Those of you who want to argue that something being “just symbolism” are invited to consider the fate of “Aid to Families with Dependent Children.” AFDC is clear and precise. It tells us that we are helping a specific set of people: Families with Dependent Children. Not just the father and the mother, but the […]

Lukas Foss has died. He’s one of those composers/conductors who lead the way to contemporary classical music. More honored than beloved, his reputation will, I expect, improve with time.

This gives a much better perspective on the events of noon on 20 January 2009 than the feed CNN sent up here to the Great White North.

I am reliably informed (though I cannot find it on the web) that Forbes yesterday and MSNBC today are both referring to the next kleptocratic maneuverbank bailout bill as the Bank Asset Recovery Fund. Anyone got the links? UPDATE: Forbes link added. UPDATE II: The consensus in comments appears to be that a Meredith Whitney […]

Dr. Black graciously asks: Am I the only to whom it’s occurred that monetary policy through the banking channel (as opposed to, say, actually dropping money from helicopters) is only likely to be effective if banks are pretty good at allocating capital efficiently, and recent history tells us that the existing set of clowns in […]

A correspondent notes CJR found a good scoop by the FT: Merrill Lynch paid out about $4 billion in bonuses just days before Bank of America took it over, the Financial Times says this morning. What raises the eyebrows is the timing: Merrill paid its bonuses before the year was even up, “an unusual step” […]

There is a reason I never believe people who judge the health of a company by its credit rating: the evidence isn’t there, and everyone in the market knows it isn’t there. Here is a prime example: General Electric (GE; the company that Jack eviscerated) has a AAA credit rating. It is also paying a […]

Gary Farber (so far only via Facebook) (UPDATE: Now here) finds a reprint from the 8 March 1933 issue of The Nation: At the risk of gilding the tinsel, let the record be set down finally as The Nation takes leave this week of the “only party fit to rule.” American memories are short. Four […]

The Quote of the 21st Century: And you’ve got Greg Mankiw — well, I don’t know what Greg actually believes, he just seems to be approvingly linking to anyone opposed to stimulus, regardless of the quality of their argument. Either that, or it’s a description of everything that is wrong with the field of Economics […]

Willem Buiter, whose early posts at Maverecon were the epitome of restraint, calls for nationalisation: By throwing cheap money with little conditionality at the banks, the Fed and the US Treasury may get bank lending going again. By subsidizing new capital injections, they reward bad porfolio choices by the existing shareholders. By letting the executive […]