Uncategorized

by russell Via self-evident, a discussion of the banking mess that many here will, I think, find congenial. The money quote: What market regulations should prohibit are practices in which profit-taking can routinely occur without wealth creation But, if you have a few minutes, read the whole thing.

by Jacob Davies A nice short piece on inequality in the NYT: Many economists are reluctant to confront rising income inequality directly, saying that whether this trend is good or bad requires a value judgment that is best left to philosophers. But that disclaimer rings hollow. Economics, after all, was founded by moral philosophers, and … Read more

by Jacob Davies I don’t have much use for the Daily Caller generally, but you should read this. The banks ran their mortgage units like a 1999 dot-com: no paperwork, everyone runs around like chickens with their heads cut off, next week we’re all either millionaires or fired. But mortgage lending is a 30 year … Read more

by Doctor Science I did a quick spin around some articles on Mortgage Crisis: Electric Boogaloo this morning — Krugman, for instance — and glanced at the comments to get a sense for how the outrage was forming. The NY Times’ system is quite useful, I find (as suggested by a commenter on Balloon Juice … Read more

by Doctor Science Eric’s recent post talked a little bit about the imbalance in US policy between negotiation (and the Department of State) and force (and the Department of Defense). I’m pretty sure I read something about it on another blog, too, one with comments (i.e. not Sullivan). In the past couple of decades — … Read more

by russell OK, this is a short one.  I'm trying to get my head around some numbers and it's making my brain hurt. This wiki article cites this Bank for International Settlements report to say: Thus, derivatives trading – mostly futures contracts on interest rates, foreign currencies, Treasury bonds, etc. had reached a level of $1,200 trillion, … Read more

by russell Just to follow up on seb's post…. Via the the powder blue satan, a pretty good introduction to the hideous train wreck that is the mortgage industry today. The article is not very long, and is well worth a read (as are the supporting articles, links to which are included in the article).  But … Read more

–by Sebastian   So it counts as hypocrisy when you publically moralize against something that you do your self, right? Witness, strategic default:   The Daily Show With Jon Stewart Mon – Thurs 11p / 10c Mortgage Bankers Association Strategic Default www.thedailyshow.com Daily Show Full Episodes Political Humor Rally to Restore Sanity

by Eric Martin Today, my son turns 1.  Here's something that I wrote back when he was barely a few weeks old, but didn't have the inkling/courage to publish.  "My son." Such a foreign and unfamiliar phrase to have pass my lips, and yet it has now entered my everyday lexicon. His birth has changed what was … Read more