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Bailout 2008 passwd in its second, even less attractive form.

Is it not a conflict of interest for the govenment to take equity stakes in financial institutions that are heavily regulated by the government? Already the bailout bill has a reiteration that the SEC has discretion to relax mark to market rules to favor such banks.

This blog is all about me.

Everything I do here is to make me feel better about myself, or is my misguided attempt to influence someone, anyone, to believe the things that I want them to. The reason I want to make them believe what I want them to is I want to […]

Now I have seen the future.

Remember destruction of the ozone layer? It was on the nightly news, in movies, comics made jokes about it and people actually talked about it over the dinner table. It was a great exercise in mass delusion but with little practical effect.

Global Warming was next. The […]

OK, soon any large company in America, financial or non-financial, will have a US Dollar printing press. Simply write an IOU (90 day commercial paper) to the Treasury’s new NY subsidiary. The large company hands in a note and gets newly minted cold hard cash. There is a big difference between […]

I never thought if it this way:

Two is that most debasement today takes the form of insured credit expansion: debt that is guaranteed explicitly or implicitly by the government. Any loan which will be repaid unless the US financial system collapses is as solid as the dollar by definition. This is obviously true of sovereign […]

The average house will decline by about 33% in value. Many people will not be paying back HELOC’s or purchase money mortgages. The collateral eventually foreclosed upon will not cover the debt. Money borrowed and not repaid, due to fractional reserve banking, will lead to destruction of the money created when the loan […]

We Got the Bailout and the We are Still in the Same Mess