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Saturday, February 20, 2010

Week links and paragraphs

Calculated Risk's digest of the special inspector's report....
To the extent that the crisis was fueled by a “bubble” in the housing market, the Federal Government’s concerted efforts to support home prices risk re-inflating that bubble in light of the Government’s effective takeover of the housing market through purchases and guarantees, either direct or implicit, of nearly all of the residential mortgage market.  .... (continues at link)

Questions for Joseph Stiglitz from the NY Times....
As you make the rounds of television talk shows to promote your new book, “Freefall: America, Free Markets and the Sinking of the World Economy,” many of us are wondering why you aren’t talking to the members of the Obama administration instead. Were you offered a job by the president? .....
The Economist Backs Cantwell-Collins
Which attentive readers know, is the climate change bill that auctions almost all emission allocations starting on day one, and refunds most of the proceeds to households. Here’s the Economist story. (Technically, it’s just the columnist “Lexington,” but the Economist has a consistency voice and position unlike any other news publication.) Here’s an excerpt: (courtesy James Kwak from The Baseline Scenario)
“Of all the bills that would put a price on carbon, cap-and-dividend seems the most promising. . . . The most attractive thing about the bill is that it is honest. To discourage the use of dirty energy, it says, it has to be more expensive. To make up for that, here’s a thousand bucks.
“This challenges the conventional wisdom in Washington, DC, that the only way to pass a global-warming bill is to disguise what’s in it. Leading Democrats try to sell cap-and-trade as a way to create jobs and wean America from its addiction to foreign oil.”
Atlantic interview with Paul Samuelson, very pungent.
Atlantic Part II with Paul Samuelson

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