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October
13, 2008 After last week, this week almost HAS to be better - as more and more bad news came out of DC last week. This week, we have to start living with the "bailout." May God be merciful to us. The
Great Bank Holdup of 2008: Even by mid-week, it was clear that this stupidity has completely failed to accomplish anything it was CLAIMED to do - but we are still enslaved, even as the banks implode and the market races down its second or third week of panic. (Read the rest here)
The
Securitized Housing Investment Trust Has Hit
the Fan There are better reasons to avoid economic bailouts than that they haven't been thought out, they will be administered by an incompetent organization, and that they will indebt your kids, your grand kids and the as yet unborn. "An
open, competitive, and liberalized financial market can effectively allocate
scarce resources in a manner that promotes stability and prosperity far
better than governmental intervention." --U.S.
Treasury Secretary Henry Paulson, Shanghai Futures Exchange, March 2007
But despite that claim by U.S. Treasury Secretary Paulson just 18 months ago, with his proposal for the $700 billion bailout (at least $810 billion as passed by Congress) of the U.S. financial establishment, he has now instituted the biggest centralized governmental intervention in markets in the history of the world. Could he possibly be right? (Read the rest here)
Predator Charlie Quintard eased up to the cache point, all his senses straining. A bank covered with kudzu only twenty yards from a logging road, it contained a fifty-five gallon plastic barrel that had been sunk sideways into it back in the 90s. The drum had a carefully-crafted wooden lid that friction fit into the top, the surface of which appeared to be a sideways view of a rotted log. Only a close-up inspection would have revealed the preservatives it had been soaked in to keep the insects away. Despite its proximity to the road, the folds of the ground made it invisible to passing vehicles, not that there was much traffic these days. Five yards away from the kudzu-shielded drum, a random stick protruded up from the bank, just like a flag on a mailbox. Charlie grinned. "You've got mail," he mimicked the old AOL voice. (Read the rest here) (Sample chapters from the novel "Absolved.") Baker's
Dozen Reasons To Defeat The Bailout 1. IT IS NOT REFORM: Like the 500 billion already spent for "bailouts" this treats the symptoms and does NOT cure the disease. There are serious imbalances in credit markets and in U.S. economic public policy, which are not fixed, but only bandaged. The plan builds on insane government regulations. Failed, reckless banks and "government-sponsored embarrassments" (the FM twins) are "rescued" by buying their junk: "troubled assets." What is needed? Government policies that END interference with the credit and capital markets, to make private capital available and allow economic growth. (Read the rest here)
From
The Archives Anyone who's been in the movement for more than a day knows that we are often our own worst enemies. Far and above all the divisiveness separating Objectivists and Libertarians or anarchists and minarchists is the human tendency to put our own personal interests or desires ahead of freedom. Thus one can find examples of individuals who say they're anarchists supporting laws that coerce individuals into certain behaviors, or that prohibit nonfraudulent, voluntary transactions. In recent conversations with individuals, I've been surprised by emotionalism that often appears to be guiding their thinking, and the negative responses to even hypothetical situations that would challenge the world they want to see. (Read the rest here) The
Game Changing Play John McCain and the Republicans Need to Win the Election
At a recent campaign speech in Asheville, N.C., Barack Obama said John McCain is "out of touch, out of ideas, and running out of time." If I were Senator McCain, I would put a copy of the Constitution on a silver platter and make Obama eat those words. This could be accomplished by simply proposing 2 amendments to the Constitution. Proposed Amendment Number 1 to be Announced 2 Weeks before the Election (Read the rest here) Another
Way Shelter, Where the Inmates are Running the Asylum If a friend of yours was in desperate straights and had to seek refuge in an abuse shelter, wouldn't you want that person to be able to go to a place with staff who are qualified, compassionate, and have a clean record? Then you'll be shocked to learn what's going on at Another Way in Lake City, Fla. I have reported previously on this star-crossed shelter. But it turns out the situation is worse than I originally thought because three employees of Another Way have criminal records, and a fourth flunked her rehab. (Read the rest here) External
Articles As the hysteria has grown in the discussion of financial markets and related government policies, I have been puzzled by the discrepancy between the best available data and the descriptions quoted in the press – statements by financial gurus, traders, and professors, as well as by government officials. To hear these spokesmen tell the story, you’d think that the world will soon go to hell in a hand basket, if it hasn’t gone there already. Yet every time I look for data to check these claims, I find nothing solid to back them up. (Read the rest here) (Read the entire article at the source website. Use the back button to return.)
The
Future of Freedom Foundation The Senate’s passage of the $700 billion bailout of Wall Street, and its presumed acceptance by the House, exposes once and for all the true nature of the American political-economic system. It is free-enterprise in name only. In fact, and especially for large well-connected companies, it is nothing of the kind. Many names have been attached to the system we labor under: state socialism, state capitalism, corporatism, fascism. Whichever one we choose, let us hear no more about America’s free-market economy. There has been no free market in the United States for many generations. This fact has been obscured rhetorically and in other ways, but our vision should be clear now. There is no separation of state and economy. (Read the rest here) (Read the entire article at the source website. Use the back button to return.)
The
Independent Institute Questions about the Great Depression may be usefully framed as pertaining to three distinct issues: the Great Contraction, the extraordinarily severe economic decline from 1929 to 1933; the Great Duration, the persistence of sub par economic performance for more than a decade; and the Great Escape, the ultimate recovery from this uniquely deep and long depression. Although economists continue to debate the causes of the Great Contraction and the Great Duration, a rough consensus has emerged that major policy blunders of various sorts deserve most of the blame for these calamities. With regard to the Great Escape, economists have also reached substantial agreement, but unfortunately they have come to agree on an interpretation that is almost completely wrong. (Read the rest here) (Read the entire article at the source website. Use the back button to return.)
From The Ludwig von Mises Institute Georges Bush's recent speech in defense of his bailout plan was quite a tour de force. Indeed, it managed to explain the pending recession of the US economy by a previous situation of "easy credit" without mentioning the monstrously inflationist policy of the Federal Reserve — which reached its climax in 2003 and 2004, when it lent dollars at a negative short-term interest rate, and resulted in the creation of more dollars in a seven-year period (2000–2007) than had been created cumulatively in the two centuries since the founding of the United States. (Read the rest here) (Read the entire article at the source website. Use the back button to return.)
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