The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

Dow Loses 213 Points on Debt Crisis in Greece, Portugal; Rachel Maddow Trying to Figure Out How to Blame Sarah Palin

Let the blame game begin! A downgrade of Greece’s credit rating to “junk” status sent stocks to their worst one-day loss in more than two months . . . The Dow snapped a six-day winning streak, plummeting 213.04 points, or 1.9%, to 10991.99, suffering its worst decline in both point and percentage terms since Feb. […]

Sarah Palin on Financial ‘Reform’

From her Facebook page:  The current debate over financial reform demonstrates what happens when political leaders react to a crisis with a raft of new regulations. First off, the people involved in writing government regulations are often lobbyists from the very industry that the new laws are supposed to regulate, and that’s been the case […]

Your Tax Dollars at Work Wank

SEC staffers watched porn as economy crashed Senior staffers at the Securities and Exchange Commission spent hours surfing pornographic websites on government-issued computers while they were being paid to police the financial system, an agency watchdog says. The SEC’s inspector general conducted 33 probes of employees looking at explicit images in the past five years, […]

Why The Sudden Bi-Partisan Financial Regulation Interest?

by Smitty After the economic stun-ulus, auto takeover and the ObamaCare fiasco, the default position amongst conservatives is that the 111th Congress couldn’t lead two nuns in one minute of silent prayer. Now the Senate is setting about considering Wall Street regulation, to howls of derisive laughter, combined with angst at the economic sodomy to […]

SIGTARP Report Confirms: Homeowner Bailout Program Won’t Fix Housing Crisis

Connie Hair at Human Events reports: A new report released yesterday (.pdf) by Neil Barofsky, special inspector general for the Troubled Asset Relief Program (TARP) warns that Obama administration efforts to bailout homeowners through the Home Affordable Modification Program (HAMP) are ineffective and will not stem the sweeping tide of foreclosures. The $75 billion HAMP […]

Filibuster Financial Reform? What Kind of Senator Would Dare to Do Such a Thing?

Five years ago, it was a certain freshman Senator from Illinois and his fellow Democrats: [I]n July 2005 . . . the Senate Banking Committee, then controlled by the Republicans, adopted tough regulatory legislation for the GSEs [government-sponsored entities, i.e., Fannie Mae and Freddie Mac] on a party-line vote — all Republicans in favor, all […]

Obamanomics Update: Still Not Working

Ed Morrissey and Ace of Spades both highlight a Big Government item about the Obama administration fudging employment statistics: The number of jobs in the U.S. is currently 129.7 million. So to justify the Administration’s current claim of 2.8 million jobs “created or saved” by stimulus, they need to also claim that without that stimulus […]

What Matthew Yglesias Doesn’t Understand About Economics

Besides everything, I mean. Christine Romer’s neo-Keynesian analysis of the economic slump — “It’s Aggregate Demand, Stupid” — inspires Yglesias to spout ignorantly about “structural” unemployment: Every time there’s a downturn a certain swathe of the elite starts to label it unfixable and structural. He then goes off to argue that the problem with U.S. policy is […]

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