“Milton Friedman’s misfortune is that his economic policies
have been tried.” – John Kenneth Galbraith
Oracle: Oppenheimer’s Meredith Whitney – whose credibility exceeds most Wall Street CEOs – has a litany fit for a Cathedral door: The crisis is less than half over, bank assets are still marked at unworldly levels, capital to rescue brokers is like hen’s teeth, there is no quick fix and probably no slow fix, banks are seeking band-aids, not money to lend, at least 25 large investment firms will need cash infusions soon, Fannie and Freddie are simply larger versions of all the rest. And more… or less.
Watching Wait : A study by Johns Hopkins predicts that “most adults in the U.S. will be overweight or obese by 2030,” which is a definite improvement over the ratios I saw at Wal-Mart today.
Not Certified: As long as Bush and Bernanke can keep labor from asking for more, they can pretend that inflation is ‘under control’. But the dreaded COLA’s are making their way back from 1980’s exile and bringing with them 6% and better inflation.
Under The Bed: Sub-prime defaults seem to be declining, just in time for Pay Option ARMs to crawl out and continue the nightmare. Elsewhere, MBAA reports mortgage apps dropping to a five year low.
Ethanol, explained: “There are 21 farm states, and that’s 42 senators.” Bob Dole.
Wrong Question: A lot of time and blather is being spent trying to figure out what the car of the future will run on. It would be much better spent if we’d admit there isn’t a future car and that our basic assumptions about society and economics need examination.
Paranoia: Since Reagan’s first election, government economic policies have brought us an unbroken string of terrible economic events. Is it possible that they have not been trying to save us, but are intentionally liquidating the country? If so, this is not failure, but an unparalleled success.
Some Assembly Required reflects my somewhat cynical view of the world. Think of it as having coffee with a curmudgeon. Come visit.
Namazu 
Posts
NICE format dude!
Anytime I see Bob Dole mentioned I get excited, so thanks, and to see wal-mart mixed in as well, amazing! Then hen’s teeth, those we have not seen since Bear Stearns was bailed out!