‘Let them fail,’ says Libertarian Party

Government bailouts of Freddie and Fannie like giving candy to problem children

Washington, D.C. - “Let them fail,” says Libertarian Party spokesperson Andrew Davis, referring to the mortgage institutions Freddie Mac and Fannie Mae, who the Bush administration has said it plans to rescue from financial collapse.

“Let them fail, and let them learn from their mistakes on their own dime,” says Davis. “Bailing out these two institutions will only delay the inevitable outcome of any financial firm insulated from the market by government backing. The long run damage of continuing a policy of bailouts far exceeds any short term woes in letting the market consume failing institutions.”

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Bringing Down Bear Stearns

Did the investment bank die of natural causes or was it, as some suspect, murder?

On Monday, March 10, the rumor started: Bear Stearns was having liquidity problems. In fact, the maverick investment bank had around $18 billion in cash reserves. But soon the speculation created its own reality, and the race was on … With the blow-by-blow from insiders, Bryan Burrough follows the players—Bear’s stunned executives, trigger-happy reporters at CNBC, a nervous Fed, a shadowy group of short-sellers—in what some believe … [Read More]

by Bryan Burrough | www.vanityfair.com| Published:August 2008

Hillaryland at War

Hillary Clinton’s campaign had it all: near-death moments, hard-won triumphs, dysfunctional relationships—and a staff consumed with infighting over how to sell their candidate. It was a battle that revealed why she came so close to victory, as well as why she didn’t make it.

“Are you here for the Deathwatch?”

That was how my friends in the traveling press corps welcomed me into the bub­ble of the Clinton campaign plane. It was three days before the March 4 Democratic primaries in Ohio and Texas, and they were boarding the 737 with … [Read More Story ...]

by Gail Sheehy | vanityfair.com|published: August 2008

Africa’s shame

A Munich moment for the continent’s leaders as President Robert Mugabe is let off the hook, again

GATHERING in the Egyptian resort of Sharm el-Sheikh on July 2nd, the leaders of the African Union (AU) had an unprecedented opportunity finally to pull the plug on the disastrous regime of Zimbabwe’s president, Robert Mugabe—or at least cast him into political outer darkness. To fortify themselves they had the world’s condemnation of his farcical re-election on June 27th, which the opposition had to withdraw from due to violence and intimidation, ringing very loudly in their ears. They had the UN Security Council saying ahead of the poll that it could not be free or fair. [Read More]

From The Economist print edition | 3 July 2008 | JOHANNESBURG

Troubles beset Democratic convention planning

For all Senator Barack Obama’s success …he faces a daunting challenge as he prepares to claim the nomination in August: a Democratic convention effort marred by costly setbacks and embarrassing delays.

With the Denver convention less than two months away, problems range from the serious – upwardly spiraling costs on key contracts still being negotiated – - The convention is being organized by the Democratic National Committee, which is run by Howard Dean, [read more]

By Leslie Wayne | International Herald Tribune | Sunday, July 6, 2008