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Morning Reading

And morning viewing in this case. I'd like to begin with a video produced by the Cleveland Federal Reserve. Snoozer, right? Actually, no.

In fact, it seems remarkably similar to our Whiteboard videos (Paddy, you might want to consider a patent), but it's a pretty good explanation of the concept of "too big to fail." It feels too late to make a difference, but here it is:

Other things that caught my eye:

What ever happened to buying American? (Newsweek)

Failing banks are doing it the old fashioned way (New York Times)

Big government not helping the economy (Wall Street Journal)

Without big government, the innocent suffer (Forbes)

Obama's trust problem (Paul Krugman) I found this paragraph spot-on:

I don't know if administration officials realize just how much damage they've done themselves with their kid-gloves treatment of the financial industry, just how badly the spectacle of government supported institutions paying giant bonuses is playing. But I've had many conversations with people who voted for Mr. Obama, yet dismiss the stimulus as a total waste of money. When I press them, it turns out that they're really angry about the bailouts rather than the stimulus -- but that's a distinction lost on most voters.

46 million uninsured: A look behind the number (NPR)

Former health care executive switches sides, now advocates for reform (PBS NewsHour)

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Gary's picture
Gary - Aug 22, 2009

If the video from the Cleveland Federal Reserve is a sale pitch for making the Federal Reserve the "system regulator", then I'm not buying. The Federal Reserve helped create this mess with their constant manipulations of the money supply and their secret deals with friends on Wall Street.

We need a regulator that will protect us from the Federal Reserve and their monkey business, and a regulator that will protect us from the Federal Government and their deficit spending. Between the two them, they are destroying the greatest economy the world has ever seen.