Tuesday, June 30, 2009

More great stuff from Matt Taibbi

The Great American Bubble Machine

Concluding paragraph:

But this is it. This is the world we live in now. And in this world, some of us have to play by the rules, while others get a note from the principal excusing them from homework till the end of time, plus 10 billion free dollars in a paper bag to buy lunch. It's a gangster state, running on gangster economics, and even prices can't be trusted anymore; there are hidden taxes in every buck you pay. And maybe we can't stop it, but we should at least know where it's all going.

Or, as I like to put it, the US is now a banana republic. We've got banana republic government, banana republic business. All that's left is to fill the place up with banana republic citizens. Because the coup will not really be complete until there are no longer any US citizens left alive with any remembrance--or even heritage--of when things were otherwise.

Thursday, June 25, 2009

Revolution in the leper colony

... my particular leper colony, that is.

+Philip, Metropolitan of the Antiochan Orthodox Archdiocese of North America is under some fire lately. The Ochlophobist has a good summary. True or not, in my business the first rule is to choose one's battles carefully. +Philip has decided to go mano a mano with his mother church, the autocephalous Patriarchate of Antioch. This is like Ward 6 in Chicago telling President Barack H. Obama to pound sand.

Friday, June 19, 2009

Byzantine chant

Thanks to Ad Orientem

Matt Taibbi connects the dots

The Greatest Non-Apology Of All Time


This isn’t really commerce, but much more like organized crime: it was a gigantic fraud perpetrated on the economy that wouldn’t have been possible without accomplices in the ratings agencies and regulators willing to turn a blind eye. Imagine a meat company that bred ten billion rats, fattened them on trash and sewage, ground their bodies into chuck, and then sold it all as grade-A ground beef to McDonald’s and Burger King, right under the noses of the USDA: this is exactly the same thing, only with debt instead of food. We’re eating it, they’re counting the money.

Wednesday, June 17, 2009

Chronicling the correction

I like this one:

A good, unvarnished look at the Atlanta retail/property market, as opposed to the usual trade journal-cheerleading.

Wednesday, June 10, 2009

How recovery happens

From the comments to Ambrose Evans-Pritchard's excellent article in the Telegraph:

Europe Swings Right As Depression Deepens

"We need to be bold and print £50,000 for each household, not a few hundred, for the banks, thats then sterilised in reserve requirements."

Get stuffed. We need to let prices fall to levels where savers are happy to buy them off the idiots who overpaid. The talk of reflation is keeping said idiots from selling at realistic prices and taking the losses they so rightly deserve. If we inflate our way out of this, it will teach everyone to buy into the next moronic bubble as soon as possible, and the very concept of doing work in exchange for gaining purchasing power will be destroyed. Instead, the lesson will be, "Fastest speculator wins, and work is for mugs".

It cannot be said enough: the recession IS the cure. Government attempts at reflation prevent the correction from happening.