ArchiveSeptember 2008

A Banker on the Bailout Plan

BB&T CEO (and acquaintance) John Allison is mailing his 14-point rejection of the bailout plan to all members of congress: Key Points on “Rescue” Plan From A Healthy Bank’s Perspective Freddie Mac and Fannie Mae are the primary cause of the mortgage crisis. These government supported enterprises distorted normal market risk mechanisms. While individual private financial...

HBL How to approach the financial crisis

Dr. Harry Binswanger’s refreshing take on the crisis: Amidst all the calls for regulation and jettisoning the free market, only a few are philosophically equipped to realize that this is a failure of the regulated market. This system—the whole blessed thing—was crafted in the New Deal era (with continual noose- tightening thereafter) precisely to avoid what has now happened! The Fed exists to...

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