More good articles on the bailout plan
"The real reason that the bailout is "necessary," and "essential" is not that credit markets will freeze or that the world will end. By forcing the takeover of WaMu and Wachovia, the Bush Administration, Citi and JP Morgan have bet that together they can coerce and lobby Congress into passing a law that will allow Citi and JP Morgan to dump their newly acquired subprime loans on the gullible and unsuspecting taxpayer. If the bailout is successful, Citi and JP Morgan will have scored a two-fer. Not only will they have vastly increased their market share and asset base in the FDIC orchestrated takeovers, they will also be first in line at the fiat money creation trough as the Fed prints the money that will fund the Treasury’s above-market purchase of their subprime booty. Nice work if you can get it."
http://www.lewrockwell.com/orig9/butler-b2.html
And this one was great because it explores some of the contributors to the current situation such as:
-Community Reinvestment Act which came into law during the Carter administration and was strengthened during the Clinton administration
-the practice of requiring mark to market accounting to allow for transparency
-Repeal of Glass-Steagall and it's effects as well as substituted legislation
http://www.lewrockwell.com/orig5/bock6.html
These articles are both from lewrockwell which is a very libertarian site which focuses on Austrian economics vs. Keynesian.
*edit*
Here is one more. I really like her writing. It's kinda funny since she comes across as pissed off or maybe indignant would be a better word.
http://www.lewrockwell.com/rajiva/rajiva11.html
"This is not just a problem of mortgage securities gone bad, as Buffett said in his public defense of Paulson and AIG. No. This is a matter of decades of white collar criminality, cronyism, and reckless business practices by leading banks and financial businesses, a massive bubble of stupidity, arrogance and greed that the market refuses to swallow any more. Right at the center are the very financiers who set it off."
I don't think she's a fan of Buffet.
http://www.lewrockwell.com/orig9/butler-b2.html
And this one was great because it explores some of the contributors to the current situation such as:
-Community Reinvestment Act which came into law during the Carter administration and was strengthened during the Clinton administration
-the practice of requiring mark to market accounting to allow for transparency
-Repeal of Glass-Steagall and it's effects as well as substituted legislation
http://www.lewrockwell.com/orig5/bock6.html
These articles are both from lewrockwell which is a very libertarian site which focuses on Austrian economics vs. Keynesian.
*edit*
Here is one more. I really like her writing. It's kinda funny since she comes across as pissed off or maybe indignant would be a better word.
http://www.lewrockwell.com/rajiva/rajiva11.html
"This is not just a problem of mortgage securities gone bad, as Buffett said in his public defense of Paulson and AIG. No. This is a matter of decades of white collar criminality, cronyism, and reckless business practices by leading banks and financial businesses, a massive bubble of stupidity, arrogance and greed that the market refuses to swallow any more. Right at the center are the very financiers who set it off."
I don't think she's a fan of Buffet.