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In New Delhi
and Hong Kong,
they all know that it won’t be long…
He gives orders
which no one hears
King’s Hat fits over their ears…
–Brian Eno, King’s Lead Hat
In a logical and orderly world it wouldn’t be fair to judge Paulson’s 700 billion dollar gambit a failure this soon. We do need to account, however, for the haste [...]
Greetings - this is my first post on “American Conservative,” and I’m honored to be here. For those who are not familiar with me, here’s where I sometimes hang my virtual hat. In brief, I teach political theory at Georgetown University, and in my spare time I declaim the end of the world as we [...]
Filed under: Economics
I believe that Usama bin Laden said at one point that the way to destroy the Great Satan was to attack its economy. Does anyone seriously believe the currently more than $1.3 trillion bailout(s) are going to accomplish anything more than putting the US deeper in debt at a time when the country is fighting two wars that it [...]
Filed under: Economics
The “largest figure revealed in the light of the financial crisis”? Could it be John McCain, who heroically suspended his campaign, bounded back to Washington, and … went to a meeting? Or maybe Barack Obama, who projected signature cool (or cluelessness) while the markets convulsed? Perhaps Henry Paulson, Goldman Sachs’ inside man, or even Depression [...]
Filed under: Economics
Last week the Euromillions lottery was offering £100,000,000, and like many a fellow lemming I thought it might just be worth a punt. What a joke it would be to win £100m! As it was I won £7.50, and in view of the world financial situation I am relieved that I did not win the [...]
Filed under: Economics
It is easy to indict the American people for conniving at fast and loose behavior on Wall Street, but there is a danger that blaming everyone means no one is to blame. According to the “blame everyone” line of reasoning, Americans became addicted to the easy credit from Wall Street, becoming so greedy in the process that they [...]
Filed under: Economics
McCain denounces “fat cats.” Obama fumes about “predatory lending” and promises to “punish those who set this fire.” It’s easier to heap polemics on bankers than to chastise sinners in the hands of an angry market—especially when you’re angling for their votes. But mortgage-backed securities only become toxic if borrowers break their word. It’s bad [...]
Filed under: Economics, Uncategorized
Philip Blond, a young British academic, today issues this stirring plea for more localism. He appeals to David Cameron’s Conservative Party to tend to the economic roots of British society. This passage is striking,
Filed under: Economics
From an unbroadcast interview on the financial crisis with CNBC:
Palin: “For close to a week, they were my next-door neighbors in New York City, and I could actually see Wall Street from from my hotel room”
Q: “Explain why that enhances your economic policy credentials.”
A: “Well, it certainly does because our – our next [...]
Five years ago, TAC contributor Robertson Morrow predicted the economic downturn to follow the bursting of the mortgage bubble:
The imprudent will suffer. Debt will become harder to assume, housing costs will fall, and consumer spending will sag. Those who refinanced to extract cash, took out a second mortgage, bought more house than they could afford, [...]
Filed under: Economics