Bailouts and the "Fed Put": Mark Thoma deserves some kind of medal
for doing this. Fed speeches are long and dense; Thoma’s worked out a way of
making them much easier to read without losing any of their subtleties. In this
one, William Poole comes to the defense of the "Fed Put" against the
moral-hazard brigade. Well worth reading, or at least skimming.
and the economics of the global deal: Nick Stern at Vox EU.
a bad bit of rescuing, huh? Accrued Interest says senior noteholders will
benefit from the subprime bailout.
Estate and the Creativity Index
Deposit insurance and the lender of last resort
Failure in Christmas
And finally (this is one I hadn’t seen before):