Dec 242008
 

In ancient Athens’s Agora, in medieval Venice’s Rialto neighborhood, and in small village market squares everywhere, the marketplace for ideas — that is where attention was exchanged —commingled with the market for goods. Socrates wandered around the Agora talking with his disciples and enemies, according to Plato. But he and they spent little time trying out or examining the wares, or in bargaining over goods. Others, say in Cairo’s souks up until today, spend much [...]

Oct 022008
 

While a money-economic downturn would have happened anyway, it need not have hit with the precipitousness it did. That has to be blamed quite substantially on the combination of cupidity and stupidity of the elite bankers. Here’s why. The sub-prime mortgage meltdown began months ago. As more foreclosures are instigated, the adjacent homes lost value, helping lead to still further foreclosures — thus lowering the value of the collateralized debt obligations that include “tranches” of [...]