The means by which we live have outdistanced the ends for which we live. Our scientific power has outrun our spiritual power. We have guided missiles and misguided men. Martin Luther King, Jr.
Archive for January 19th, 2009
I wrote a post late Saturday night suggesting that it was time to get on with the business of nationalizing some of our banks. There’s more discussion in the blogs today about the subject with most of it coming down on the side of proceeding with nationalization. Krugman comes out pretty forcefully in favor as [...]
Clusterstock has quite an interesting post that it’s best I just provide a link to. It contains some fascinating socioeconomic data and implications for shrinking wealth. Trust me, it is worth clicking through to. Notice no pictures or tags go with this post.
The Economist has revised its forecast for global GDP growth for 2009. In December it predicted a contraction of 0.4% which it has revised to a minus 0.9%. They forecast that no industrialized country is likely to be spared the pain. They say that their forecast would be even darker were it not for the fiscal [...]
One of the central themes of the announcement out of Britain today regarding their newest bank bailout was that it would include regulations that forced the banks to start lending again. That’s not far off the tone in a lot of comments that come from Washington. How real a problem is it? Before I go a [...]
Admittedly watching two economists go after each other is kind of like watching a couple of sixty year old men having a fistfight in a parking lot. It’s decent entertainment for a couple of minutes but then you realize that what you’ve already seen is about as good as it’s going to get. Likewise, the ruckus that [...]
From the Telegraph.co.uk here are the primary features of the new British bank bailout. INSURANCE SCHEME * Banks will have to identify their riskiest assets which they can then insure with the government for a fee. They will still be liable for initial losses but could at least put in a ceiling, hence boosting confidence. [...]