links for 2009-​​07-​​16

links for 2009-​​07-​​14

  • “It is no won­der that both the polit­i­cal and eco­nomic right look back at the McKin­ley Era for their ideal. No income tax, no uni­ver­sal suf­frage in Eng­land, no pop­u­lar elec­tion of Sen­a­tors in the U.S., no insider trad­ing rules, no restric­tions on wage sup­pres­sion. Now that is freedom!!

    Prof. Thoma told me a few years ago that “Eco­nom­ics does not han­dle equity well”. And after giv­ing that some long thought I fig­ured out why. Because clas­si­cal eco­nom­ics does not han­dle pop­u­lar democ­racy well. That is for some peo­ple in Eng­land every­thing was down­hill after the Reform Act of 1832 with ulti­mate dis­as­ter deliv­ered with Rep­re­sen­ta­tion of the Peo­ple Act of 1918, while in the U.S. it was the changes intro­duced with the 16th, 17th and 19th Amendments.

    Damn democ­racy! Always screw­ing with this nicely designed busi­ness plan!”

links for 2009-​​07-​​12

links for 2009-​​07-​​11

  • “We use the term “bagholder” all the time, and it seems to me we’ve for­got­ten where that metaphor comes from. It didn’t used to be con­sid­ered accept­able to find some naive rube you could manip­u­late into hold­ing the bag when the cops showed up, while the sea­soned rob­bers scarpered. I’m really amazed by all these self-​​employed folks who keep pop­ping up in our com­ments to defend stated income lend­ing. It is a way for you to get a loan on terms that mean you poten­tially face pros­e­cu­tion if some­thing goes wrong. Your enthu­si­asm for tak­ing this risk is mak­ing a lot of mar­ginal lenders happy, because you’re help­ing them hide the true risk in their loan port­fo­lios from audi­tors, exam­in­ers, and coun­ter­par­ties. You aren’t get­ting those stated income loans because lenders like to do busi­ness with entre­pre­neurs, “the back­bone of Amer­ica.”… You’re get­ting stated income loans because you’re will­ing to be the bagholder.”
  • “i3 Detroit will be rent­ing a 600 square foot loft space which we are allowed to fin­ish the space as we wish. The ceil­ings are 14 ft high and our monthly rent includes our elec­tric­ity as well. Once we have signed the lease and have our $1400 we will imme­di­atly begin the build out of our new space. Once the space has been built out we will be hold­ing a Grand Open­ing party for both mem­bers and non mem­bers to come and see the new space.”