Implied Dissent

Thursday, October 30, 2008

Many Deadbeat Dads to This Crisis

Barry Ritholtz opines on the financial crisis, basically declaring that if you don't think that the problem was entirely lax lending standards, you don't know what you're talking about. And if you mention the political goals imposed on Fannie and Freddie, the CRA, etc, you are an idiot or dishonest. I agree with him that lax standards were a huge part of the problem. But what he seems insistent on not seeing is that many of the causes of the mess are interrelated. For instance, Congress required that 12% of Frannie's mortgages go to low-income borrowers in 1996. And upped that to 20% in 2000. And 22% in 2005. And 28% in 2008. The only way they could keep pace with that ridiculous requirement was to reduce lending standards, more and more. This doesn't excuse the investment banks and others who investing in securities based on these loans, securities they didn't really understand. And it doesn't mean that it's all the fault of teh poor blacks and hispanics, far from it. It should be a warning to stop monkeying around in markets. The consequences will nearly always boomerang two (or more) fold back on you when you try to advance political goals in this way.

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Monday, October 27, 2008

I shot da clerk?

An officer opines on requiring the videotaping of interrogations. Very interesting stuff.

Saturday, October 25, 2008

No one is going to believe me

Probably the best customer complaint call ever recorded. Read it. I just wish we had the audio.

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Wednesday, October 22, 2008


More evidence that the credit crunch is way overrated.
Also, an explanation of why the CDS markets didn't fail (it involves woonerfs!).

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Monday, October 20, 2008

Sour Grapes

If Mike Lowell had been able to play....If Josh Beckett was healthy for both his starts....If Papi's wrist hadn't reduced him to a shell of his normal self....The Sox would have won.
That said, congratulations are definitely in order for Tampa Bay, they played great, and proved Earl Weaver right again, momentum is tomorrow's starting pitcher. Rays over Phillies in 6.


Thursday, October 16, 2008

A Little Zen

Excellent set of comments over at MR, in response to how people stay sane.

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Wednesday, October 15, 2008


I know that I will be made fun of for this, but can somebody explain to me why the infamous Willie Horton ad was racist? Watch it here. What's the problem? Are we not allowed to point out criminal behavior if it's done by black men? Or only not allowed to do so when it hurts a Democrat?

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Wednesday, October 08, 2008


Another flawed idea to help with the financial crisis that is 100 times better than the current plan.


Thursday, October 02, 2008

Chess Clocks for Debates

I loved this idea from Seth Godin. Chess clocks, nice!

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Wednesday, October 01, 2008

Finance Club

The First Rule of Finance Club is you do not talk about Finance Club.
The Second Rule of Finance Club is you DO NOT talk about Finance Club.
The Third Rule, When a firm Fails, Runs out of money, even if it's just Faking, you get the Government to give them money.
There are other rules (one failure at a time, etc), but those are the only ones that matter.

Maybe, Maybe Might

Long or Short Capital puts the bailout situation into a very short play. Love it, brilliant.

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