Saturday, September 20, 2008

Weekend Edition
September 20-21, 2008

Robert Wenzel: An Open Letter To Ron Paul Yes, you have lost the nomination battle, but, sir, you have gained an army.

Lawrence H. White: There Is No Non-Distorting Rescue The probability is 100% that it will turn into the wrong kind of rescue, says White.

Dean Baker: Questions on the Bush Bailout Package The Bush proposal to throw out hundreds of billions of taxpayer dollars to buy up this debt will do little if anything to prevent another round of collapsing banks. We will again see desperate weekends with Treasury and Fed honchos running around trying to save the next major basket case, says Baker.

Bess Levin: What Happened When Pakistan Banned Short Sellers? A huge rally, followed by a slow and devastating collapse.

Silas Barta: Time To Review The Put-Call Parity Theorem The point to remember is, let's say I want to take a short position in a stock. That would be represented by "-S" in the above equation. But let's say you found out that was banned! No problem...borrow money, buy a put, and write (sell) a call. Problem solved!

Short-Selling Ban May Have Loopholes Like I wrote yesterday, SEC Chairman Chris Cox is delightfully incompetent.

Bob Murphy Asks The Big Question: They banned short selling, why not just ban selling altogether?

McCain Says Fed Should Stop Government Bailouts-Good point. He's obviously talking to Phil Gramm, again.

Forget A Seven Day Halt; The Reserve Seeks to Halt Fund Redemptions, Period Has $60 Billion In Withdrawal Requests!!

Things That Go Poof The headline below, obviously, would catch my eye. The Fed is now backstopping the mutual fund industry and, yet, corporate officials are apparently still hesitant to park money there. My enquiring mind wanted to know more. I clicked on the story. Poof, Wham, Bam, Gone.

Caught Not Paying His Taxes, Top Tax Legislator Writes A Check Rep. Charles Rangel(D-NY) wrote six checks for about $10,800 in back taxes, and then penned an open letter to New Yorkers Friday, saying he has done nothing dishonorable. File under: Balls, Hypocrisy.

FDIC Statement: Ameribank Fails

Official Statement Treasury Announces Guaranty Program for Money Market Funds For the next year, the U.S. Treasury will insure the holdings of any publicly offered eligible money market mutual fund – both retail and institutional – that pays a fee to participate in the program.

Statement by Secretary Henry M. Paulson, Jr. on Comprehensive Approach to Market Developments The federal government must implement a program to remove these illiquid assets that are weighing down our financial institutions and threatening our economy.

Deepak Lal Elected President of the Mont Pelerin Society His book, Unintended Consequences includes explanations for the growth of capitalism in the West based on the differences between encouragement of marriages and wealth concentration among close relatives and Western prohibitions on marriages to close relatives and thus dispersing of wealth.

John Blundell On Sudha Shenoy 1943-2008

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