It is perhaps befitting that the best news coverage of the crisis in Egypt (or for that matter Tunisia or Algeria) comes from another new agency in the region -- Al Jazeera is covering these events in a manner shows it's undisputed leadership in reporting important political events of our times, far ahead of any news source I have seen.
I have (had?) a lot of respect for Warren Buffet. He once said famously that only when the tide goes out do you find out who has been swimming naked. Sad to say that the Financial Crisis and the Great Recession has revealed that Buffet and Munger -- the great investors of Berkshire Hathaway, beneficiaries of TARP and other bank bailouts, and Goldman defenders among other things -- have been found wanting appropriate beach wear.
Barry captures my emotions about departure of Larry Summers from the WH, and failure of Obama on economic front perfectly.
Perhaps it is unfair to place the blame on Mr. Obama, but I continue to believe that Obama administration should be held responsible for the economic problems facing the country and their continued lack to address the fundamental causes behind the current economic crisis.
I think to understand the crisis of 2007, 2008, 2009, you have to understand that it had many, many sources, many, many factors that contributed to it. The underlying recklessness of the banks, their perverse incentive structures, the fact that they were too big to fail encouraged them to engage in excessive risk taking; meant that if you had tied their hand in one direction, it's likely that they would have moved in another direction.But it's absolutely clear to me that if we had restricted the derivatives, some of the major problems would have been avoided. Some of what it has cost American taxpayers -- a great deal would have been avoided. I think there is a very high probability, for instance, that we would not have had to pay out the hundreds of billions of dollars that have gone to AIG, that much of the other financial turmoil we would have avoided. But we still would have had the problems of the mortgages; we still would have had the problems at rating agencies.So I think it's too simplistic to say that if we had done this one thing, we would have avoided the crisis. ... I view her experience as a dramatic illustration of what was wrong with the system and the power of the financial markets to resist doing what should have been done. But they did it with predatory lending; they did it with mortgages; they did it in area after area. And it would have needed a comprehensive attack to stop that. ...
- Obama taking the country to war with Syria
- Al Jazeera has the best coverage...
- Brother, can you spare a dime?
- Ben Bernanke Blows my mind....
- Hatzius, Krugman and Feldstein at the Newseum
- Only when the tide goes out....
- Summers to go at the end of 2010, when will Geithner go?
- Obama officially out of ideas...
- Mr. Obama's ironically titled legislation "Financial Stability Improvement Act" is likely disastrous
- What will happen to Obama Financial Regulatory Reform initiative?