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Friday, September 19th, 2008

Time Event
12:00a
Crap! Looks Like They Are Going With A Full Bail Out.
Now would be an excellent time to buy bullion if what economists have told us about the significance of the national debt is true. We should be having the sort of inflation that made the Baracks Emperors such a hit in Rome and actually impacted halacha by requiring the Rabbis to regulate currency arbitrage.

(It is actually a rather fascinating topic. The Talmud established a gold standard, the "shekel hakodesh" and regulated which debt instruments could be paid in local currencies, standard currencies, and when arbitrage between Roman and non-Roman currency in debt instruments would be permitted (or, in the words of the Talmud, because the coins of Israel (part of the Roman Empire) were "lighter" than the coins of Babylon, debt instruments sepcifying payment in coin without reference to currency were assumed to be redeamable in the currency of the country of origin. Actually, I have hopes to someday do a work on the Talmud and international trade regulation. The talmud also invented the condominium.)

But to return to the main subject, it would appear that now would be an excellent time to panic. For Congress to go along with this, the situation must be absolutely friggin' grim.

Ooooohhhhh I hope those activists on the D.C. Circuit overturn it! Given how those Fedearlist Society types like Ginsburg go on and on about how awful it was that the Supremes ended the glorious days of Lochner in the face of political pressure and made the modern administrative state possible, I really hope we get to have our bellyful of deregulatory nom noms. Bush and his boys set the table, time for them to step up to some heaping helpings of the unregulated market at work.
8:58a
Talk Like A Pirate Day
Hooray! The Senate passed the IP Enforcement Act! Like the War on Drugs, the War on Piracy is going to keep Chinese DVD pirates in business for as long as I can tell.

What do you mean, "wrong pirate."
9:02a
Oh, Alright . . . .
In honor of "Talk Like A 17th Century Terrorist Pirate Day"

Remembering our rich history of political violence: When you are oppressed by plutocrats, turn pirate!

5:14p
Will Any of the Free Market Fans Admit They Screwed Up?
I will generally admit when I was wrong. For example, after the 700 MHz auction, I posted that I had been wrong about whether package bidding and large license blocks would encourage new entry. There were arguments on both sides, I made a judgment call. I was wrong. And, as a result, Verizon ended up with C block. I even went so far as to tell certain Commissioners that yup, they were right and I was wrong.

This is, I am given to understand, one of the reasons why people tend to listen to me.

I don't see a heck of that elsewhere, which is a pity. But it does lead me to wonder, will anyone who explained how folks like me who kept predicting stuff like the econ meltdown would happen if we removed every single firewall put in place after the Great Depression and put nothing in its place come out with a mea culpa or two? Or will they just harrumph and explain how they really were absolutely completely right and it was all becuse of something totally unrelated and unpredictable.

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