May 5, 2009

Wall Street, Lions and Zebras

I do not think [financiers] can be blamed for [the financial melt-down] any more than one can blame a lion for eating a zebra. Capitalism is Darwinian. –Judge Richard Posner, “A Failure of Capitalism: The Crisis of ’08 and the Descent into Depression” Personally, I think Posner lets Wall Street off the hook a little...
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Distressed Markets Show Improvement

What Goes Down . . . Must Come Up? When buying is cheaper than renting, markets begin to turn. At the current rate of sales, there is less than three months of inventory in the Sacramento market. In normal times, that would indicate a seller’s market. Except these are not normal times. The unemployment rate...
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