How big is the bailout (aka “world’s greatest heist”)?

Before we go to the main event, please ponder this quote of the day from The King Report (subscription only): Paul Volcker's chief purpose {in the Obama Administration} is to give the appearance that he will persuade Obama to remove the excess credit at the appropriate time. ... Resurrecting Volcker during the most wanton monetary policy … Continue reading How big is the bailout (aka “world’s greatest heist”)?

A certain casualty of the recession: the US Government’s solvency

Summary:  Whatever happens during this recession, one thing is almost certain:  the US government's balance sheet will be trashed.  Wrecked, perhaps beyond repair. This post discusses what we should do to mitigate the damage, and why such extreme spending is necessary. As described in "The most important story in this week’s newspapers" (22 May 2008), the … Continue reading A certain casualty of the recession: the US Government’s solvency