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Foreclosure Mess: Do We Care About The Law?

One of the things that irks me most about the ongoing scandal over improper foreclosure efforts, and the apparent flagrant willful ignorance of the due process involved in it by the banks, is the implied contravention of property rights. One of the bedrocks of American capitalism is the system of property rights it inherited from […]

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Job Losses: An Improvement?

Not enough unfortunately. But let’s not be too churlish. We have to take that first step in any long journey. So today’s report on new claims for unemployment assistance is welcome, if not stunningly good, news. Claims dropped by 23,000 last week to 452,000. So we have fallen away from the near 500,000 level we […]

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China Frenzy

Just a quick note: you will have noticed that the Chinese raised their interest rates today. They are trying to fend off inflation and a potentially nasty real estate bubble. How I wish we had done the same thing back in 2004/2005. This action will slow their domestic economy, and thus drain some of the […]

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