So, Bernard Madoff pled guilty and will go to jail. Not only do we taxpayers have to pay for his crime, but now we have to pay for his food and rent for the rest of his life. But that’s not the real problem. The problem is that Madoff is a scapegoat who is...
Something is very wrong, and the “authorities” are unlikely to fix it. Ostensibly, it is a financial crisis, and the financial world is surely a wreck. But the question we haven’t dealt with yet pertains to the kind of crisis we are in. If it is a financial crisis, then a financial fix will...
The pundits are searching feverishly for the causes and cures of the current market meltdown. At this writing the most likely culprits have been identified as the housing bubble (inflated housing prices), loose lending practices (inflated credit ratings) and complex packaging of investment vehicles (inflated creativity and marketing). These are certainly among the culprits,...
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