The House of Representatives just voted on, and failed to pass, the big financial market bailout bill. Too bad that they are saying this is a “Wall Street” bailout bill. People forget that we own all those stocks. Our 401ks, our IRAs, our pension plans, our insurance companies, our church building funds. The market is […]
Posts under ‘Economy’
The Bailout
I knew that the housing bubble bursting was a trigger for the later financial market failures but I was a bit unsure as to how much of the financial market failure was due to other causes. Then I heard yesterday that most of the $700 billion in bad debt that must be rescued is in […]
Other Federal Financial Disasters
FedGov interference in the free market always has undesirable consequences. The mother of all financial disasters (well, before this one) is the Great Depression caused by FedGov by means of Smoot-Hawley. The collapse of Fannie Mae and Freddie Mac have triggered a much wider financial crisis. As I pointed out previously, the housing collapse was brought […]
The Housing Market Collapse
The collapse of the housing market was inevitable and no surprise to those of us who were paying attention. It has its seeds in government intervention in the free market (as do most financial crises). In the Clinton years, government eager beavers discovered that people who could not afford homes could not get home loans. This, they […]
Free Lunch Reality Check
The battle over a deficit-reducing federal budget (an oxymoron) is providing the American people with a much needed reality check. For years We The People have been electing a Republican president and a Democratically-controlled congress. We elect a congress that promises to give us more and better of everything and we elect a president that […]