Both Paul Krugman and Tom Friedman have written columns along the lines that the whole Wall Street bubble over subprime mortgages, derivatives, credit default swaps, etc., was just like Bernie Madoff’s Ponzi scheme. There was no “there” there. It was… Read More »Wall Street Was Ponzi Scheme
I think it’s likely that Israel invaded Gaza now because it wanted to do so while Bush was still President. In a few weeks, Obama will be President, and although he has talked a good game in support of Israel,… Read More »Gaza Strip War with Israel
The Financial Times columnist Munchau is right when he says, “I am sceptical of the Fed’s new policy of quantitative easing. We do not have a liquidity crisis, but a solvency crisis….” There have been a lot of complaints from… Read More »Idiots in Charge of America and the World
Will there be any repercussions for Senate Republicans who blocked passage of the interim auto bailout bill two weeks before Christmas? They basically said to America, we don’t like you; so, we are going to put coal in your stocking… Read More »Repercussions for Republicans?
The auto bankruptcy is too big just to use the regular bankruptcy law. These are not just any companies. The auto industry is the foundation of American industry. So why shouldn’t Congress pass an industry specific bailout law that would… Read More »Auto Bankruptcy
The Financial Times reports that the price of credit default swaps, insurance for corporate debt, has been going up again. The FT interprets this as meaning that the credit crisis is worsening. I interpret it as meaning that Wall Street,… Read More »Idiots on Wall Street