Free Republic

On Friday, September 19, rank and file Republican members of Congress were notified of a conference call that would include Treasury Secretary Henry Paulson, and Fed Chairman Ben Bernanke. I would never disclose confidences, but it is quite public now that we were told an economic disaster was about to take this country that could be worse than the crash of 1929. Now, that’s a real attention-getter. It sure got mine. My years as a judge force me to demand factual evidence to support expert opinions. The factual evidence was then and is now less than satisfactory. Yes, credit was...

With the Kanjorski Meme still spreading (see Ben Smith, Andrew Leonard, Moldbug, and more), I think I'm finally able to squash it with some hard figures: there never was a $500 billion outflow from any asset class in the space of a couple of hours or even weeks, and the Fed never shut down or froze any money-market accounts. This is not the first time that Kanjorski has made these allegations. But first, it's worth going through the timeline. On September 15, Lehman Brothers failed. The Reserve fund -- which was $64 billion that morning, and which had a substantial...