Taki's Daily Blog
The Standard of Living Bubble (And Why It’s About to Go Pop!)
Our representatives in Washington, alongside the easy-credit Federal Reserve and its Wise Leader, “Helicopter Ben,” have essentially subsidized a rash of misguided investments and profligate spending-sprees by consumers who’ve bought into the illusion of endless prosperity. Everyone knows about the Housing Bubble. Well, get ready for the even bigger Standard of Living Bubble, whose bursting is now upon us. Because real … [Read More]
Is it fair that businessmen who fail in neighborhood stores have to close shop and often sell their homes, while Wall Street titans are spared the consequences of monumental stupidity and greed? No, it is not fair. Yet, Treasury’s Hank Paulson may be right. To save the sheep who might have been wiped out in a general financial panic, we may … [Read More]
The Crash of 2008, which is now wiping out trillions of dollars of our people’s wealth, is, like the Crash of 1929, likely to mark the end of one era and the onset of another. The new era will see a more sober and much diminished America. The “Omnipower” and “Indispensable Nation” we heard about in all the hubris and braggadocio … [Read More]
He might not want to say it out loud, but Barack Obama senses, no doubt, that this past weekend’s financial meltdown will do much to boost his slumping electoral prospects. According to Democratic lore, financial woes make the “rich guy” Republicans look bad and send the reeling middle classes into the arms of the party of welfare and wealth redistribution. Wide-scale … [Read More]
One amusing aspect of the New York Times’s coverage of the government takeovers of Freddie Mac and Fannie Mae is that throughout the Gray Lady’s 2000-word lead essay, it’s never once mentioned that the two lending institutions have, well, already been federal organizations for the past 70 years (!). The latest “nationalization” is not too different from the government deciding to … [Read More]
Page 1 of 1 pages