rc3.org

As the mortgage crisis unfolds and expands, you see a lot of blame laid on subprime loans, and more specifically, people who signed up for subprime loans. In fact, subprime was voted the word of the year. People are clearly responsible for the contracts they sign, but simply blaming people who took out mortgages they [...]

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Alex Tabarrok posts the best short definition of the law of unintended consequences I’ve seen:

The law of unintended consequences is what happens when a simple system tries to regulate a complex system.

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FP Passport reports that Bill Gates will give a 30 minute speech Thursday at the World Economic Forum entitled “A New Approach to Capitalism in the 21st Century.” He will challenge business and government to do more to address the problems of disease and poverty in the developing world.

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Here’s Salon’s Andrew Leonard on today’s 75 point emergency rate cut from the Federal Reserve:

If Bernanke has been “wrong” so many times, was he wrong Tuesday morning? As of this writing, around 2:20 p.m. EST, the lead headline on the Wall Street Journal declared “Fed’s Deep Cut Appears to Soothe Markets.” After falling [...]

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