A lot can happen in a month. A new president gets elected based on the mantra of change, but immediately starts staffing his cabinet with hardcore Washington establishment players. Citigroup gets a bailout. The Big 3 automakers fly in on their corporate jets and ask for a bailout but get denied. The Fed takes on [...]
People want to know what caused this crisis, and more importantly, how to fix it. Everything we’ve heard from our leaders in Washington has been wrong, and that is why the market is not responding to the “rescue package” (read: Wall Street bailout) and to the billions of new dollars being pumped into the system. [...]
Mr. Roubini revisits his thesis “The Risk of a Systemic Financial Meltdown: The 12 Steps to Financial Disaster” and explains how all 12 steps have come to fruition. When reading this, I’m struck by something else Mr. Roubini has mentioned numerous times: why has the political and financial leadership not called in economic experts (i.e. [...]
Paulson’s scheme - [Financial Post]
The fact that the Austrian School of Economics is being discussed in a major newspaper is good news. People need to know that there are different, better-fitting explanations than what they hear from the mainstream media and the “talking heads on CNBC.”
Keep spreading the word!
Wall Street tumbles amid global sell-off - [Yahoo! Finance]
People are starting to realize that the $850 billion bailout is not a panacea to cure all our ills, and the market is subsequently freefalling. We’ll probably see a sharp bear market rally sometime this week, but it’s hard to see it going up for long. There’s [...]
Another good article from Stratfor on the current financial and economic crisis, and the role politics plays within the crisis. They remind us that the study of economics was once called political economy for a reason:
“Economics is not a freestanding discipline, regardless of how it is regarded today. It is a discipline that can only [...]
There may be hope after all. Or it may be more politics as usual. The House of Representatives “shocks the world” and rejects the $700 billion bailout plan. The stock market tanks, and everyone freaks out. I think one of the good things that could come from this whole mess is that people will start [...]
Posted on the Campaign for Liberty blog:
Dear Friends:
The financial meltdown the economists of the Austrian School predicted has arrived.
We are in this crisis because of an excess of artificially created credit at the hands of the Federal Reserve System. The solution being proposed? More artificial credit by the Federal Reserve. No liquidation of bad debt [...]
I was told (albeit by a long time Bush supporter) that this was Bush’s best speech since 9/11. While I do admit that he is somewhat articulate by his standards, and I tried to listen to what he had to say with an open mind, I found myself disagreeing with most of what he said.
It [...]
