The Economy

I wrote an email to Pablo.  I figured part of it would make a decent blog entry.

Is it just me

or are we totally getting screwed with these bailouts?  I’m pretty ignorant and incompetent when it comes to money.  But I highly recommend:

http://www.thisamericanlife.org/Radio_Episode.aspx?episode=355

And I listen to the Planet Money podcast by the same guys.  Good stuff. 

http://www.npr.org/blogs/money/planet_money_podcast/

Sometimes it’s fun

to watch people get their asses handed to them even if it’s in retrospect.

Peter Schiff is a Libertarian, I believe.  I don’t agree with some of his views but he was dead on about the subprime mortgage market being the harbinger or the credit crisis.  In a nutshell, the wealth being generated was based on debt.  So the wealth was artificial but the debt was real.  I hope he’s wrong about what’s next.

Years to recover with harsh times on the horizon.  He says that government intervention caused the Great Depression and may have a similar effect again.  That’s the part I disagree with, although I can’t explain why.  But being a Libertarian, of course he’s going to say that government was/is the problem.

Hubris

The guys in those videos … kind of douche-y.  I don’t know what this has to do with anything (it doesn’t) but do you remember when people were talking about affordable housing?  Around DC there was a lot of discourse about creating affordable housing in the city and surrounding towns.  You know, so the teachers, fire fighters, police officers and so on could afford to live near where they work.

You’d turn on the news and right-wing pundits would be saying things like, “What does that even mean?  Affordable housing.  Everything’s affordable by someone.”

It’s the same flavor of cold arrogance that enables world class greed and opportunism at a high cost.

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