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Over the Long Run We're All Dead!
There really should not be much debate about the idea of institutions being too big to fail. The fact that the major banks and investment banks in this country (and now around the world as well) have proven so inept at managing risk, should preclude them from being propped up via taxpayer money.... more
"Theoretically Speaking," "Everything is just fine!"
it is one thing to hope for the best. It is entirely another to expect things to happen which are demonstrably impossible. Do you really think, for example, that the amount of debt that is now the responsibility of the taxpayers, the volume of which has been increased dramatically over the last year, can really be paid off? According to the most reliable estimates, total debt (including unfunded promises and liabilities) now amounts to approximately one million dollars per household in the U.S.! Does anyone really think such a sum can be repaid?... more
The Death Of Outrage
Let me emphasize that I do not relish in delivering negative news; on the contrary, I would be much happier telling you that the economy was truly reviving and that there were truly outstanding opportunities as a result. That, however, is just not the way it is.... more