Daily Reading: December 6, 2008

It is quite possible that we are already in the worst recession since WWII. Bloomberg.

Does anyone believe this article? The auto CEO's claim that bankruptcy would cost the American economy more than their proposed bailout. It seems like scare tactics to me. Should Detroit sell out to Japan? Perhaps Wagoner et. al. have forgotten everything they learned about the economic theory of specialization. Japan is better at producing cars than Americans, so let's allow them to produce our cars. We can spend our time and resources on something more productive, like creating a better NFL team in Detroit. The Lions are just embarrassing. Bloomberg.

Quack quack quack. Lame ducks at work. For once, I agree with the populist Republican Dick Shelby. Congress and the White House agree, in principal, on auto company bailout. Bloomberg.

Combine Paulson's plan for lower mortgage rates with my proposal to stabilize home prices and we'll really be in business.