This seems to be the best and only way forward for the US auto industry.

If anyone has any better ideas other than an endless pit of bailouts I'd like to hear them (from Phil Rothman).

http://sternfinance.blogspot.com/2008/11/should-gmchrysler-file-for-bankruptcy_05.html

Or Here: http://www.voxeu.org/index.php?q=node/2574

You can't be an American male with an atom of testosterone and not have your blood boiling after watching this short film.

http://www.youtube.com/watch?v=mGU3iHW7npU

Financial Markets are not as bad as they seem. They are much worse.

Read this from our friend Jim Hamilton and then quake in your boots.

This is not good.

http://www.econbrowser.com/archives/2008/11/the_anomalous_f.html

This is a great video to explain what went on...make mine a double.

Six minutes to make you much smarter...I'll drink to that. (Be mildly patient...it takes a few seconds to load the video...not too long)

Crisis explainer: Uncorking CDOs Marketplace Off Air Marketplace from Americ


In general this is a fabulous resource for the current financial mess (from guess who? Phil Rothman) http://baselinescenario.com/financial-crisis-for-beginners/ .

Randay Parker Moron Hall of Fame: Wilbur Mills

This ladies and gentlemen is Wilbur Mills. You can read about him here: http://en.wikipedia.org/wiki/Wilbur_Mills . The main reason he got into trouble in the first place was he was stealing electricity from the power company by jumping the line to his house boat before the line got to the power meter. That is what put the cops on to him and ultimately got him pulled over with his headlights off riding down the road. The rest of the story took off from there. Now we can't go telling the rest of the story here. For all our itsy bitsy econ bloggers out there, let's just say Congressman Mills ran out of bedtime books to read for his friend and companion with whom he wrote poetry Fanne Foxe. And remember kids, don't take nothing that don't belong to you. Always pay your power bill fair and square.

I'm the funny economist right? So, how about a laugh before you read the second blog of today and cry? Watch this....

I can't believe this is even being talked about. Don't cry for Argentina...cry for us!

http://www.youtube.com/watch?v=O0B_UZNtEk4&feature=related

Like my gun, you'll peel my 401k from my cold dead hands.

Read this and vomit:

www.funnyeconomist.com/filthy.doc

This is why we love kids! Transparency 101.

Like I have been saying over and over. What we need is transparency and openness. Even the itsy bitsy econ bloggers realize it is true.

Check out my November 6, 2008 blog for a more scholarly, and less ocular, discussion on this topic http://randallparker.blogspot.com/2008/11/get-out-spf-50-boys-and-girlssunlight.html

Ben Bernanke and Lessons from the Great Depression

I realize that there are many of you out there that are enraged that the Fed is not disclosing who is borrowing from the TARP program, how much or what the goverment is paying for the assets. And you have a right to be mad. But let me also remind you of a little story from the Great Depression. The Reconstruction Finance Corporation (RFC) was a government agency that was in the bailout business back in the early 1930s. When they first started their deliberations, the names of the banks that borrowed from the RFC were not published. But beginning in August 1932, any bank that borrowed from the RFC had its name published and all the particulars were splashed across the media. Once this happened, borrowing from the RFC dried up as banks were reluctant to borrow as it was a sign of weakness. It snowballed until the ultimate crisis happened...first in the banking collapse in Michigan in February 1932 and then in the ultimate meltdown in March 1933. Like banks that have to go to the secondary discount lending facility today, you show up there and you might as well have a sign that says "soon to fail" hung around your neck. I suspect Ben Bernanke remembers these lessons from the Great Depression. He deserves the benefit of the doubt to do it this way. By the way, I have a one hour interview with Chairman Bernanke in my second book on the Great Depression seen in the upper right. You could call Edward Elgar at 413-584-5551 and order the book. Imagine that.

Here is a very good presentation of the issues involved in this matter (thanks again to W. Douglas McMillin)

http://www.funnyeconomist.com/Transparency.pdf

Sunday is meant for football. You have to watch this!

Watch this video from our friend Jim Hamilton...

http://www.econbrowser.com/archives/2008/11/a_new_one_for_t.html


Cool eh? We'll get back to work tomorrow.

Duck season is upon us. Let's have some fun!

From ECU Economics Alumni Hall of Fame Member Keegan Lynn.