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Thursday, April 3, 2008

Barney Bailout

Items of interest:

Barney FrankEditorial, Wall Street Journal:
Subprime and the Housing Bailout - Mortgage foreclosures haven't yet hit their peak, it's an election year, and Congress is back in session. Hold onto your wallets because a housing bailout is moving forward unless the White House says no.

Senators from both parties agreed late yesterday to throw about $11 billion more at the housing market, and we'll have more to say about that later. But think of Uncle Sam as the subprime lender of last resort and you are getting close to what the Beltway is contemplating. In the name of preventing foreclosures, House Financial Services Chairman Barney Frank wants to transfer the risk of further declines in home prices to taxpayers from lenders and borrowers...

Bill Scher, The Huffington Post:
Profiting Off Debt — I feel like I see ads for the deceptively-named “Free Credit Report” more and more and more, as if the worse the economy gets, the more companies seek to prey on those who are struggling...
Atlanta Journal-Constitution:
Ted Turner: Global warming could lead to cannibalism -- Billionaire environmentalist says world has too many people...

If steps aren't taken to stem global warming, "We'll be eight degrees hotter in 30 or 40 years and basically none of the crops will grow," Turner said during a wide-ranging, hour-long interview with PBS's Charlie Rose that aired Tuesday.

"Most of the people will have died and the rest of us will be cannibals," said Turner, 69. "Civilization will have broken down. The few people left will be living in a failed state — like Somalia or Sudan — and living conditions will be intolerable."

One way to combat global warming, Turner said, is to stabilize the population.

"We're too many people; that's why we have global warming," he said. "Too many people are using too much stuff...

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia