October 23rd, 2008

Residing in Colorado

John Galt donated online to Barack Obama

Oh, wait, no.  Someone donated using Ayn Rand's hero as a fake name.  To prove a point - that the name and address validation feature was turned off at Obama's site.

It's okay with me.  I haven't heard there's a law that says you have to turn on this feature.  Sure, there are all these pesky rules about who can donate - limits on size - bans on foreigners - and so on.

But I believe the donors can be trusted.
At least until a bunch of them get busted.

Greenspan Shocked

Alan Greenspan is shocked, and can't figure out why banks did not act to protect their shareholders.

"Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity – myself especially – are in a state of shocked disbelief."

Probably I don't know enough to understand what he's shocked about.  But even when people are acting in their self-interest, they make mistakes.  Especially when "everyone else" is making the same mistake.  Bubbles and panics are examples of that.

Bubbles are trouble
and panics are double.