Thursday, October 27, 2011


It is a lot harder to be down when Dow futures are up 200 points. We one-percenters enjoy simple pleasures too! But Zero Hedge says that the Greek credit deal that is the source of all the joy is a Trojan Horse (more or less). It does indeed seem like a serious moral hazard -- if I'm a Portuguese or Spanish voter, why don't I sign up for that?

Angela Merkel seemingly warns of war. War or not, the hard-working Germans, who are the 53% in Europe, are not going to put up with this forever. That said, her claim that if the "Euro fails, Europe fails" is at least a little overwrought. It very much remains to be proved whether one can entirely decouple monetary and fiscal policy, which is the premise behind the Euro. If one cannot, does that mean that "Europe" is doomed?

If Ann were a liberal.

The "Drill Baby Carbon Tax." I think I like it.

We are the 7 billion.

Bloomberg counts business regulations, and concludes that the Bush administration issued more than the Obama administration over the same period of time. When I get a little time, I will explain in detail why this is rank sophistry.

Mitt Romney's finest hour:

A friend of ours quipped recently that Mitt Romney could do his Presidential candidacy a lot of good if he took even a single position that is unpopular in the polls. Well, we can report that he has done that on housing policy, that he's being pummeled for it, and that it may be his finest campaign hour. It also contrasts favorably with the latest temporary, ad hoc and futile housing effort from President Obama.

Campaigning last week in Nevada, the epicenter of the housing bust, Mr. Romney was asked by the Las Vegas Review-Journal editorial board what he would do about housing and foreclosures. His reply:

"One is, don't try and stop the foreclosure process. Let it run its course and hit the bottom. Allow investors to buy homes, put renters in them, fix the homes up. Let it turn around and come back up. The Obama Administration has slow-walked the foreclosure processes that have long existed, and as a result we still have a foreclosure overhang."

Read the whole thing.


By Anonymous E Hines, at Thu Oct 27, 10:03:00 AM:

The Drill Baby Carbon Tax argues from two false premises. The first is that the government needs the money. The second is that AGW is something to be taken seriously. Further, even if the goal is to accumulate funds to be used after AGW actually has been demonstrated to be a serious risk, asking the government to hold the money is like asking the thief to guard the open safe.

Eric Hines  

By Anonymous Anonymous, at Thu Oct 27, 11:00:00 AM:

Geez, I read Biden's comments about the "Jobs Bill" and rapes and murders as being his accusation that the rapes and murders are being committed by the laid off cops and teachers and that, were they put back to work as cops and teachers, the rapes and murders would end or at least, decrease.
Is that not what he meant?  

By Anonymous Jim MIller, at Thu Oct 27, 12:18:00 PM:

Wasn't it Bloomberg that did the hit piece on the Koch brothers? If I recall correctly, the Washington Post published and then had second thoughts about its fairness.  

By Anonymous Anonymous, at Fri Oct 28, 04:22:00 AM:

Zero Hedge says that or something similar about everything -- it's the one note on his kazoo. He has no credibility left whatsoever.  

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