First it was Concurring Opinions. Then the Volokh Conspiracy. But what about us small guys?
Over at Concurring Opinions, Dave Hoffman announces:
Concurring Opinions, like A.I.G. and Fannie Mae/Freddie Mac before it, is now too big too fail. We expect that should our blogging rate slow, or the general market conditions to lead to a run on our host, the Feds will step in ensure market stability.
Ditto for the Volokh Conspiracy: So many blogs rely on this blog that our problems are really everyone’s problems.
Simple Justice is dead meat. Orin Kerr is right. I rely on VC all the time. VC, on the other hand, couldn’t care less if I crash and burn. If the big guys went under due to their portfolio of bad posts, it would wreak havoc in the blawgosphere. Where would we turn. Blawg after blawg would collapse.
But Simple Justice would barely make a ripple in the practical blawgosphere. Sure, maybe someone would notice after a week or two that there was a big empty hole where once Simple Justice stood, but they would the shrug and move on. Not even a tear.
Dang. It’s like being Lehman Brothers, without being able to afford a new Ferrarri. It’s painful when the big boys make you face reality. I wonder if I can get a job carrying Kerr’s briefcase?
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Markets come and markets go.
We should start our own crimblawg conglomerate. We can call it “Real World: Crime” and then have a competition with Co-op and Volokh that will be televised on MTV5 and have an audience of 2.
MTV5? What the heck is MTV5?
I figured they’d be up to MTV 5 by now.
Nah, I think they diversified—MTV Classics, MTV Soul, MTV Electronica, MTV Ska, MTV Elevator, MTV Gregorian Chants, MTV Poetry, MTV Shatner—well, you get the idea.
Bloggers don’t have briefcases, they have laptops.
My, my. Aren’t we Miss Technical.
I think that congress man was right let them learn to swim rather than throwing them a lifesaver! i am hoping this bailout does not go through. i want a recession 2000 style it would do this world some good.
Today, thankfully, the bailout bill bond; and that’s all it is; a risky bond, was rejected. Almost immediately prices for fuel, food and big ticket items like electronics dropped. Call me crazy but holding people accountable for their mistakes actually makes things better.
Debt is not wealth. So all the home equity loan people sitting in their houses with the new car parked in the driveway can just sell.
All the countries, financial institutions, and people who bought up all that mortgage backed securitized paper can wiped their fat butts with it and think twice before ever investing again in a publicly educated unwise country whose populace looks at imbeciles like Oprah Winfrey, Dr. Phil and Madonna for guidance and inspiration.
It’s larceny of the heart. So all those people who took on mortgages they knew they really couldn’t afford while they maxed out all their credit cards can go live in cardboard boxes under a bridge.
A credit fueled federally controlled inflationary economy that’s heavily taxed will simply just collapse. If you keep giving heroin to a junky he will shoot that it till he dies.
I have been successfully self-employed in a real estate related business for 22 years. My business is off by 75% and I am definitely checking things out at BigLots. However, it was clear when the market was booming that there were many unethical and ‘creative’ transactions going on with the mortgage lenders, appraisers and builders. My business friends talked about how this couldn’t last but the guys at the top, i.e. lenders, bundlers of mortgage securities for sale to investors, mortgage bankers and other businesses in the food chain of the housing market kept up a frenzied pace of lending, bundling and selling. This was basically white collar theft unregulated. Clearly financial institutions and lending agencies require regulation by the government althought it makes me queezy to say it. I believe the profiteers of this past ‘feeding frenzy’ do not need to continue profiting from their bad business practices. The bail out allows them to not feel the pain. This economy needs to find it’s own balance without throwing good money after bad. By the way where is the 700,000,000 coming from? The USA doesn’t have it. So we borrow it from China, Russia, Japan and other countries and it’s like having a LIBOR loan on America. We pay the interest as we are already paying the interest on several trillion dollars and the principal just sits there. This is good business? I know not. So everyone who is a small business owner or is self-employed may suffer some but we’ll make it. We have resiliency and innovation. We’ll make it. Main street America is going to make it too because it’s the middle and lower socio-economic who keep BigLots in business. We are already accustomed to living within our means. Now let the market and the financial institutions learn what Main Street has always known. Self dicipline is the only way to maintain financial equilibrium. For a long time there has been no self dicipline in financial institutions. By the way I realize that Atlanta and Charlotte are showing long lines at the gas pumps, but there are no lines in the smaller cities and none here in South Carolina that I have seen. I don’t believe there is a real gas shortage except in the high profile Cities like those above and if there is a shortage there the government has probably created it to panic citizens so they will begin to support this 700,000,000 package. Pleeeeeeeeeeeeeeeease do not be deceived.
Posted by: l taylor | October 01, 2009