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 →
The wacky winter weather we’ve been having lately has led to the phenomenon of ice storms and resultant power failures in places such as Arkansas and Texas that seldom see them. As readers of this blog are aware, I had … Continue reading →
Bernie Madoff ran quite the little family business. Back in the happier, headier days of 2000, son Mark is quoted as saying: All of his family members grew up with this being our lives. When it is a family operated … Continue reading →