Fed values Bear Stearns assets at a level where it has only cost them $100,000nothing—so far. (Indeed, there’s a $50,000 “buffer” left.) Strangely, the scuttlebutt in the market yesterday was that the valuation should be around $24 billion. Or at least that’s how I read this paragraph: If the portfolio’s value were to drop to […]

‘d like to give my thoughts on corporate income taxes. A favorite idea on the right is that taxes on corporations should be eliminated. The reasoning is this: because the corporation pays taxes on income when it makes a profit, and the shareholders pay taxes on that income once it is distributed to them, essentially […]