Ever since Ross Perot ran for President, I've just loved charts.
Bad news, well presented.
Hmmm. Squeezing my head makes my brain work better.
Of course, I don't know William Kristol. He seems pleasant enough on tv. But he's influential. And his public voice has helped lead public opinion of the elites that read the two rags he writes for down the wrong paths for several years now. So he deserves some serious criticism.
Likewise Alan Greenspan. I was stunned when he testified to Congress that he was surprised that banks and financial institutions did not "institutionally" impose more actively conservative risk management policies in their investments. Is he kidding? Can he possibly be that naive? The word "stupid" is in my head, but that can't be right. Can it? The folks who run these places are there to make money. For themselves. Did he not get that?
Free markets are a myth. We need fair and honest markets.
Want to ease the pain of AIG's exposure to credit default swaps? Pass a law that the government will not enforce or aid in the enforcement of any credit default swap that was not given under applicable insurance regulations and has a proven insurable interest. Hah! What would happen then? I don't know because I can't find that anybody has modeled the results of this scenario. But it seems pretty obvious that nobody has modeled what is going to happen by having our civil courts available to enforce these illegal insurance contracts, and to pour hundreds of billions of tax dollars into AIG to honor them. That we are doing this without understanding the consequences, good or bad, is just plain crazy.