are lukewarm at best. Today’s Wall Street Journal op-ed (“The Geithner Asset Play“) raises the appropriate objections. The goal of the plan, which is to rid banks’ balance sheets of unmarketable assets, really is something that has to be done if credit relations are to be restored. But it seems that Geithner wishes to accomplish…Continue Reading “Responses to the Geithner Plan…”

The recently announced Fed action has been characterized as a massive exercise in printing money, in “pumping liquidity“. But such characterizations, once again, are misleading. Take a Wall Street Journal article from March 19th, 2009, by John Hilsenrath. In “Fed in Bond-Buying Binge to Spur Growth” he wrote, The Fed had already cut its benchmark…Continue Reading “What the Fed is Up To”

The solution to the toxic asset problem, and the credit crisis, may well be the one propounded by Holman W. Jenkins in his Wall Street Journal column of March 18 2009: “Needed: A Bailout That Doesn’t Look Like One.” The root of the crisis is bad assets (securitized subprime loans) on banks’ balance sheets. Mr….Continue Reading “And We Have a Winner”

Well it’s about time I woke up from hibernation to begin posting again. Not much to say for awhile there, not to mention being preoccupied with finishing the next volume of the Stahl translation, about the state and constitutional law. I hope to have it published within a month (that’s quite optimistic though). At any…Continue Reading “Cloverfield Government”

There is another Bible verse we should remember during this time of troubles: “The king’s heart is in the hand of the LORD, as the rivers of water: he turneth it whithersoever he will” (Proverbs 21:1). The king is the sovereign; in our Republic, it is the people who are sovereign. So, to paraphrase Solomon,…Continue Reading “The King's Heart”