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PC Police String Up Kling on Bogus Charge
Lately Arnold Kling has been fending off accusations of being a racist, because he (foolishly) had a blog post saying the stimulus bill was really about “reparations” and then at a Heritage Foundation/Club for Growth event, he called the Obama crew a bunch of thugs. Here is how Vanity Fair blogger James Wolcott described it: […]
Read moreInvestors Flocking to Gold
This CNBC story explains that because of the stimulus hijinx and other skullduggery, fund managers are acquiring larger exposure to gold, often through ETFs such as GLD. The Exchange Traded Fund allows an investor to buy a stock (e.g. x shares of GLD) rather than buying physical gold bars and storing them somewhere. The people […]
Read moreI Told You So Department: "Fed Faces Constraints In Market-Revival Role"
Yesterday’s article in the WSJ is basically a less hysterical and more detail-oriented regurgitation of my Daily Reckoning article from the end of January (and which I actually wrote in December). I explained in that article that Bernanke had painted himself into a corner, because the Fed’s balance sheet had grown enormously, meaning massive price […]
Read moreCongressman Says He Was Literally Warned World Economy Would Collapse If Didn’t Fork Over $700 Billion to Paulson
It’s nice that these details are trickling out. (HT2 Drudge) (You can move the pointer to 2:00 and start there, but the beginning is good to see him get phone-slapped by an irate lady.)
Read moreThe Geithner Plan: Orwell Lives
I thought these two graphics for this WSJ story on Geithner’s underwhelming financial bailout plan were hilarious:
Read moreTwo Movies and a Bad Pun
(1) I recently re-watched the original Austin Powers to see how good it was. Eh, I only laughed out loud in the bathroom scene with Tom Arnold (“Who does #2 work for?”). The other funny part I had forgotten was when Austin is trying to do an 84-point turn in the narrow corridor with the […]
Read moreTim Swanson Can’t Make Up His Mind on Treasurys
I am not mocking Tim, I really can’t figure out what his thesis is in this piece. He does some sort of “I’m explaining what the Chinese official is thinking–no wait, this is Tim talking, no wait, this is Tim discussing Schiff’s views” stream of consciousness. (I didn’t get Finnegan’s Wake either.) But as always, […]
Read moreGreenspan Admits There Is No Fed Independence
One of the central myths of our financial system is that the Federal Reserve enjoys “independence” from the federal government. The public can trust Bernanke to create hundreds of billions of dollars out of thin air, and give them to whomever he pleases without even telling Congress the details, because the Fed chair is a […]
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