Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency. You have got to be kidding me. You are a pretty funny guy, Paulson. The way Bernanke sees the auction working, however, it’s …
Tag Archives: economics
One wave of Henry’s magic wand and debt disappears
Quoth the AP: Wall Street rallied in a stunning late-session turnaround Thursday, shooting higher and hurtling the Dow Jones industrials up 400 points following a report that the federal government might create an entity to absorb banks’ bad debt. The report also cooled investors’ fervor for safe investments like government debt that were in demand …
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The Giant Pool of Money
I finally got around to listening to episode 355 of This American Life. The subject of this episode is the housing crisis. Adam Davidson and Alex Blumberg have done a fantastic job diving into the details and people all wrapped up in the bubble to crisis process. As expected, they do a wonderful job of …
Oil prices
Some people (like the US House) seem to not understand how oil prices are calculated. Luckily, Marketplace has a great introduction to the subject called “Who’s getting fat on higher oil prices?” Economist Philip Verleger watches the oil industry. He says the ultimate price is decided by traders in New York, London and other global …
The obligation of walking away
Secretary Paulson played the morality card two days ago when speaking about home owners that were in over their heads: Homeowners who can afford their payments and don’t have to move, can choose to stay in their house. And let me emphasize, any homeowner who can afford his mortgage payment but chooses to walk away …