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Friday, September 26, 2008


Marginal Revolution: What really caused the financial crisis?

Marginal Revolution: What really caused the financial crisis?:

Tyler Cowen recommends this paper by Kashyap, Rajan, and Stein discussing the cause of the current banking crisis, focusing on agency problems within banks and how that encourages greater leverage -- and how the two together create a damn big mess for everyone.

Contrary to what the main stream media says, wall street as a whole (capitalism) should not be blamed for the actions and policies set forth by OUR congress. There are, in fact, corrupt men in wall street who partnered with corrupt men in government to engineer a win-win situation at the expense of the taxpayer. Capitalism (and our nation or any nation) will only survive when the good and virtuous people are running it. Which means, come this November, you must vote for good men and women who stand by principle and uphold our constitution and not just give lip service to causes that seem noble and just.
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