Professor Quiggin Prognosticates

Astonishing Stuff on the Wall Street (and world) economic meltdown.

The most sophisticated financial markets the world has ever seen have produced a situation where securities depending ultimately on debts owed by people with neither income, assets nor any incentive to repay have been treated as if they were (quite literally) as good as gold.

Can I have one of those loans please?

Thank you Thank you JP Morgan Chase and your friends in Zip Codes 10268 and 20500

Today Rentseeking tomorrow the world.

BHO if you can't win from here, goodnight.