Jon Stewart and the Big Bank Theory

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2007-2010 Market failure--NOT

Another great post from Ideas Matter.



And from Max Broder-- "We should take away the lesson that long-term value creation cannot be achieved through short cuts. It's about a commitment to hard work and building a business - whether bank or bakery [or medical care]- one customer at a time."

Scott Brown--the port in the healthcare storm just sank the banks

The Senate has just passed the cloture vote on the Financial Takeover Bill in the Senate with a 60-40 vote. 3 Republicans voted with 57 Democrats. The Republicans were Scott Brown, Olympia Snowe and Susan Collins. A final vote could come as soon as tonight, but will likely be tomorrow. (from NetRightDaily)

This illustrates the dangers of having to deal with unprincipled politicians--you never can tell if they will do more harm than good.

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U.S. Economy Grinds To Halt As Nation Realizes Money Just A Symbolic, Mutually Shared Illusion

This headline deserves to be in the New York Times, not The Onion.

For a better understanding of why The Onion has it right when referring to today's Federal Reserve Notes, and Bernanke, Geitner and the majority of of economists and politicians have it wrong, read the posts and the vigorous, enlightening discussion which follows in the comments of a recent series from The Rational Capitalist:

"Economy Update and the Causes of Boom-Bust" , Part 1, Part 2, and Part 3, with Part 4 pending.

Here's Doug's own summary:

Part 1 - Today's crisis as an instance of the classic inflation-depression or boom-bust cycle

Part 2 - Positivism, empiricism and the self-induced myopia of the economics profession

Part 3 - Brief review and analysis of 19th century monetary history; gold the hero, government the villain

The most extensive debate is in the comments following part three on whether or not fractional banking is a legitimate practice, even when practiced privately and on a gold standard.

Thought provoking. Check it out.