The meltdown wasn’t what you think

Good story on Marketwatch.com talking about the cause of the financial meltdown and credit crunch. Everyone knows the crash of 2008 was caused by financial deregulation except Thomas E. Woods, who blames financial regulation, in the shape of the Federal Reserve. Wood’s new book, “Meltdown: A Free Market Look At Why the Stock Market Collapsed, […]

Financial plan won’t include “bad bank”

According to a report on Reuters, the new “TARP 2.0″ bailout package won’t include a provision for a “bad bank”. A so called “bad bank” is an idea that has recently been floated.  In effect, the bad bank would buy up all the toxic crap from other banks, leaving them with nice clean balance sheets.  […]

$7.2 Trillion… And counting….

Yup, that’s how much of our money the federal government is using to bailout the banks.  $7.2 trillion.  Well, that’s how much they’ve printed up so far – they haven’t yet dropped all of it out of the helicopters. Here’s a link to the CNN story showing where it’s gone.  At least the amounts that […]

Idiot Senators

The Senate tonight passed the “Paul Wellstone Mental Health and Addiction Equity Act of 2007″.   Why should you care?  Because it’s the single largest, most intrusive, most budget busting bill ever passed. In case you’re wondering, the “Paul Wellstone Mental Health and Addiction Equity Act of 2007″ is the name of the Senate version of […]

Gotta be a mistake – Bush got it right

Someone must have screwed up, because when Bush made his speech the other night, he actually got part of it right.  In the past 7 years, you can probably count on one hand the number of times that has happened.  It’s probably lower than mere chance would allow! I’ve said it before, but it bears […]

Financial Bailout Plan

This needs to be read by more people, so more people can contact congress to let them know what they think of it.  I’ll post the reasons for my own thoughts later (I think it sucks!) but for now, here’s the text of the proposed plan according to the NY TImes.  Please read it and […]

Sound Familiar?

Stop me if you’ve heard this one before….  The dollar and financial stocks fall, while gold and oil rise.  Damn, you already heard that one somewhere else?  It’s a familiar refrain that seems to keep repeating, just like an obnoxious Barry Manilow song or that annoying dog commercial that goes “there might be bugs on some […]

Oh Really?

I’m sure Henry Paulson is a bright guy, but you’d never know it from some of his public statements.  Here’s what he said today according to FoxNews: “There are always difficulties during periods such as this. There may be more bumps in the road,” Paulson said in a statement to reporters at the conclusion of […]