What do we do in response to a financial crisis due in no small part to the systemic risk posed by institutions that by their very size prove essential to a functioning financial system? Gorge them on taxpayer funds so they get even bigger, while smaller banks without the benefit of implicit government guarantee are allowed to fail (as all insolvent businesses should):
From TARP Oversight Report via TBP.
If you're a graphic designer or have ever worked in creative services, this chain of emails between a potential client and a graphic designer will be especially amusing. (If not it's just funny.)
From: Simon Edhouse
Date: Monday 16 November 2009 2.19pm
To: David Thorne
Subject: Logo Design
Hello David,
I would like to catch up as I am working on a really exciting project at the moment and need a logo designed. Basically something representing peer to peer networking. I have to have something to show prospective clients this week so would you be able to pull something together in the next few days? I will also need a couple of pie charts done for a 1 page website. If deal goes ahead there will be some good money in it for you.
Simon
From: David Thorne
Date: Monday 16 November 2009 3.52pm
To: Simon Edhouse
Subject: Re: Logo Design
Dear Simon,
Disregarding the fact that you have still not paid me for work I completed earlier this year despite several assertions that you would do so, I would be delighted to spend my free time creating logos and pie charts for you based on further vague promises of future possible payment. Please find attached pie chart as requested and let me know of any changes required.
Regards, David.
In this video Ron Paul talks about a House bill that would require transparency for the Fed (i.e. let us see what all that overpriced crap on the Fed's bloated balance sheet really is). I like Paul more and more - barely knew his name a year ago but he seems to make a great deal of sense. Some of what he says seems out of left field at first blush, but as I learn more about this subject I understand his points better.
I'd like to check out his new book End the Fed soon. Has anyone read it yet?
Video via The Big Picture.
An excellent infographic detailing the causes of the Great Financial Meltdown of 2008-? From The Big Picture, lifted from Ritholz's new book, Bailout Nation.
(Click to enlarge.)
I would've preferred they had used an image of a gigantic shit sandwich instead of a bomb at the end.
