Things learned during an economic crisis

Ah, McSweeney’s:
This brings us to the housing crisis, for which you and you alone, Pamela, are responsible. When you choose a Chance card and Rich Uncle Pennybags orders you to pay taxes on your houses, then, damn it, Pamela, you pay taxes. Instead, you decide you’re not going to pay, because you only have $7 [...]

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“We Did This To Ourselves”

An article in today’s Guardian by John Lanchester provides a useful summary of the current credit crisis, which I will quote as an introduction to some more fundamental issues raised later in the article:
Financial institutions in the US lent money to people with poor credit histories. This wasn’t a bad thing in itself … The [...]

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Things are getting worse

Luke’s recent LHC post has goaded me into making sure other important events do not pass without appropriate comment.

The talk about town is all of the US government’s proposal to nationalise (or ‘go all European on,’ as I predict it will soon be derided) the parcels of extremely bad debt owned by important financial companies; [...]

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