you ever asked what is the root of money?”
– Francisco d’Anconia via Atlas Shrugged
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“…representatives blithely ignore the injustice of their bailout schemes,...”
– “Take Responsibility for Your Decisions: An Open Letter to Borrowers and Lenders” by Alex Epstein via Capitalism Magazine
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“The present situation is portrayed overwhelmingly as an economic story when, in...”
– “Banking on Big Changes: Will the next president will use the U.S. Treasury to refloat lending? Signs point to yes.” via Reason
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“Rand Refinery Ltd., the world’s largest gold refinery, ran out of South...”
– “World’s Largest Gold Refiner Runs Out of Krugerrands” via Bloomberg
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"Gold and Economic Freedom" →
Read it all:
“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept...
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“A World of Wealth: How Capitalism Turns...
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“The Bush administration today [reported on September 11, 2003] recommended the...”
– The meltdown of Fannie and Freddie should come as no surprise. Don’t you know how this movie ends?
Socialism sucks. Markets allocate resources better. Intervention hurts those it aims to help.
Nonetheless, socialists (who happened to be Democrats in this instance) defeated this feeble...
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“A top General Motors executive said Thursday that automakers are “deserving” of...”
– So is “From each according to his ability; to each according to his need?” the new policy of the US auto industry? What. A. Load. Of. (Communist.) Hooey. “Carmakers Deserve Loan Guarantees, G.M. Official Says” via the NYT. This lobbying and line of reasoning (so-called) is...
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“The Democrats are the party that says government will make you smarter, taller,...”
– P. J. O’Rourke
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“Former Federal Reserve chief Alan Greenspan now says the world faces a...”
– “Governments caused the credit crisis, but capitalism gets the blame” by Ambrose Evans-Pritchard, via Telegraph, August 8, 2008.
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“…if recovery is to be maintained and future progress assured, there must...”
– Lionel Robbins, The Great Depression, 1934.
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“How Fannie and Freddie Got Big”...
“Federal Deposit Insurance Corp. Chairman Sheila Bair said Tuesday her agency...”
– “FDIC Weighs Tapping Treasury as Funds Run Low” via the WSJ
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“The trouble with socialism is socialism. The trouble with capitalism is...”
– William Schlamm, often quoted by William F. Buckley
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Chairman Ben S. Bernanke at the Federal Reserve... →
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Another excellent episode: “John Makin, an...
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This is a great listen. “Mickey Levy of...
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“In 1996, the Congressional Budget Office found that these two companies [Fannie...”
– “The Fundamental Problem with Fannie Mae and Freddie Mac” via AEI in December 2000
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The American Enterprise Institute tried for years... →
“Politicians are seldom willing to solve any problem by simply stopping what they...”
– Thomas Sowell
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“Fannie Mae and Freddie Mac, the two largest mortgage finance companies,...”
– News flash: Governments do not allocate scarce resources more efficiently than markets do. How is this debacle surprising? Ask yourself: with Fannie and Freddie falling apart, how much faith do you have in another FDR / New-Deal era program called Social Security? How exactly are these things...
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“Congress’ top budget analyst says a federal rescue of troubled mortgage...”
– Let’s check these numbers in six months. Hopefully, these officials are correct, and this present crisis will dissipate. I wouldn’t, errr, bank on it though. “Fannie, Freddie could cost us $25 billion” via USATODAY
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Watchan applicable and hi-larious King of the Hill episode, “Raise the Steaks.” I don’t know what ads you will see when you watch; I see McDonald’s. Genius.
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“Major food makers are quietly altering their recipes on candy, dairy products...”
– Please pay close attention because otherwise they will for damn sure rip you off. It’s ironic, no, that inflated currencies have also literally diluted our food quality? Now more than ever, buy local. “Food Makers Scrimp on Ingredients In an Effort to Fatten Their Profits” via the...
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“Any continued movement of capital out of Russia could prove disastrous. As we...”
– “Investors Looking To Leave Russia?” from IBD covers ideas related to this post.
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““We’ve seen these kinds of bailouts for the financial companies, why...”
– The US becomes ever more socialist. Such stupidity and futility baffles me. “GM, Ford Seek $50 Billion From U.S., Double Request” via Bloomberg. Also see Mish’s commentary.
A Few Speculators Dominate Vast Market for Oil... →
Mish: "Ten Financial Entities On The Brink" →
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“…Apparently, the findings have been known for some time. A 2001 paper by...”
– Red-Light Cameras Just Don’t Work
“The US money supply has experienced the sharpest contraction in modern history,...”
– “Sharp US money supply contraction points to Wall Street crunch ahead” via Telegraph. Also read commentary from Mish and naked capitalism.
“Lehman In Deep Trouble”
– Roundup via Mish
“The world’s largest insurer…AIG is, in fact, a trainwreck, and the...”
– “Calling all cash: please report to AIG FP” via FT Alphaville
Michael Lewis via Bloomberg March 26, '08: "What... →
“Credit market turmoil has driven the U.S. into a recession and may topple some...”
– “Large U.S. Banks May Fail Amid Recession, Rogoff Says” via Bloomberg
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“…UN forecasts show the number of Russians aged 20-29 falling from 25...”
– We confront a Russia that confronts deep difficulties: “Americans Play Monopoly, Russians Play Chess” via the AT
“Venezuela will take control of cement plants and offices belonging to Mexico’s...”
– Sad times: “Venezuela Is Set to Take Control of Cemex Plants” via the NYT
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Five Ways to Wreck a Recovery →
“We must also realize that, whatever the deficiencies of the mortgage market in...”
– “End the Mortgage Duopoly” via Cato
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“Mortgages issued in the first part of 2007 are going bad at a pace that far...”
– “Mortgages Made in 2007 Go Bad at Rapid Clip” via the WSJ