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Posts Tagged ‘Tim Carney’

The Financial Crisis Explained: It Was All Just Pretend Money

heckonomics_wealth1.jpgIt’s been a few days since we looked into the Financial Crisis of ’08, which in the current Internet news cycle is pretty much the equivalent of a few months. Paul Krugman, the Nobel prize-winning NYT columnist, says that it’s going to get worse before it gets better. The President seems to be talking a lot but at this point pretty much no one is listening. And the original bailout was a bad idea so now they’re trying a new one. However, as of yet no one has really explained where all the money went (other than to partridge hunts in England, but even that couldn’t account for it all). Until now! Today we turn to another Carney for explanation (and yes they’re related…apparently it’s all the result of some ambitious breakfast experiment). Per Tim Carney writing today at Culture 11:

So, what the heck happened to all that money? Did somebody take it?…Not really. Most of the wealth we “lost” was wealth that never really existed. The core of our loss is that home values and expected future home values are not as high as people had thought. From that fact, there is a ripple effect that has frozen credit markets and brought down stock prices. That’s not to say there isn’t real loss in our downturn. It’s also true that some people are making money off of our woes. But the heart of the story is mis-valuation.

So basically we’re having a real crisis based on imaginary money, which begs the question who exactly put these people in charge? At some point someone may also be able to explain why we can’t now use fake money to bail us back out.

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RNC ‘O8: At Times Just a Big Familiar Media Party

100gg3132.jpgSo, by this point you know that FBNY is here in St. Paul-Minneapolis for the RNC along with FishbowlDC, and TVNewser. But that is not the limit of familiar faces! Here’s a short round-up of people who we seem to be spending a lot of time with, be it at the buffet, the CNN Grill, Sammy Hagar concerts, or extended walks around the ever-shifting Xcel barricade.

  • Rachel Sklar has been interviewing media conventioners about their first convention: Laura Ingraham has some choice words about Chris Rock dating back to 1996.
  • Ana Marie Cox is doing triple duty, covering both conventions for Swampland, CQ, and (the not to be missed) Twitter (“John McCain PUT DOWN the White House!”).
  • Tim Carney, our favorite Conservative Libertarian (also the “new Robert Novak“) has posted a convention preview (Palin pick: “a high-risk/high-reward decision.”)
  • Rex Sorgatz, former Minneapolite and current FBNY direction giver, is Radaronline‘s RNC correspondent. Did you know there’s a statue of Mary Tyler Moore here…spinning!