Links 9/18/08

Henry Paulson’s Frankenstein Andrew Ross Sorkin

The Liquidation Trap Thomas Palley

AIG fears lead to commodities sell-off Financial Times (hat tip reader Michael)

On Scientific Reasoning, and the Testing of Hypotheses Bob O’Brien (hat tip reader Richard R)

How many people have lost their jobs? knzn

In Asia, the Bloom Is Off the U.S. Rose New York Times (hat tip reader Dwight). Seriously not good.

Antidote du jour. From reader Steve. A tad obvious, but I couldn’t resist:

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  1. depresso

    I can’t believe that almost everyone is blaming this mess on free markets. Fed as lender of last resort, Freddie, Fannie, government “help” to selected private enterprises etc. are all *anti-market*! And these entities are the main cause of today’s troubles.

  2. doc holiday

    All I can think is crash and burn:

    … as Bellerophon's fame grew, so did his hubris. Bellerophon felt that because of his victory over the Chimera he deserved to fly to Mount Olympus, the realm of the gods. However, this presumption angered Zeus and he sent a fly to sting the horse ( Pegasus) causing Bellerophon to fall all the way back to Earth on the Plain of Aleion ("Wandering"), where he lived out his life in misery as a blinded cripple, grieving and shunning the haunts of men.

    Also, he was kept as Zeus' servant and stayed with him, never seeing Pegasus again.

    >> I know, it's a blue bull, but so what? With 20 crash-related stories a day, no one will see any of this, just like the unimportant fly (above), buzzing around…

  3. Richard Kline

    I would llooooovve to be sitting at the next table over from a tableful of perma-bulls tommorrow after market close (or the markets _are_ closed), and look at their faces while they try to have a beer and reflect. Watching them watch their worldview come to whimpering liquidation would be such, such satisfaction.

    . . . I actually had a not dissimilar experience Election night, 06. I went down to may favorite place for dinner [you and I went there, Yves], and there were these four guys at a table in back. Suits, ties, all buttoned up in crisp but conforming dress-for-success mode; youngish, topping out at thirty; bright young conservatives on the make; half drunk pints on the table in front of them. —They couldn’t even make small talk. Their faces had tight smiles and haunted eyes; manfully stiff lips, and something more than sweat in the corners of their peepers. I knew looking at them what they knew: that every supposition about their careers and political expectations had died an hour and a half before and THEY JUST COULD NOT BELIEVE IT BECAUSE ‘IT WASN’T POSSIBLE.’ Nobody finished their beers. They just shuffled out after 45 min or so. I think that they were Republican political operatives, but I really don’t know.

    Perma-bulls: Tomorrow, the tabs on you, big guys.

  4. a

    News item from Bloomberg: China will buy banks shares to support market.

    Hmmph. Don’t those Communists know anything about free markets?

  5. Anonymous

    If my rapidly dying pension would allow it I would take a plane to calf and drink a couple pints and then visit Ronny “deregulation” Reagen’s grave and deliver a healthy dose of trickle down in his memory

  6. Anonymous

    I concur, where is fuzzy animal photograph? This crashing blue entity is somewhat off topic, so what does this mean?

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