Paul Krugman, the Nobel prize winning economist, is fond of using the term “Zombie banks” to describe banks that are operating despite having liabilities that exceed their assets. Most of our major banks have fallen into this category – the living dead. However, it seems that the situation is changing with the Obama/Geithner rescue plan [...]
Posts Tagged ‘interest rates’
Vampire Banks Come Back to Life
Posted in Economy, Government, Life, politics, tagged Bailout, banks, Geithner, interest rates, Obama, TARP on March 27, 2009 | 1 Comment »
Laws against usury
Posted in Economy, Technology, politics, tagged banks, Economy, interest rates on August 2, 2008 | 3 Comments »
In 1980 the U.S. government made a financial blunder that lies at the heart of our economic problems today: our lawmakers eliminated the laws against usury, i.e. excessive interest rates. In 1980 the inflation rate was about 14% and the existing laws prohibited the banks from charging interest rates that were much above that. [...]
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The Viral Epiphany
My new book, a thriller about a deadly worldwide pandemic caused by cloning an extinct virus is available as a digital download for Kindle readers at Amazon.com. Guaranteed to make you think. Click on the cover image to go to the Amazon download page.
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