tag:blogger.com,1999:blog-15405788.post5503010129360405177..comments2024-01-04T07:33:10.137-05:00Comments on Seldom Wrong, Never in Doubt: The SWNID Dare: Deliver This Speech, Win Our VoteJon A. Alfred E. Michael J. Wile E. SWNIDhttp://www.blogger.com/profile/04595651777890086293noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-15405788.post-31812898566150141602008-09-24T11:29:00.000-04:002008-09-24T11:29:00.000-04:00Thanks for the hugs and kisses, but we'll confine ...Thanks for the hugs and kisses, but we'll confine ourself to a wave in response. These days you can't be too careful.<BR/><BR/>Yes, it's to [<I>sic</I>] long, but by the time we wrote it, we didn't have time to edit it. Economics is about the distribution of scarce resources, like our blogging time.<BR/><BR/>Yes, markets self regulate. Yes, they are rational. But the last few days illustrate that sometimes markets panic, like just after they create a bubble, also kinda irrational. There's a history of this stuff, with episodes usually labeled "The Panic of X," where X equals a date in the 19th or early 20th century. Later generations didn't like admitting that they panic, though they do.<BR/><BR/>And if history illustrates anything, it's that in a panic, folks with available capital are needed to quell the panic. Sometimes, the folks with the capital are the government.<BR/><BR/>Remember Mr. Potter telling George Bailey that during the Depression they were the only two in town who kept their heads, so "You saved the savings and loan, and I saved everything else"? Despite the large dose of populist syrup in Capra's movies, that moment reflected some economic reality.<BR/><BR/>Our point is aptly illustrated by Warren Buffet's offer of $5 billion in capital to Goldman Sachs in return for a stake in the reorganized company of about 10%. If we had more Buffets (like J. P. Morgan in 1907, who pretty much saved the Republic and secured a place for TR on Rushmore), we wouldn't need the Treasury and the Fed to do the work. But even rich guys are only so rich, even today when the <I>faux</I> populists say they're too rich.Jon A. Alfred E. Michael J. Wile E. SWNIDhttps://www.blogger.com/profile/04595651777890086293noreply@blogger.comtag:blogger.com,1999:blog-15405788.post-8345823180048664362008-09-23T22:06:00.000-04:002008-09-23T22:06:00.000-04:00hmmm to long, you had me at "I apologize" - but le...hmmm to long, you had me at "I apologize" - but let me show you the error of your ways - yes it is not a "bailout" per-se and yes - capital is tight - but the best thing we could do is let the capital market system WORK. Clear the decks and all will be fine - stop alarming everyone by drinking the kool-aid about "the greatest financial crisis". Is it bad, yes - but the beauty of free markets is that when properly administered they self-regulate.<BR/><BR/>hugs and kisses......Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15405788.post-62258665091581283462008-09-23T21:25:00.000-04:002008-09-23T21:25:00.000-04:00I would vote for Palin/Weatherly '12. (I hope you...I would vote for Palin/Weatherly '12. (I hope you don't mind the second billing, especially since she "doesn't have any experience")Matt Coulterhttps://www.blogger.com/profile/05163905787825528320noreply@blogger.comtag:blogger.com,1999:blog-15405788.post-36239431750325758412008-09-23T04:29:00.000-04:002008-09-23T04:29:00.000-04:00Amen! If only candidates didn't just try to exploi...Amen! If only candidates didn't just try to exploit situations and would explain situations to people who weren't so educated in economics.Emilyhttps://www.blogger.com/profile/07559041235719734949noreply@blogger.comtag:blogger.com,1999:blog-15405788.post-48044636576159711482008-09-22T22:04:00.000-04:002008-09-22T22:04:00.000-04:00Probably covered up with too much common sense for...Probably covered up with too much common sense for a politician but send it to that guy running with Sarah and see.texasteahttps://www.blogger.com/profile/02043054096237207396noreply@blogger.comtag:blogger.com,1999:blog-15405788.post-21267108350554806952008-09-22T19:08:00.000-04:002008-09-22T19:08:00.000-04:00Thanks to SWNID for explaining some of the finer n...Thanks to SWNID for explaining some of the finer nuances of the "financial crisis." Many would benefit from reading this speech.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15405788.post-40941993629754936822008-09-22T04:49:00.000-04:002008-09-22T04:49:00.000-04:00Weatherly '08Weatherly '08neil ecksteinhttps://www.blogger.com/profile/16765536131536309340noreply@blogger.com