SUBPRIME . . .
So the sub-prime mortgage market is imploding, and there are those who are blaming the lenders. Well, and to the extent they were deceptive in their lending practices, they should be blamed. But as Michael Lewis engagingly argues, if this was another case of the rich exploiting the poor, why did the rich lose so much money? Click here.
So, FMD bounced back a couple of points, and the Financial Times weighed in with this piece speculating on an eventual buy-out. There are no sure things, but if you can afford the risk: Don’t sell.
I still have about 35 miles to go, but the heroine, presumably on some level the embodiment of the author, is now surrounded by three unbelievably handsome, brilliant, powerful men, all wanting nothing in the world so much as her. I think Ms. Rand had a very good time writing this book.
Quote of the Day
The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state.~Adam Smith, The Wealth Of Nations
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