Was it a dumb-ass move by the former Goldman Sachs officials running the U.S. Treasury not to require their buddies to lend back a certain percentage of the billions in taxpayer bailout money they all took? Well, duh. Loans by the biggest banks receiving the most government assistance from the… Read the rest

To begin with, take the advice of your best economic advisor: “The banks are there to serve the public,” Mr. Volcker said, “and that is what they should concentrate on. These other activities create conflicts of interest. They create risks, and if you try to control the risks with… Read the rest

“The United States must increase its national saving rate,” Federal Reserve Chairman Ben Bernanke told a Fed conference in San Francisco yesterday. This is pretty hilarious coming from a guy who, just seven months ago, presided over the purchase of more than $1 trillion in mortgage-backed… Read the rest