Monday, March 24, 2008
Where Angels Fear
Some of you may remember from awhile back that I recommended reading the Economist’s View. I don’t read it as much as I used to simply because of time constraints and the fact that Paul Krugman’s column at The New York Times is now available to all.
I realize that economics is not my field and that the true experts (such as Mr. Krugman) are having a tough time deciphering what all is going on...but I can’t help myself. For my money, Fred Block hit the nail on the head with this article.
“Mortgage Meltdown for Dummies: Defining the Changes We Need”
You can read a condensed version of that article at Economist’s View.
All the smart guys keep telling me that another Depression is virtually impossible. Yet Brad DeLong (another well-respected economist) had an attention-getting post on his blog Saturday where he used the “D” word.
It’s all enough to make you sit up and take notice. With so many controllers up for retirement and so much of their money wrapped up in the Thrift Savings Plan, the future economic situation could have a substantial impact on air traffic control in ways most people aren’t aware of. Speaking of which, I wonder how many are aware that U.S. government employees have $224 billion in “the market” ? Or that, every two weeks, Uncle Sam deposits up to 15% of the Federal payroll into “the market” on behalf of its employees ? (Somebody check the math. It’s a big chunk of change whatever the percentage.)
It’s a good thing Barclays isn’t Bear Stearns. What do you mean, “Who is Barclays ?”
March 24, 2008