In a free market, financiers who take stupid risks lose money, and cease to be financiers. The core of the Obama Bush interventions is to ensure that financiers who take stupid risks continue in business and continue in charge of other people’s money. In the Washington Post, Obama’s chief financial advisers explain their program: In theory, securitization should serve to reduce credit risk by spreading it more widely. But by …
Internet Gold alive and well
Like Napster they demonstrated that the business model was viable, and also demonstrated that as soon as you started transferring serious money the US government would come after you. As a result, there are a lot of replacements for e-gold, which the US government will find hard to shut down
The end of science and art
pseudo science not only dominates such highly political fields as global warming, but also even non political areas.
Global warming swindle.
Every so often you see these graphs supposedly showing how the world has warmed during the twentieth and twentyfirst centuries, supposedly based on surface temperatures. Steve McIntyre is launching a freedom of information request to find out what, if anything, these graphs are based on, and, of course, they are refusing.
“The Goode Family†is not funny
The Goode family are too nice and sincere to laugh at. Where is the liberal fascism and liberal totalitarianism? Observe that the kid gets away with defining his ethnicity as “African American” (he is white from South Africa) while in real life the kid from South Africa who pulled that stunt got expelled from college. The only funny character is the dog, because he is rebelling against the family veganism …
Blog empty due to crash and move to new host.
My previous host (Servers and Domains) crashed on me, and despite considerable passage of time, are still down. As a result many articles are missing I hope to recover nearly all of them in the next couple of days. Recovering comments will take a little longer. I apologize for the inconvenience – and for my failure to keep adequate backups.
obamanomics
Megan nails it: the government is using its intervention in the banking system to pressure banks to give special deals to the government’s special friends.
Securitization
From the point of view of oligarchs and crony capitalists, the crisis is not that a lot loans were made to no hablo English wetbacks. The crisis is that people are rejecting securitization of debt. The Obama regime’s capitalism smashing measures are intended not to destroy capitalism, nor to install socialism, but to restore securitization of debt. This is socialism for the financiers, not for the proles: Crony socialism, crony …
Courage
A kid carrying a gun, and wearing an explosive vest, attempted to enter a mosque. It seems that though the congregation were Muslim, they were the wrong kind of Muslim. A guard tackled him. That is courage.
Galt strike or inadequate aggregate demand?
The Randian concept of a Galt Strike is that if the elite slack off, the masses will be impoverished – that countries are rich or poor according to whether the elite is productive, while the masses and resources do not matter much, except in extreme cases such as oil rich sheikdoms. There has been a large fall in GDP over the past six months: The Keynesian explanation of this fall is …