In An Extreme Credit Crunch, Leveraged Purchases

The Treasury Plan Is A Disgrace: A Bailout Of Reckless Bankers, Lenders And Investors That Provides Little Direct Debt Relief To Borrowers And Financially Stressed Households And That Will Come At A Very High Cost To The Us Taxpayer. And The Plan Does Nothing To Resolve The Severe Stress In Money Markets And Interbank Markets That Are Now Close To A Systemic Meltdown.

Once You Run Current-account Deficits, You Depend On The Kindness Of Strangers. This Might Be The Beginning Of The End Of The American Empire.

In The History Of Modern Capitalism, Crises Are The Norm, Not The Exception.

I Am Not Going To Say I Told You So, But I Did.

I Believe In Market Economics. But To Paraphrase Churchill - Who Said This About Democracy And Political Regimes - A Market Economy Might Be The Worst Economic Regime Available, Apart From The Alternatives. I Believe That People React To Incentives, That Incentives Matter, And That Prices Reflect The Way Things Should Be Allocated. But I Also Believe That Market Economies Sometimes Have Market Failures, And When These Occur, There's A Role For Prudential - Not Excessive - Regulation Of The Financial System.