"No people will tamely surrender their Liberties, nor can any be easily subdued, when knowledge is diffused and Virtue is preserved. On the Contrary, when People are universally ignorant, and debauched in their Manners, they will sink under their own weight without the Aid of foreign Invaders." --Samuel Adams

Thursday, March 20, 2008

Can’t Grasp Credit Crisis? Join the Club
by David Leonhardt
...Bubbles lead to busts. Busts lead to panics. And panics can lead to long, deep economic downturns, which is why the Fed has been taking unprecedented actions to restore confidence. “You say, my goodness, how could subprime mortgage loans take out the whole global financial system?” Mr. Zandi said. “That’s how”...
Uncharted territory: The Fed on a Limb     Times of London: Learn from the U.S.     Conspiracy theory: $200 Billion Bail-out for Predator Banks and Spitzer Charges Intimately Linked