In a bit of what may be short-lived excellent news, Supreme Court Justice Ruth Bader Ginsburg, who has jurisdiction over matters that come from the Second Circuit Court of Appeals in New York has put a stay on the sale of Chrysler (or more precisely… more »
An appeals court today refused to block the sale of Chrysler’s assets to Fiat in a deal opposed by several Indiana pension funds. The court said that a sale must not be completed until Monday, giving the Supreme Court an opportunity to say they… more »
George Mason University economist Russ Roberts quoted the following extremely appropriate passage from Adam Smith’s The Wealth of Nations.
The statesman who should attempt to direct private people in what manner they ought to employ their… more »
Following the anti-climactic filing of General Motors for bankruptcy protection, it’s hard to see how the future looks much better for the company or the American taxpayer.
For my more in-depth look at the GM bankruptcy, please see my article at… more »
According to this very interesting real estate blog entry entitled “High-End Foreclosures Are Next” by CNBC’s Diana Olick, the high end of the real estate market is in much worse shape than recent slightly-bullish real estate headlines… more »
[Update: On Thursday morning, it appears that GM bondholders have changed their minds and agreed to take 10% of the company in exchange for their debt. Under the plan, if bankruptcy is averted (which is not at all clear it will be even with the… more »
Three Indiana state pension funds are pushing back against the Obama adminstration’s illegal “cramdown” of Chrysler bond holders. They’ve realized that their fiduciary responsibility is more important than their fear of… more »
From Cato@Liberty, this news about Fannie Mae – expected to incinerate more than $100 billion more taxpayer dollars this year – and an interesting comparison by Steve Malanga with government promotion of home ownership in the… more »
Thanks to Mike for forwarding me this truly excellent article. I have verified that it was indeed written by Cliff Asness of AQR Capital Management, LLC. If I had money to allocate, this letter alone would make me want to invest in their firm.… more »