Worthless Trivia: American Idol to Lose Home

Fitting squarely in the “who gives a shit?” category: ‘American Idol’ Winner Fantasia Barrino May Lose Home: From The Associated Press: “American Idol” winner Fantasia Barrino is again finding that, like the title of her autobiography, life is not a fairy tale. Court documents obtained Tuesday show one of Barrino’s houses in Charlotte is up […]

News Flash: Fannie Mae Knew it was Screwing Up

And let’s not forget that Fannie Mae and Freddie Mac are essentially government agencies, and contributed greatly to the financial crisis: Fannie Mae Internal E-Mail: Warnings Ignored: The House Oversight and Government Reform Committee held a hearing Tuesday to explore the collapse of mortgage finance giants Fannie Mae and Freddie Mac. And, as usual, Chairman […]

The Financial Crisis in a Nutshell

If you’re looking for a clear, cogent description of how the current financial crisis happened, The Objective Standard has it: The High Cost of Washington’s Price Manipulation Policy: For decades Washington has been manipulating prices to encourage homeownership and “steer” the economy. To “incentivize” you to buy a house, it made mortgage payments tax deductible, […]

New York Times Does Its Best to Create Sense of Maudlin Panic

Oh, for Pete’s sake, this is pathetic on so many levels: Come Christmas, McKenna Hunt, a gregarious little girl from Safety Harbor, Fla., will receive the play kitchen and the Elmo doll she wants. But her mother, Kristen Hunt, will go without the designer jeans she covets this season. For Ms. Hunt and for millions […]

Government Intervention Costs to Exceed $7.5 Trillion?

And so, apparently, the bailout costs most commonly discussed and mentioned in another post as approaching $2 trillion once Obama takes office, are really just obfuscations of the real costs of this round of government intervention. In fact, they’re only some of the tactics in play or planned: The government’s financial bailout will be the […]

Obama Administration-Elect Loves a Crisis

Here’s Obama’s new Chief of Staff, Rahm Emanual, speaking on the opportunity to exploit the current crisis to expand government power. Rush Limbaugh had some analysis of the clip that’s worth a read: RUSH:  Okay, so where is Obama?  He’s not acting like Abraham Lincoln, that’s for damn sure.  He’s acting like James Buchanan who […]

No, Boing Boing, It’s Not Testosterone That Caused the Financial Crisis

Via Boing Boing, here’s a prime example of where a lack of valid principles creates all sorts of intellectual havoc: Forget behavioral economics — the Naked Scientists science podcast interviews a scientist who is investigating the hormonal basis for bubbles and crashes. It’s endocrinal economics! John – We found that the traders, if they had […]

U.S. Government Begins Nationalizing American Businesses

Let the party begin: The U.S. government will start doling out $125 billion to nine major banks this week to get credit flowing again, but Monday’s announcement offered cold comfort to investors as rising anxiety about a worldwide recession drove stocks down sharply around the globe.  Assistant Treasury Secretary David Nason said the deals with […]

Regulated Free Market is a Contradiction in Terms

Consider these two opening paragraphs from a New York Times op-ed: Congratulations on your confirmation as Treasury Secretary, a position which [your predecessor/you] elevated to the level of ruler of the United States financial markets. No doubt these are troubling times, but they are also an opportunity to reshape the regulatory playing field in a […]