Submitted by unsettling economics
It is fun to push Brad Setser’s words to suggest that socialism (not real socialism, but the way the public understands it — public ownership) may be the ultimate outcome of finance capital.
Brad Setser (December 06, 2007)
http://www.rgemonitor.com/blog/setser/230793
“It wasn’t all that long ago that Wall Street — Citi bankers included — were scouring […]

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Submitted by unsettling economics
A few years ago I published a book The Perverse Economy: The Impact of Markets on People and Nature (NY: Palgrave, 2003), which included a short discussion about the dangers created by the right wing of obsession about privatizing helium. The Wall Street Journal just published an article confirming my speculations, that […]

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Submitted by EconWeekly
Last Wednesday night my computer wouldn’t start up. This is my only computer, the laptop where I keep all my work, and which I haven’t backed up in a while. Understandably, I rush to contact the manufacturer’s support service. Diagnostic: dead hard-drive, DNR. The first technician I speak with suggests that I try […]

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Submitted by Econbrowser
Part of this plan sounds like an unambiguously good idea. But most of the coverage I’ve seen is ignoring what should be the key questions.
Yesterday President George Bush and Treasury Secretary Henry Paulson announced a plan to prevent the interest rate from rising on adjustable-rate mortgages for a particular class of borrowers. The […]

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Submitted by CARPE DIEM
New York Sun: Wall Street critics are coming out in force against President Bush’s proposal to prevent subprime mortgage lenders from foreclosing on some homes.
Chief among the complaints is the notion of moral hazard — that borrowers who voluntarily took on too much risk are now being rewarded for their bet.
Let’s review […]

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Submitted by Businomics Blog
The big worry for the economy today: that the subprime credit problems will spill over to the non-real estate world. It’s not happening yet, however. The data on consumer credit released today shows no change in the trend:

The data are pretty volatile from one month to the next, but it’s […]

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Submitted by The Capital Spectator
This morning’s update on payrolls for November confirms what was already obvious: employment growth is slowing.
The economy created 94,000 net new jobs last month, the Labor Department reported. Yes, there have been months with lesser gains, such as September’s sluggish 44,000 rise, although compared with the last few years it’s hard […]

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Submitted by CARPE DIEM
But should be……….
According to Mike Moffatt at About.Com:Economics.
Carpe Diem makes the list…
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Submitted by CARPE DIEM

No Government Methadone for Reckless Credit Junkies

Top 6 Reasons The Supbrime Bailout is a Terrible Idea, using information from yesterday’s WSJ editorial:
1. Investors and mortgage servicers have incentive to avoid foreclosures on their own. Investors typically lose 30% to 50% of the unpaid mortgage balance when a home has to be resold […]

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Submitted by CARPE DIEM

One house has hot and cold running water, electricity, central air conditioning and flush toilets. The other does not. One owner has a a computer, a high speed connection to the Internet, a DVD player with a movie collection, and several television sets. The other has none of these things. One owner […]

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Submitted by CARPE DIEM

In a previous CD post, I wrote about the relative affordability of today’s $3 gasoline, measured as share of disposable income. After the Federal Reserve released data today on third quarter household net worth ($528,000 per household), I thought it would be interesting to look at the cost of gasoline as share […]

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