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The easy money theory of fraudulent schemes This is becoming too much. Yet another fraudulent scheme has been exposed. Paul Greenwood and Steven Walsh were arrested yesterday for stealing $550 million from clients of their managed funds. Their companies were WG Trading Co. and WG Trading Investors LP in Greenwich, Conn., and [...] Obama Administration seizes large sectors of the American economy If I close my eyes while listening to the Obama Administration explain their recent bailout bill, I think I’m hearing Big Brother from the movie, 1984. I got that same feeling reading about FDR and his Brain Trusters who got their New Deal inspiration [...] The New New Deal is a quest for power, not truth At times I would like to thank Robert Reich’s parents for bringing him to our planet because he makes it easy for people like me to pick him off from time to time as an exemplar of liberal claptrap. He simply buys [...] Go Rick, Go I love this guy. Rick Santelli is a well known options trader on the Chicago Board of Trade and reports for CNBC. This clip has been getting wide circulation, which tells me there’s a lot of anger about this bailout. You’ll like this.
Coolidge was the right kind of leader I have to admit, the more I learn about Calvin Coolidge, the more I like him. As I pointed out before, he was the first modern president who didn’t try to “fix” things only to make them worse. Under his and Harding’s leadership, the 1920-1921 recession lasted only 18 [...] A free market answer to Obama’s Keynesian stimulus bill Free market economists raise serious questions about the stimulus package (American Recovery and Reinvestment Act of 2009) and Keynesian theory in general. Over the years Austrian School economists have generally been right about the economy as compared to other economists. For example, economist Von Mises and his protégé von Hayek correctly foresaw the 1929 crash [...] Japan’s Minister of Finance Shows Up Drunk at News Conference You don’t need to speak Japanese to understand this. From the Times Online (UK): Japan’s Minister of Finance, Shoichi Nakagawa, has blamed a heavy dose of cold medicine for a slurred and baffling performance at the G7 meeting in Rome, where the helmsman of the world’s second biggest economy appeared [...] This is about the simplest explanation of the stimulus bill. Courtesy of The Big Picture, by Barry Ritholz. Sometime this year, taxpayers will receive an Economic Stimulus Payment. This is a very exciting new program that I will explain using the Q and A format: Q. What is an Economic Stimulus Payment? Why don’t they just say that they are guessing and really don’t know what’s going to happen I like to listen to some of the market reports and interviews on CNBC because they have interesting interviews with economists and investors. Almost to a man they all recommend, even clamor for, a federal bailout. I [...] Rebel Economist video on The People’s Stimulus A new video from “Rebeleconomist” (Michelle Muccio). She poses the question: who’s better at spending your money, you or the government? Enjoy. Harding and Coolidge vs. Hoover and Roosevelt I’m not a big fan of Glenn Beck, but he had two top-notch guys on about Hoover and FDR vs. Harding and Coolidge and their respective economic records. Tom Woods of the Mises Institute presents a compelling argument why “Do Nothing Harding” was better for the economy that “Do [...] Why the Fed and Treasury Can’t Renegotiate Securitized Subprime Loans Brent and Whitney bought a condo in Corona, California in 2005 for which they paid $275,000. They put down the $25,000 they borrowed from their parents and signed up for a $250,000 mortgage. It was an adjustable rate loan which reset in 2008. I [...] Watch Out for the Do Something Congress I’ve been watching TV reporters interview out of work people around the country. They are all good and worthy people not looking for a handout who deserve to have good jobs and financial well being. Almost to a person they are looking forward to the success [...] Another Example of the Law of Unintended Consequences I listened to the well meaning Republican senator Mitch McConnell of Kentucky propose government mortgage lending to homeowners at below market interest rates. Like many Republicans he advocates “curing” the housing market as the way to revive the economy. “Most people recognize that housing is at the root of the [...] If $1 Trillion is Good, Why Don’t They Spend $10 Trillion? I write all of the material for this blog, except occasionally when I find exceptional writing. In this article by Frank Shostak, the concept of fiscal stimulus is analyzed throught the lens of Austrian economics. He writes in a very clear, simple way, but it [...] Smartest Guys in the Room, v3.0 John Meriwether, the infamous founder of Long Term Capital Management, is going to try yet again. He tanked LTCM and nearly took down the economy with him in 1998. He started a new fund, JWM Partners and announced recently that his fund lost over 40% of [...] The Liberal New Deal Fantasy I don’t know why Amity Shlaes stirs such a vicious response to her articles about FDR’s New Deal. Well, actually I think I do. The New Deal is the foundation of the liberal world. If it were determined that control, experimentation, and manipulation of business by the government were really harmful [...] Is This The Change He Promised? I have the feeling that President Obama was surprised when the massive spending bill carried by House Democrats was unanimously opposed by House and Senate Republicans. He has stated several times that he thought he had significant “political capital.” As he famously said in a debate over the stimulus bill [...] |
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