Big news regarding Former Secretary of Labor (and fixture of my “Reliably Pithy” blogroll) Robert Reich: he has a new home on the web courtesy of Tumblr at robertreich.org. Oh, and he’s also become an action hero.
Another day, another eighty-five billion dollars. If you’ve had your back turned, or your earbuds in, or you’ve been transfixed by Sarah Palin’s boobs the last week or two you may not have noticed the Federal Reserve opening its checkbook. $85 billion for insurance behemoth AIG, $70 billion more to feed into the market so that credit won’t totally evaporate, and last week’s credit lines of up to $100 billion each to bail out mortgage guarantors Fannie Mae and Freddie Mac. Congratulations, fellow taxpayers – for the low, low price of $350 billion we are now the proud owners of three huge, insolvent companies.
If you’re wondering how this is a good investment, the answer is, it’s not. [...READ ON...] Continue reading
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