Intentional Foreclosure
If you could trade your credit score for a nicer house, would you? Welcome to the new trend in American real estate. This could be interpreted positively, it would seem to indicate the number of future foreclosures will cause some to overstate the loss to actual revenue for lenders, but I would instead argue it’s more reason to be cautious when using the number of new mortgage applications issued or accepted as proof of some kind of recovery. Milton Friedman discusses morality and capitalism
(click below to see the rest of this video) Gold mining halted in South Africa
What’s that in the sky? A bird? A plane? No, it’s the price of gold! Ron Paul at the Florida debate
It sounds like he’s getting more comfortable. He speaks more eloquently when he’s not angry. Sucker Rally
I watched Mad Money with Jim Cramer yesterday and was shocked to see how bullish he appears to be, all of a sudden. In the morning he released a video online saying the Fed is stupid, behind the curve and should be investigated. He also dropped a bomb on America’s largest bank, saying that if Citigroup had to mark-to-market their entire inventory they would probably declare bankruptcy. The Socialist Dilemma
Bring candy and flowers When bankers are cursed While society is strong So greed is defeated But with pay guaranteed When profit is gone While people are weak So progress will stall Be on guard against “New Deal 2″ and useless stimulus packages
The fallout over this economic crisis may include disastrous impulsive reactions against free market capitalism. The enemies of freedom will argue that greed caused the subprime mess, therefore we need a new system that punishes those disgusting greedy corporations to benefit suffering innocent working poor families. I have already seen several editorials blaming a lack of regulation and demanding the government reign in the evil bastards on Wall Street. Open minds are closed
I strain to avoid rolling my eyes every time I hear someone claim to have an open mind. People who believe their mind is “open” have actually managed to convince themselves that bias will not influence their decisions, failing to recognize that believing you have no bias is itself a bias. In the real world, in almost every case people are either biased or ignorant — it’s called cognitive dissonance. Everybody panic!
As stock markets around the world descend into oblivion on this joyous holiday, I thought I would take the opportunity to remind everyone that bankers will never let their empires slip away into the abyss. |
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