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Credit Card Cancer

This is a great article. Economists like to put forward the so-called Paradox of Thrift, as if when people save, they stop consuming completely. And there will be a gigantic depression as a result.

The Wonders of Mark-to-Market: Simultaneously Well-Capitalized and Insolvent

When mark-to-market was making the balance sheet go up, everybody was fat and happy and giving one another big bonuses. But when it starts going in the other direction, then they ask for a change in the rules. That's the dilemma we are facing.