Two generations of Americans have been brought up to believe they are owed a pension, owed tax subsidized housing, owed free healthcare and owed the right to happiness provided by Big Brother. The conviction that government can coddle and provide for all the underachievers, disadvantaged and un-ambitious in society has taken root like a weed. This belief is a fallacy.

The Business Insider has a very interesting presentation by Richard Koo on The Real Reason Why This Recession Is Completely Different. Here are a few slides. US Housing Prices Follow Japanese Experience Interest Rate Policy Did Not Revive Housing In Japan or the US Demand For Loans Drops In Spite of Fed’s Heroic Efforts Japan [...]

Predictions – 2010 The worst economic year in US history More Interesting Quotes From Notable People: 1881 – James A. Garfield – President of the United States 1881 “Whoever controls the volume of money in any country is absolute master  of all industry and commerce… And when you realize that the entire  system is very [...]

If you aren’t a regular reader of Ambrose Evans-Pritchard, you should be. He’s one of the best financial journalists around and has done a sensational job of exposing the Europe’s financial disasters to the rest of the world. Now, he’s turned his attention to the United States…and he’s pulling no punches. From the Telegraph America [...]

Here are 8 keys to the housing market in 2010. 1. Shadow Inventory of Foreclosures: Will it be a tsunami or a trickle? Beginning with the first of the moratoria in August of 2008, banks simply have not been foreclosing on as many homes as they should be. That’s a full year-and-a-half backlog. There are [...]