policy failure

In March I wrote an American version of this post which pointed to the bailout culture in America as a major reason I fear a depressionary relapse. American policy makers have shifted private losses onto the government's books while…

Earlier today, I had a brief e-mail exchange with Marshall Auerback in which I said that I had basically thrown in the towel on US (and global) policy makers. Early on in this crisis, I had advocated a number of policy paths which I think…

I know I shouldn’t beat this dead horse but I can’t help myself. Just this past Friday, when describing Andy Xie’s hopeful tone in sensing a change of the short-sighted and ruinous mindset that was driving policy makers in the U.S., I…

I have taken a less optimistic view of the credit crisis’ workout phase as evidenced by recent posts like Wood: “The endgame will be a systemic government debt crisis in the western world” and The mindset will not change; a depressionary…

Expect a companion piece to this based on what is now happening in Europe. To put it simply, it is all bailout all the time as officialdom desperately uses extend and pretend liquidity to forestall the inevitable solvency problems. This…