The grandfather paradox
March 24th, 2009 7:14 pm
The front-line shopping mall
A UK government report warned that an attack by a chemical or radiological “dirty” bomb was likely to happen in Britain within the coming years and that mall managers had better get ready.
...March 24th, 2009 4:50 pm
Can bloggers apply?
This bill is targeted at local newspapers.
...March 24th, 2009 8:00 am
This … is …
This … is … madness! No. This is …
(more…)
March 24th, 2009 4:17 am
The Why of Kabuki
The Washington Post reports that the Obama administration is seeking unprecedented powers to seize firms in order to protect the economy against ‘damage’.
...March 24th, 2009 3:47 am
Never let a crisis go to waste
Although it is small potatoes internationally, North Korea has detained 2 American journalists and moved them for interrogation to Pyongyang. Kim Jong Il too believes that “you never want to let a serious crisis go to waste”. With Washington preoccupied with the financial turmoil, the Dear Leader may believe he can get away with anything he wants.
...March 24th, 2009 1:26 am
Loss of lift
The NYT, in an editorial, categorically rejects Geithner’s bank rescue plan. It is an unswerving rejection of Treasury’s assumption that the auction system through which it proposes to dispose of the troubled assets will value them properly. But more importantly, it reflects a lack of faith — even among the converted — in the ability of government to keep from playing favorites where such sums are concerned. Geithner’s bank rescue plan, coming on the heels of the AIG scandal, had to be both financially sound and politically viable to keep the administration’s credibility from cracking. With liberal economists like Krugman already against Geithner’s plan, the categorical rejection of Geithner’s plan by the NYT implies that the Obama administration is running out political places to hide. The NYT wrote:
...March 23rd, 2009 2:47 pm
Geithner’s Plan
The Treasury describes it here. A quick review suggests that it’s at least worth of careful consideration. The market is reported to have climbed on its disclosure. My own reaction to the proposal is that it constitutes an attempt to create a market for bad assets which are currently hobbling the financial system. Government will assume part of the risk, providing both loans and equity, but ultimately at least some of the assets will be purchased by private entities who may see in them bargains or opportunities.
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