Life after Life Support There are no atheists in foxholes. –Famous aphorism There are no free market Republicans in today’s housing industry. –Real estate version When it comes to the housing industry today, even the Republicans sound a lot like Democrats. For now, at least, people of all philosophical stripes understand that the housing market...Read More
Fascinating Juxtaposition The two photos above, from today’s New York Times, present a fascinating juxtaposition. The photo on the left shows FDR signing legislation — known as The Glass-Steagall Act — separating the nation’s investment banks from its commercial banks. It was the latter that held ordinary Americans’ savings deposits, and it was the former’s...Read More
Can We Afford Wall Street?I’ve got a way to make palatable the $3 trillion (or is it $4 trillion? Or $6 trillion?) injected into Wall Street (so far). Don’t think of it as a bailout, think of it as alimony. Yes, alimony. As in, what you pay to divorce someone — or in Wall Street’s...Read More
