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Moral hazard? Whose?

Thursday, April 03, 2008

WALL STREET JOURNAL—Officials Say They Sought To Avoid Bear Bailout

The government sought a low sale price for Bear Stearns Cos. to send a message that taxpayers wouldn’t bail out firms making risky bets, a top Treasury Department official testified to Congress. Officials said they were acutely aware of the moral-hazard problem …

Who’s protecting you?

Wednesday, April 02, 2008

THE TOWER GROUP—Losses Resulting from Mortgage Fraud in U.S. Will Reach $2.5 Billion in 2008

Falling home prices and inappropriate mortgage underwriting have grabbed the headlines and much of the blame for mortgage credit woes in recent months. But the significant rise in mortgage fraud over the past 10 years is another important trend.

Against the wind …

Tuesday, April 01, 2008

USA TODAY—WASHINGTON (Reuters) Employers cut payrolls for a third month in a row in March and the unemployment rate jumped to a 2-1/2 year high. And, for the first time, Federal Reserve Chairman Ben Bernanke acknowledged Wednesday that the country could be heading toward a recession, saying federal policymakers are "fighting against the wind" in combating it.

We must build a new world, a far better world - one in which the eternal dignity of man is respected.

- Harry S. Truman

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