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Archive for November 28th, 2008

Left Wing Bias: Let's Hope So!

Andy Spero | November 28, 2008 | 0 Comment(s) |

That’s a title we never thought that we would write, but before we chase away our regular readers who share our political and economic world-view, please let us explain: it’s not as bad as it looks.

In Kimberly Strassel’s WSJ column, Hillary of State, Ms. Strassel describes how the mainstream media have now returned to providing a favorable opinion of Hillary Clinton’s foreign affairs qualifications (to be Secretary of State). 

We must admit that that this is the first time in our life that we viewed overly-favorable coverage of any… Read the rest

Good Luck with that: Getting Bank Examiners to Act

Andy Spero | November 28, 2008 | 0 Comment(s) |

This post greatly expands upon a comment we made about regulation in Even A Perfect Bailout Will Fail and possibly elsewhere.

Regulators as wise monkeys.

Today’s The Wall Street Journal has an article entitled, Bank Examiners Are Told to Step Up Sanctions on Lenders.

The first sentence of the article says it all: “The U.S. government’s armies of bank examiners have been ordered to be more aggressive in applying formal sanctions to financial institutions when problems are found.”

Unfortunately, ordering does not make it so, and we doubt that it will… Read the rest

More Evidence of the Lack of Forethought that is TARP

Andy Spero | November 28, 2008 | 0 Comment(s) |

The Wall Street Journal today, November 28, reports Rescue Plan Strained by Lack of Staff.

We’ve criticized the government’s response to both the domestic mortgage crisis and the larger global confidence crisis since it–that which became TARP–was first proposed.  (We use the singular “it” because we’ve not heard any government official decouple the problems either in their initial panic or in the intervening months.)

Since mid-September, other than times when we were too busy to write, our criticism as been consistent, harsh, and steady: (1) initially the government officials, led… Read the rest