I have no way to judge whether this NY Times piece about AIG is correct or not. I’ve grown so leery of the Times’ veracity that I automatically doubt it. Nevertheless, it seems to be a good description of how … Continue reading →
I’ve noticed a trend in comments by some Obama supporters on several other websites lately: Bring it on!, they say. What are they seeking? Class warfare. The accusation from many conservatives and Republicans that Obama’s actions and rhetoric are fomenting … Continue reading →
They say payback’s a bitch. But clawback seems even worse. It means that Madoff’s victims run the risk of being victimized twice—once by Madoff, and then again by each other via lawsuits. That’s hardly their intent. It’s just that the … Continue reading →
Here’s the cautionary tale of one of those “math guys” or “quants,” and his brilliant formula—gone wrong. It’s a sobering reminder of how spiffy new computer models and mathematical formulas related to real-world events can end up as just the … Continue reading →
Economic bubbles are a repetitive historical reality, as are their precipitous bursting and the resultant downturns. Here’s a history of some of the major ones that have occurred; there are others. But there’s something about the current situation that is … Continue reading →
The current economic crisis exhibits characteristics that illustrate the tragedy of the commons: “The Tragedy of the Commons” is an influential article written by Garrett Hardin and first published in the journal Science in 1968. The article describes a dilemma … Continue reading →
For years, Alan Greenspan was thought to be a genius, responsible for keeping inflation at bay and encouraging our booming economy. He fine-tuned interest rates to make sure all this was going smoothly, and to the best of my recollection … Continue reading →
I certainly haven’t read the stimulus bill. Few have, since it wasn’t posted as promised, and its length is extraordinary. But here’s a summary of its provisions that makes chilling reading. It illustrates why people (including me) were so incensed … Continue reading →
Just call him Cassandra. Who? Harry Markopolos, that’s who, the man who tried to blow the whistle on Bernie Madoff for nine long years. But nobody heard—or, rather, nobody who was actually in a position to do anything heard him … Continue reading →
As the stimulus bill becomes more and more unpopular with the American public, the Republican Party seems for the moment to be the unexpected political beneficiary, because of their opposition to it. I haven’t read the bill myself, since it’s … Continue reading →
This WSJ article by economics professors Harold L. Cole and Le E. Ohanian is a good summary of the reasons some have come to feel that FDR’s New Deal actually prolonged the Depression rather than helping the situation. It’s a … Continue reading →
From the beginning of the economic crisis back in the pre-election fall, Barack Obama has been consistent about one thing: rhetoric that maximizes whatever panic and fear might be driving it. And here he goes again. In naming Joe Biden … Continue reading →