Chronicle of the Conspiracy
Saturday, December 13, 2008KUDLOW REPLAY Here's the YouTube video. I could hardly believe it when I heard they'd booked me with Peter Schiff. Seems like he's had his wings clipped a bit, having recommended shorting the dollar at the very bottom, and buying Russia and China at the very top. But he's still a filibustering windbag, only now, instead of bragging about his track record and promoting his book, he's spouting irrelevant free-market platitudes. Now, with this new encounter, I'm bracing for threatening emails from his brother, threatening phone calls from his fans, and a flood of hatemail. Haven't gotten but one so far. Maybe some of Schiff's cultish appeal has burned off a bit.
Update...Reader Joseph Russo III says,
Peter Schiff is a strange dude, I'm glad I was able to see you debate him on the economy. He reminds me of those cat clocks with the moving eyes...scary stuff.
Posted by Donald L. Luskin at 4:09 PM | link
Thursday, December 11, 2008"MICK DANGER" ON THE BIG THREE BAILOUT From my DC-insider friend:
If you add it all up, it's too much.And now it's backfiring. From the Detroit Free Press:
Complicating matters for the union -- which has been lobbying hard for passage of the rescue plan -- is that it threw its political weight behind many of the Democratic opponents who managed to beat Republican incumbents last month. Now those same defeated GOP senators are being asked to save the domestic auto industry from ruination before giving up their seats.Update... The anonymous reader who calls himself "Zoogler" writes,
Ford went out and sold most of its assets a few months back and then leased them. In the process, they freed up about $23 billion in cash.
Posted by Donald L. Luskin at 10:24 AM | link
HOW DO YOU SAY "OOPS" IN GERMAN? Get this:
One of Europe's most prestigious scientific research institutes has had to issue an apology after discovering that the calligraphy used on the cover of its flagship publication to illustrate a special China edition was in fact an ad for a Hong Kong strip joint.
Posted by Donald L. Luskin at 8:25 AM | link
Wednesday, December 10, 2008WELL, IT DID SAY "MAY" From the always excellent Fail Blog.
Posted by Donald L. Luskin at 7:46 PM | link
CAN WE TAKE BACK THAT NOBEL PRIZE? From Option ARMageddon:
Defending Fannie and Freddie, Paul Krugman posted "Fannie Freddie Phony" a month ago:Thanks to Randy Carney and Dave Duval for the link.…Fannie/Freddie did some bad things, and did, it turns out, get to some extent into subprime. But thanks to the accounting scandals, they were actually withdrawing from the market during the height of the housing bubble — the vast majority of the loans now going bad came from the private sector.This whitewashing of Fannie’s/Freddie’s role in the housing mess was proven absolutely false today when Krugman’s own paper reported on one insider’s account of the VERY LARGE extent to which Fan & Fred gorged on toxic mortgages:Fannie Mae and Freddie Mac engaged in “an orgy of junk mortgage development” that turned the two mortgage-finance giants into vast repositories of subprime and similarly risky loans, a former Fannie executive testified on Tuesday…
Posted by Donald L. Luskin at 7:38 PM | link
HE REALLY MEANS IT For Paul Krugman, this posting on his blog concerning his Nobel Prize is more than his usual self-congratulatory narcissism. He means it. Remember, he once wrote, "my economic theories have no doubt been influenced by my relationship with my cats."
Thanks to Clay Waters for the link.
Posted by Donald L. Luskin at 7:07 PM | link
Monday, December 08, 2008HERE'S A NEW CRISIS FOR YOU, PAUL From Reuters:
Add another economic worry to inflation and deflation: ecoflation, the rising cost of doing business in a world with a changing climate.
Posted by Donald L. Luskin at 8:55 PM | link
THE BIRTH OF A NEW BULL MARKET... ...and a robust economic recovery. It is inevitable now, with Paul Krugman in Stockholm to collect his Nobel loot, and lecture the world on the the end of the world:
"A scenario I fear is that we'll see, for the whole world, an equivalent of Japan's lost decade, the 1990s -- that we'll see a world of zero interest rates, deflation, no sign of recovery, and it will just go on for a very extended period," he told a news conference.What an insight. "Crises" in "countries that are in big trouble." Does that mean there will be no crises in countries that are not in big trouble? But I digress...
"We can easily be talking about a world economy that is depressed until 2011 and maybe beyond," Krugman said.Buy everything. Buy it now.
Thanks to Chris Ciancio and Ajeya Tatake.
Posted by Donald L. Luskin at 8:48 PM | link