For the most part I stayed away from the computer and the news this weekend. I did come across a couple of must reads in the Wall Street Journal though. The first is Brian Carney’s weekend interview with Anna Schwartz, Ms. Schwartz is well known economist and her views on the current economic crisis are […]
Economy
An Open Letter From Steven Horwitz
Economist Steven Horwitz published this open letter on September 28, 2008, if you haven’t read it you should. My friends, In the last week or two, I have heard frequently from you that the current financial mess has been caused by the failures of free markets and deregulation. I have heard from you that the […]
Bleak Outlook: Economists See Three Straight Quarters of Economic Contraction
From the Wall Street Journal: The U.S. economy has sunk into a recession and government action is critical to stem the damage, according to economists in the latest Wall Street Journal forecasting survey. On average, the 52 economists surveyed now expect gross domestic product to contract in the third and fourth quarters of this year, […]
100 Economists Warn That Barack Obama’s Tax Proposals Could Throw the US Economy into Recession
I’ve been debating whether to post this all day… Yes, it’s from the McCain campaign but ultimately I think it would be foolish to dismiss the opinion of a group of experienced economists out of hand. Economists Statement On Barack Obama’s Risky Economic Proposals 100 ECONOMISTS WARN THAT WITH CURRENT WEAK FINANCIAL CONDITIONS BARACK OBAMA’S […]
Credit Crisis: Chris Shays Comes Out Swinging At Congress
Democrats in Congress may not want to talk about their roll in causing the subprime meltdown by refusing to regulate Fannie Mae and Freddie Mac but Rep. Christopher Shays (R-Conn) does: H/T: Hot Air.
Finally: McCain Blasts Obama, Democrats for Fannie/Freddie Meltdown
Update: Scroll down for the video. It looks like the gloves are really off, John McCain is going to finally start talking about the economy and going after Barack Obama and Democrats for their roll in the failure of Fannie Mae and Freddie Mac. Our current economic crisis is a good case in point. What […]
Bush: “We don’t want to rush”
Say what??? Oh the irony… As global markets plunged, President Bush on Monday said “it’s going to take awhile” for the government’s $700 billion financial rescue plan to bolster the troubled U.S. economy. Bush said the purpose of the package was to unlock the nation’s credit freeze “to get money moving again.” But, he added: […]
Crap Sandwich 2.0 Passes The House 263-171
The Wall Street Journal has the details: WASHINGTON — U.S. House of Representatives lawmakers wary of growing signs of the nation’s economic distress voted Friday in favor of a $700 billion Wall Street rescue package, sending the biggest government intervention in the financial markets since the Great Depression to President George W. Bush for his […]
In Their Own Words: What They Said About Fannie & Freddie
The Wall Street Journal has a long history over covering the abuses of Fannie Mae and Freddie Mac today they’re naming names and calling out the Democrats who helped cause our financial crisis. House Financial Services Committee hearing, Sept. 25, 2003: Rep. Gregory Meeks, (D., N.Y.): . . . I am just pissed off at […]
Senate Passes Crap Sandwich 2.0 74-25
From the Wall Street Journal: Senate Passes Bailout Package House Passage Remains Less Certain WASHINGTON — The Senate’s revamped bailout package drew support from 74 lawmakers in a roll call vote Wednesday evening, and the measure will now return to the balky House of Representatives for another vote following its unexpected rejection on Monday. U.S. […]
Crap Sandwich Redux: Senate to Vote on Bailout Bill
Michelle Malkin and Ed Morrissey have the details on this 451 page monstrosity… That’s right 451 pages! The original Paulson Plan was roughly two pages, the house bill was just over 100 and the senate bill is 451 pages. Some of the additions in the Senate bill include: New Tax earmarks in Bailout bill Film […]
Flamethrower: Thaddeus McCotter
It’s pure unadulterated demagoguery but it’s still a hell of speech! With all due respect Congressman Wall Street didn’t cause this problem… They played their part but it was Congress and government regulators who, in the name of affordable housing, compelled banks to write these risky sub-prime loans. It was Congress who created Fannie Mae […]
Mark Levin: Thank You, House Republicans
Mark Levin writing in National Review Online’s Conner Blog: I have read the posts here and elsewhere. Sometimes these things are made to look more complicated than they really are. From an economic perspective, if the problem is liquidity and credit, there simply is no need for the federal government to assume massive amounts of debt […]
Crash & Burn: $700 Billion “Crap Sandwich” Goes Down In Flames!
Whoa… I was expecting a close vote on bailout bill but this is a complete shock. The bailout bill has crashed and burned in the House. The vote was 228 nay to 205 yea with 1 not voting. Democrats supported the bill 140-95, while Republicans opposed it 65-133. Is this the reason? Nancy Pelosi’s floor […]
The Good, The Bad and The Ugly…
The Good (H/T: MM): Congressman Jeb Hensarling (R-TX), Chairman of the House Republican Study Committee, today issued the following statement on the agreement reached by House and Senate negotiators on the Paulson plan, and his intentions on the final bill: “My top responsibility as an elected official is to protect the families and people who […]