Planning For The 20th Century

Evidently, officials at Ford — the company that yesterday announced drastic cuts in auto production — have been working hard over the past several years planning for success in the 20th century through betting on cheap interest rates and low gasoline prices to support a product line featuring SUVs. We are, of course, smack in the middle […]

Exploding Mortgages V

From Billmon writing about the housing bubble: “But what makes things different — and potentially more exciting — this time around are the gaudy new financing gimmicks Kevin mentions: no money down loans, interest-only mortgages, ARMs that reset to truly usurious rates, etc. If and when these loans blow up, and they will, it could leave many home […]

Stuck On One’s Own Flypaper

“See the engineer hoist by his own petard” is an ancient adage about the law of unexpected consequences. Many centuries ago, engineers in armies would contruct ‘petards’ — wooden boxes filled with gunpowder — and use them to blow holes in fortified gates and walls. The unintended consequences included premature explosions that injured or killed […]

Up Close And Personal

One of the recurring themes over the nearly five years of war in Afghanistan and nearly three-and-a-half in Iraq has been the Bush admiinstration policy to discourage photographs and video of the coffins returning home. In our new world of markets, networks, organizations, friends and families, a relentless stream of coffin imagery would risk conveying […]

Casting Call

Wanted: A presidential impersonator. The body politic of the United States of America is in need of a president. According to Constitutional rules, however, an actual president is not even a theoretical possibility until January 2009. Until then, the nation must do the best it can without a real president. (Although, it’s clear, the nation […]