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I’m inordinately fond of this typo in a WashPost article today on the deepening crisis [ed., I hate when you write "deepening" crisis: It's not a Beijing lap pool.] at mortgage companies Fannie Mae and Freddie Mac. I really hope that editors there never, ever change it. Freddie Mac, for instance, no longer finances no-money-down mortgages, nor does it continue to buy or guarantee mortgages given to people who have failed to document their finances. Fannie Mae has withdrawn from the market for …
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This isn’t a political blog, and I’m terrible at political predictions, but the Obama choice of Joseph Biden as running mate strikes me as incredibly dumb. Obama’s main advantage is the perception that he is an outsider who will change Washington, someone not hooked up with the establishment, someone who will rethink the ways things work. And he has some of that Clinton-style capacity to appear to get beyond the conventional statism of the Democrats — probably all illusory but there it is. Biden, on the other hand, is the consummate insider/operator/statist, and not the slightest bit interesting from the reformist perspective. It has already been looking bad for the Dems this year at the presidential level. I’m assuming that this choice means we can look forward to a McCain presidency, which is a very scary prospect given his love of the activist welfare-warfare state exceeds even the Bush level.
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Not sure if I’ve mentioned it here before, but I’m fond of my handy-dandy Ebay-based bankruptcy indicator. It works like this: When high-profile companies are in dire financial straits, or at least employees perceive that to be the case, insiders start selling … golf shirts and baseball caps. Back when when Bear Stearns was going under there was a paroxysm of ponchos, pens and golf shirts, one that grew into a flood in the borked broker’s dying days. My hypothesis is that something similar happens in most such cases, with disgruntled employees selling off everything that isn’t nailed down to try make some money from the impending end. …
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News You Need: Sigma Designs, Visa
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Oil was down 5 percent …Hooray? Nope - still UP on the week.
The Dow was up 200 points…Hooray? Nope - still DOWN for the week.
Things are getting slower and harder for many American’s but the prices of what’s truly important keeps going up and up. I am not talking about the $4 Three Musketeer chocolate bar at the 9th hole of Pebble Beach, but real stuff. We can buy t-shirts and downfill jackets and products we don’t need at lower and lower prices for sure, but don’t lie to yourself about the trouble we are facing.
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Building the world’s tallest building, writes Mark Thornton, has been a matter of particularly bad timing by entrepreneurs and even if they were able to successfully steal away enough tenants from the remaining pool of renters, the economic problem for society is that valuable resources are lost in the process of constructing buildings that are bad investments and underutilized. However, it is not the entrepreneur’s formula that is at fault, but a system-wide failure that has occurred periodically throughout the 20th century and before, known as the business cycle. F…
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Up, down, and all over. (Oil, last 10 days.)
Oil habits die hard, it seems. The dollar-vs.-oil trade that dominated the spring and early summer receded a bit in recent weeks but the dynamic has reasserted itself in the last few days, and Friday it was the dollar with the upper hand, gaining ground against major currencies while oil slumped, falling more than $6 per barrel to close at $114.59 on the New York Mercantile Exchange. I…
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Here is an argument that Michael Phelps helps repair some of the damage inflicted on the reputation of the United States in the last several years. “What did Michael Phelps do for Americans and for the world? He showed us what that 18th century dream was really about: achieving great things through hard work and self-determination. Phelps did not enter the Olympics at gunpoint… but chose this way of life for himself, and he made all the best of it. What a great relief for a story like this to be showcased before the world in a time when we most needed it, in a time when the ‘face of America’ is a failed oil businessman become failed president.”…
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Soon, it may be harder for women-owned businesses to win federal contracts.
A Small Business Administration proposed rule, which was first published in the Federal Register …
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