The Free Market Clapper
G. Scott | December 17, 2008
The Free Market Clapper.
The Critical Edition
With extra-wide margins
It will all be over soon…
G. Scott | November 14, 2008
Just a quote:
In a moment of high panic in late September, the US Treasury unilaterally pushed through a radical change in how bank mergers are taxed–a change long sought by the industry. Despite the fact that this move will deprive the government of as much as $140 billion in tax revenue, lawmakers found out only [...]
Sincerely, Mr. Waxman
G. Scott | November 7, 2008
A letter, dated October 28:
Dear Mr. Blankfein[, Chairman and Chief Executive Officer, Goldman Sachs]:
Earlier this month, the Treasury Department announced plans to invest $125 billion of taxpayer funds in nine major banks, including yours, as an emergency measure to rebuild depleted capital. According to recent public filings, these nine banks have spent or reserved $108 [...]
The Financial Crisis, Explained
G. Scott | October 21, 2008
A fairly succinct explanation.
It’s the End of the World as We Know It…
G. Scott | September 30, 2008
That’s what the rest of the world is saying, anyway. The Spiegel staff writers, and hence a certain segment of Germany, certainly thinks that America’s world dominance has come to an end:
[Bush] talked [at the UN] about terrorism and terrorist regimes, and about governments that allegedly support terror. He failed to notice that the delegates [...]
A lot of zeros…
G. Scott | September 29, 2008
What is to blame for not getting the rescue plan through? Republican ideals or Democratic politicizing?
Representative Adam Putnam of Florida, the No. 3 House Republican, said Pelosi’s “speech cost us votes” because it set a “partisan tone,” a reference to her comment before the vote blaming Bush administration policies for the crisis.
Democrats voted 140 to [...]
The Rescuers
G. Scott | September 18, 2008
The cavalry is coming!
US Treasury Secretary Henry Paulson said after meeting members of Congress that legislation would be required to help rid US banks of their bad assets.
He said this was at the heart of the rescue plan, which will be worked out over the weekend.
BBC NEWS | Special Reports | US pledges financial rescue [...]
Socialism, 21st Century Style
G. Scott | September 17, 2008
The Federal Reserve and the Bush administration believe the threat of defaults by AIG on a lot of unregulated derivative contracts creates a national emergency. It’s too bad they didn’t think of that when they were opposing any efforts to regulate those markets. That would have been interfering with free enterprise. This move, somehow, is [...]