market crash

Following in the misguided footsteps of market regulators in Britain, the U.S. SEC is instituting a “temporary ban” on short selling in the U.S. markets.  In a week of depressing, frightening bad ideas, mindless grandstanding, and scapegoating, this may stand out as the worst example of panicked non-thinking.

I am stunned, STUNNED at the news that the U.S. Federal Reserve and U.S. Treasury have kicked in US$85 billion to bail out AIG.