The family's fine, and nothing exciting was going on, just a lot of it. Work stuff, I don't talk about here. Kills a lot of possible posts, but it saves my job, probably.
Looks like the old Compaq's on her last legs. We're looking into getting a new one, and the wife saw a way to get one better than this one for a quarter the price. Something else I can't talk about is getting in the way of that, though.
Not all of life sucks, but some parts of it definitely do sometimes.
That's my apology, now check out what Alex Epstein has to say about the mortgage crisis:
Too Big to Bail
By Alex Epstein
Every few days we hear that another leading financial institution has written down billions more on subprime investments gone bad. Nearly every major financial institution, it turns out, had a hand in loans to low-credit borrowers--borrowers whose ability to pay often hinged on endlessly low interest rates or a strong housing market. How could this happen? How could nearly all the leading lights of the financial industry--the experts in assessing and managing risk--expose themselves to such massive losses? Or, as a Fortune cover crudely put it: "What were they smoking?"
A major part of the answer is: government bailout crack.
Just another variation of the old ABCT, seems to me. [You'll have to assume that Crusoe has some big berries to accept Mahoney's illustration.]
Update: Oh, I guess that's what this guy is saying. When you're done with that, check out Setting the Stage for American History: Liberty vs Power in Europe and England, by Murray N. Rothbard.
BTW, if you want to check out other Business Cycle theories, you can't do better than start at Wikipedia. I'd start with this one and follow their links to other articles.
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