He was shocked, I tell you, shocked!

Man oh man, if there ever was a prime example of a revelation of the greatest flaw in libertarian economic theory, it had to be Alan Greenspan's speech.  For those not in the know, the former Federal Reserve Chairman spoke before a Congressional committee yesterday.  Long one of the grand proponents of laissez fair capitalism, his decisions, ironically, probably has lead to the complete discrediting of such economics.  

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Update 5: Newsflash: No real plan, just "ideas" for Congress

This is actually a continuation or sequel to yesterday's updates on the proposed plan to clean the bad debt.  As news comes forward, I will update ASAP.  I've been up most of the night, considering that Washington has been as well, attempting to nail something out.

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Why Repubs Think the Economy is Great

The recent rash of institutional failures plaguing Wall St. has made big headlines and will only serve to reinforce the dominance of economic issues on the campaign trail.  But these high-profile financial diasasters actually obscure a more dramatic development in the economy that is leaving Republicans panicked and speechless with nowhere to turn.  The Republicans would be in deep, existential trouble on the economy even if the major lending institutions were still doing just fine.

The bigger problem for Republicans is that the very way they measure the health of an economy is going the way of the dodo.  What terrifies them (and what should terrify you) is that the economy we live in today (minus recent spectacular failures) is the economy they created by design, partially to win votes. No, I'm not kidding.

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Roubini is incorrect

Kudos to bobswern for his diary on the financial projections of Nouriel Roubini.  However, Roubini's projections are wrong.  The drop in housing prices will not be 30%; it will be 40%.  I base this projection on the historical level of housing prices (3.2 x average household income) and the January 2006 public statement from the mortgage man himself, Angelo Mozilo--

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Farewell to Rent

As foreclosures proliferate, as food prices soar, as we sit at the kitchen table strategizing and robbing Peter to pay Paul, the refrain of the theme song from Rent - "how we're gonna pay...how we're gonna pay...last years rent" runs through my head.

Today is the last day of Rent on Broadway.

I have my own memories of the Lower East Side of Manhattan, the neighborhood captured by Jonathan Larson who died before seeing his play shine on Broadway.

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Diaries

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