The G7 met in Washington today and issued a vague "communique" about the world financial crisis that amounted to a failure to agree on a coordinated response. According  to Paul Krugman's analysis, it appears as if Secretary Paulson wasn't willing to commit to a coordinated capitalization plan and wanted to hold out hope for private ( Read more... )

With the $700 billion plan for the US government to assume bad debts and the related bailouts that preceded it, a lot of pundits and commentators are claiming that for good or bad, what we are seeing is socialism. It's a pithy way to characterize the hypocrisy of so-called "free market capitalists" clamoring for a handout on the public dime, and ( Read more... )