"What makes this $691 billion loss so special is that 'such losses could jeopardize balance sheets because the US banking system had only $US 1,350 billion of equity capital'. Hahaha! They've lost two-thirds of the banks capital! Hahaha! Morons!"
The Mogambo Guru
Banks are Suffering from their Own Stupidity
July 3, 2008
Consider a different view of cause and effect. If the recession is a correction to an overly pumped economic boom, matters change. The recession, then, is not an aberration crying out for correction; it is itself the correction for the unsustainable economic bubble that preceded it. It should be welcomed in the same way we welcome a sober day after a drunken evening, or the detoxification of an addict after a period of addiction.
Llewellyn H. Rockwell, Jr.
Grand Theft Society
7/1/1008
Just to kick off the weekend, we thought we'd link a couple of articles commenting upon the current sickly condition of the US economy, as we launch into another National Holiday, dedicated of course, to burning up as much petro-fuel as we can possibly afford, drinking cases of vile foamy beverages, burning tons of dead meat on the BBQ, and otherwise getting our American ya-yas out, whilst generally ignoring the fact that we, the Mighty USA, are inexorably headed toward Third-world Nation Status.
And in that juncture, here's a little something from one of our very most favorite economics commentators, The Mogombo Guru.
And here's another eye opening piece from Llewellyn H. Rockwell, Jr., of the renowned Ludvig Von Mises Institute, one of the world's foremost economic "think tanks" on the planet.
Just a couple of articles to send you into the weekend with a slightly jaded eye, even in the face of the frenzied holiday celebrations.
Have nice holiday, gentle readers.
And for cripe's sake -- be safe!
3 comments:
I am a little curious about one of the sponsers for the Concept to Company contest.
Does anyone know anything about the Mountain to Metro sponsorship? Who is it, what are they about?
Is it another name for Lift Ogden?
Shadowy figure involved in promoting high adventure? No Google reference yet to be had. Maybe another PAC for money laundering for the upcoming elections.
Two great articles. Thanks Rudi.
The Austrian school of economics figured this all out years ago. If people would simply read their work we would be better off.
But no, we must have vain, self-important jerks like Ben Bernanke who think they can re-invent everything and are the smartest guys in the room. Yet, such as they are a far greater threat than Osama bin Laden because their hubris does far more damage.
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