The economic principles justifying free market
globalization have the complexity and accuracy
of an armillary sphere.
Translation: “We expect the second half of 2008 will be more challenging than the first half as economic and credit conditions weaken,” said Ford marketing executive Jim Farley. The term ‘more challenging’ means ‘we’ll probably double our losses.’ Goldman Sachs agrees.
A Name You Can Trust: In 8 months in 2007, while subprime mortgages were heading for foreclosure and subprime lenders were heading for bankruptcy, Merrill Lynch happily bundled up and sold $30 billion in CDOs that, like rotten offspring, are likely to come home.
Headline Only: China Manufacturing Shrinks for First Time on Record.
Qualifications: Some are saying that Obama cannot be elected because he’s too slim, while the electorate is mostly overweight. He’s also too intelligent and too handsome. We like Bush, he’s like us. So much for the concept of the informed electorate and the virtue of popular democracy.
Orwell Meets The Red Queen: The Bush administration has redefined abortion to include everything up to and including condoms, then says it wants to make sure that religious nuts have the right to impose their beliefs on everyone else. About 200 more days, if you’re counting.
First We’ll Feed the Lawyers: Citigroup faces a formal SEC probe into misrepresentations in the sale of auction-rate securities. So far Massachusetts, New York and Texas have piled on.
Messing-Up Accomplished: The Taliban is regaining control of large areas of Afganistan. Bin Laden remains at large. Sadly, “there has been a surge in the number of civilian casualties caused by all sides.”
A Little Sleaze, Pleaze: Ken Wilson, the Goldman Sachs banker who is joining the US Treasury to help the country through the financial crisis, is expected to take a temporary post that will subject him to less stringent ethics rules than many other high-level officials.
Some Assembly Required reflects my
somewhat cynical view of the world. Think of it as having coffee with a curmudgeon. Come visit.