Wednesday, November 12, 2008
Shades of the Milagro beanfield
Tuesday, November 11, 2008
Not for a moment did I suspect that the financial 1980s would last two full decades longer
Saturday, October 25, 2008
Anyone want to see a movie about credit default swaps?
Wednesday, October 22, 2008
Ten years from now no one is going to say that this crisis was brought about because Lehman Brothers went down.
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Any institution that manages over $5 billion should be regulated, whether it’s public or private, an insurance company, bank or private equity fund.
in early September 2007, he learned that AIG’s financial-products unit had been asked for billions of dollars in collateral related to derivatives it had sold.”
Two ways to think about this. First way, go back to the bursting of the tech bubble. Remember margin calls? This works the same way, but more work than just getting [...]
History is not immutable. But there is one pattern that comes very close to being a law of history: in the long run, the rise and fall of great nations is driven primarily by their economic strength. Rome, imperial China, Venice, France, the Netherlands, Portugal, the United Kingdom — all had their day, and their [...]
Thursday, October 9, 2008
Have seen a good many of the Foreign Legion. Do not look very dangerous ruffians. Almost universally poor physique. Uniforms even worse than those of the conscripts.
Thursday, October 2, 2008
This is what a credit crisis looks like. It’s not like a stock market crisis, where the scary plunge of stocks is obvious to all. The credit crisis has played out in places most people can’t see. It’s banks refusing to lend to other banks — even though that is one of the most essential [...]
Tuesday, September 30, 2008
Now they have once again confused talk radio with reality. If this economy slides, they will go down in history as the Smoot-Hawleys of the 21st century. With this vote, they’ve taken responsibility for this economy, and they will be held accountable. The short-term blows will fall on John McCain, the long-term stress on the [...]