December 7th, 2009

The Anatomy of a MBS from Goldman Sachs

This article appeared in Fortune. For those unfamiliar with mortgage-backed securities and the disgraceful behavior of the parties involved, it is a simple and sickening microcosm of what was happening on Wall Street. Junk mortgages: It just gets worse In 2007 we dissected one toxic issue. The horror story continues, but can we still learn from our mistakes? By Allan [...]

Efficiencies in Socialized Medicine

This from James Taranto of the Wall Street Journal: Great Moments in Socialized Medicine “A mentally ill, suicidal teenager was ferried around for hours by an ambulance crew because no NHS [National Health Service] unit would accept her,” reports the BBC: [A paramedic] wrote that the first hospital they took her to, believed to be the main psychiatric hospital in [...]

Bet That Healthcare Will Be Our First Success

How can this possibly happen? A legally created monopoly for gambling seeks bankruptcy protection. Your average idiot can make a living illegally as a bookie. The government screws it up. Is there anything that the government can run decently? I know of nothing. Social Security, Medicare, the Post Office, Amtrak, DMV, municipal transportation, garbage collection, etc. etc. are either total [...]

Our Society Is Doomed – Ayn Rand

Two relevant quotes by Ayn Rand: “When you see that trading is done, not by consent, but by compulsion — when you see that in order to produce, you need to obtain permission from men who produce nothing — when you see money flowing to those who deal, not in goods, but in favors — when you see that men [...]