Here’s a link to Madoff’s confession in full. It’s a fascinating document, both for what it says and what it doesn’t say. Madoff is very careful to implicate only himself in the fraud. In his description of how it was … Continue reading →
In breaking news, Bernard Madoff admits his crimes, and apologizes. No, not this apology (starting at 00:40): This one. I’m watching on cable news, and the description of Madoff in court is that his affect was flat and bland as … Continue reading →
Sometimes a seemingly random word or two can be very instructive, if you want to know what a person really thinks. That is the reason I (and so many others) paid quite a bit of attention to a couple of … Continue reading →
I’ve been wanting to write about other things besides Obama. Truly, I have. But I keep coming back to that topic because it seems vital to get it right—and now, before things slide out of control. Speaking of sliding out … Continue reading →
If you ever had any doubt, it’s becoming more and more clear every day that Obama meant every single radical thing he ever said. Including that one about bankrupting the coal companies. Don’t recall it? Well, let me refresh your … Continue reading →
…nobody knows. I’ve been polling some of my liberal friends who voted for Obama, asking their opinion about what’s been happening lately in the financial sector and his effect on the economy. Every one of them has responded in much … Continue reading →
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 →