Tag: moral hazard
Politics, Markets, and The Housing Boom and Bust

I recently read the revised edition of Thomas Sowell’s excellent The Housing Boom and Bust. One of the most striking things about the role of housing in the financial crisis is the resonance of the “villains, victims, and valiant government” narrative that goes as follows: greedy bankers exploited everyone while the regulators were asleep...
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Crony Capitalism

News item: Goldman Sachs surprised even optimistic analysts with a $3.44 billion profit for the three months to June, almost 90% more than the previous quarter. Profits were also up at JP Morgan Chase, which announced second-quarter profits of $2.7 billion on July 26th, which were 36% higher than a year ago. (“The World...
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Mommas, Don’t Let Your Babies Grow Up to Report on the Government’s Financial Reforms

If you do, they will almost certainly disgrace your family by writing reports that can be interpreted in only two ways: (1) the reporter is a shill for the government, passing off government propaganda as news and analysis; and (2) the reporter is dreadfully incompetent and naïve with regard to government policies. Sad to...
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