Rise of the Machines


tumbril“Where are the tumbrils?” asks my friend Adam Smith.If, like me, you have no idea what is a tumbril, it is a type of horse cart used during the French Revolution to transport condemned prisoners to the guillotine for beheading.What Adam wonders is how we can get so deep into such a hellacious financial crisis without finding at least a few bad guys to behead?

It’s a good question.

In one sense there simply have to be bankers or money managers of some sort who have benefitted greatly from the financial discomfort of the rest of us.On the other hand it is difficult to find many such people.Maybe they are hiding.I know I would.

The Not So Bad Bank


piggy-bomb-bank02We’re seven weeks into the Obama Administration and still looking for a way out of both the banking and housing crises.  TARP didn’t seem to work, at least not as its designers intended.  The new housing plan hasn’t been well received and now that more details are out you’d think there would be an even more negative reaction, but the press doesn’t seem to have even noticed the details were released last week.

Had anyone actually read the press release they would have noticed the Obama plan is no longer limited to refinancing 105 percent of a home’s purchase price, but offers instead what’s essentially a 5/1 Adjustable Rate Mortgage for homeowners and […]