Last month, Detroit’s automakers pleaded for handouts from Papa Government. Ford, General Motors, and Chrysler essentially engaged themselves in plain collusion, begging for their own version of a bailout. Really - how is this anything other than plain collusion? It is rent-seeking at its finest.
If the collective wisdom of millions of investors [...]
Financial Times reports that Stocks soar on rescue hopes, that a deal is being brokered which would empower the government to manage so-called “toxic” assets. The New York Times calls this the biggest bailout in United States history.
Q: Why are these assets “toxic” ?
A: Because they’re illiquid.
Q: Why are these assets illiquid?
A: Because nobody [...]
I received a response to my all-time most popular post, All Your Property Are Belong to Uncle Sam. Ryan Anderson objects thusly:
I don’t believe in the ideas your spreading. Look at in a positive manner. Yes, sometimes there will be abuse like Wulfs case; sometimes the government abuses their power.(W. W Woodward) I do [...]
Although I’ve kept silent on the stories, there has been a lot in the news and in the blogs lately about giant companies failing: Merrill Lynch. Lehman Brothers. Fannie & Freddie. &c. Some have called it the endgame of economics as we know it.
Then, the government nationalized AIG.
Under the plan, the Fed will [...]
