Wall street journal reports that this crisis was the predicted result of politically correct lending policies commanded by the Clinton administration, continued and worsened by the Bush administration. Carpe Diem reports that this crisis was predicted when these policies were introduced by the Clinton Administration. In 1999, the NY Times observed: Fannie Mae is taking …
Month: September 2008
The financial crash
Brad de Long looks at the financial crisis, and concludes that the wise and good hand of government is necessary. Third, the market fundamentalists in other sectors will need to be quiet for quite a while. We have just seen financial markets rife with moral hazard, agency, and adverse selection problems crash spectacularly. Is this …
carbon footprint
Do you want to reduce your carbon footprint Or do you want to drill here now.
Never forget, never forgive
Never forget, never forgive. Make them pay forever.
Thai middle class revolts against democracy
For two thousand years, it has been claimed that democracy inherently self destructs, that democracy destroys the conditions that make democracy possible. The fact that democracy worked pretty well during the twentieth century would seem contrary evidence – but a century is not a long time for such a test.