Timmy ElsewhereOctober 3, 2008 Tim WorstallTimmy Elsewhere5 CommentsSpeccie. Belgian banking, British diplomats and is it that time already? previousFour out of five teachers in denialnextUmm, Simon? 5 thoughts on “Timmy Elsewhere” em butler October 3, 2008 at 4:02 pm BBC NEWS | Business | Second Belgian bank gets bail-outSep 30, 2008 … Dexia becomes the latest European bank to get government Matthew October 3, 2008 at 4:29 pm Up-to-date news, thanks. Tim – I’ve missed a lot of your site recently. Can I ask two questions? 1) Have you in any posts been critical of the US authorities bail-out plans? 2) Have you written any posts suggesting the current crisis (if you believe it is so) means changes are required in any aspect of financial markets? Tim adds: I’ve made a few comments here and there about some of the more stupid suggestions for regulatory reform (unfortunately these stupid ones are the ones that are actually being put into practice). Other than that, no, not a lot about it. I’m not an economist (and what little economics I do know really isn’t macro) and I’m not a financier. So other than making the general points that everyone else is, not a lot. gene berman October 3, 2008 at 4:53 pm Matthew: Tim is of the opinion that some sort of bail-out is necessary and important. I disagree but want to emphasze that letting things take their course will only be better than the alternative. The only two choices are “very bad” and “much worse.” Over at David Horowitz’ frontpagemag.com, on Horowitz’ personal blog entry, he manifests an opinion pro-bailout more or less similar to Tim’s and many others who don’t want to see the destruction, failure, and ancilliary “fallout” that will attend “letting things go” or “doing nothing.” I answer with my own analysis which is not yet finished at Horowitz’ but which is similar to opinions I’ve partially expressed here: the fault is only partly with the laxity in lending practice and that, itself, is an outgrowth of the regulatory regime. In turn, the regulatory regime is an inevitable consequence of fractional reserve banking subject to political control (and if there were no political goals of monetary policy, there would be no purpose of there being a monetary policy to begin with). But cause must be sought even beneath such secondary causes and here, I indict the very concept of a government role in controlling or even establishing media of exchange: from such concept all other flows, given time, population, wealth, and interdependency throught the connectivity of the market. If you read what I’ve put up at Horowitz’, bear in mind that there’s another instalment coming–I just can’t say when (like most, I gotta work). Jeff Wood October 3, 2008 at 11:33 pm The quote from the diplomat is most encouraging: Le Carre seems to get them right. Charlieman October 4, 2008 at 1:45 pm Tim, you need some kids around you to talk about rock music. The last mega rant about middle/working class authenticity was conducted in the 1990s by Blur/Pulp versus Oasis. All three won. Then it became musical authenticity — honest recordings — with The White Stripes. You know when it gets serious when the Today programme talks about it 😉 Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment.