Posted in Main Blog (All Posts) on September 26th, 2008 4:29 am by HL
WASHINGTON — “Honesty, vigor, compassion, intelligence — the presence or lack of these and other qualities make up what is called the candidate’s ‘image,’” the commentator wrote. “While some intellectuals and politicians may scoff at these ‘images’ — and while they may in fact be based only on a candidate’s TV impression, ignoring his record, views and other appearances — my own conviction is that these images or impressions are likely to be uncannily correct.” The writer was Sen. John F. Kennedy. The publication was TV Guide and the date was Nov. 14, 1959.
Dr. Frankenstein’s Wall Street
When the mortgage bubble burst, Americans were “shocked” at how many Wall Street buccaneers had been gambling in a vast pyramid scheme with someone else’s money. Paper fortunes were made buying and selling questionable sub-prime mortgages on the silly assumption that such gargantuan inside profiting would always expand — even as the number of homebuyers able to buy overpriced properties was shrinking. Now after the recent crash in sub-prime mortgages and the stock of several investment firms, a trillion dollars in “assets” could be nearly worthless. An already indebted American government must restore some sort of trust to banks and markets by either printing money or borrowing hundreds of billions of dollars from foreign creditors to guarantee loans.
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