Comments on: The Credit Card Bailout http://www.tdaxp.com/archive/2008/11/25/the-credit-card-bailout.html All of us against the machine Sun, 14 Mar 2010 17:51:50 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: tdaxp http://www.tdaxp.com/archive/2008/11/25/the-credit-card-bailout.html/comment-page-1#comment-174203 tdaxp Fri, 28 Nov 2008 21:19:24 +0000 http://www.tdaxp.com/?p=6465#comment-174203 It is interesting how those who suffer from Bush derangement syndrome simultaneously think Bush is an incompetent, and an evil mastermind who engineers wars, financial crises, etc. to benefit his lackeys! It is interesting how those who suffer from Bush derangement syndrome simultaneously think Bush is an incompetent, and an evil mastermind who engineers wars, financial crises, etc. to benefit his lackeys!

]]> By: purpleslog http://www.tdaxp.com/archive/2008/11/25/the-credit-card-bailout.html/comment-page-1#comment-172114 purpleslog Thu, 27 Nov 2008 00:12:57 +0000 http://www.tdaxp.com/?p=6465#comment-172114 Bailout: Unlikely.Also, there is no evidence of that. Sigh...only 2 more months of BDS! Bailout:

Unlikely.Also, there is no evidence of that.

Sigh…only 2 more months of BDS!

]]> By: Bailout http://www.tdaxp.com/archive/2008/11/25/the-credit-card-bailout.html/comment-page-1#comment-172077 Bailout Wed, 26 Nov 2008 22:13:37 +0000 http://www.tdaxp.com/?p=6465#comment-172077 is it possible that Dubya is looting the treasury and giving all the dough to his friends? is it possible that Dubya is looting the treasury and giving all the dough to his friends?

]]> By: tdaxp http://www.tdaxp.com/archive/2008/11/25/the-credit-card-bailout.html/comment-page-1#comment-172026 tdaxp Wed, 26 Nov 2008 20:40:33 +0000 http://www.tdaxp.com/?p=6465#comment-172026 The time discount rate appears to be heritable, similar to personality, or intelligence. Indeed, it has been probably been under positive selection in some countries longer and more intensely than others [1,2] The way you get around these sort of preferences is through conditioning -- reward behavior that you want to increase in frequency. Bailing out those with marginal credit rewards those people for those decisions, making the problem even worse. [1] http://www.tdaxp.com/archive/2008/01/20/review-of-a-farewell-to-alms-by-gregory-clark.html [2] http://www.amazon.com/Farewell-Alms-Economic-History-Princeton/dp/0691121354 The time discount rate appears to be heritable, similar to personality, or intelligence.

Indeed, it has been probably been under positive selection in some countries longer and more intensely than others [1,2]

The way you get around these sort of preferences is through conditioning — reward behavior that you want to increase in frequency.

Bailing out those with marginal credit rewards those people for those decisions, making the problem even worse.

[1] http://www.tdaxp.com/archive/2008/01/20/review-of-a-farewell-to-alms-by-gregory-clark.html
[2] http://www.amazon.com/Farewell-Alms-Economic-History-Princeton/dp/0691121354

]]> By: Michael http://www.tdaxp.com/archive/2008/11/25/the-credit-card-bailout.html/comment-page-1#comment-172024 Michael Wed, 26 Nov 2008 20:37:41 +0000 http://www.tdaxp.com/?p=6465#comment-172024 The part about helping them learn is for people who genuinely don't know how to live within their means. The part about hunting down the people who try to bail on the government is for those who don't want to live within their means. The part about helping them learn is for people who genuinely don’t know how to live within their means. The part about hunting down the people who try to bail on the government is for those who don’t want to live within their means.

]]> By: Eddie http://www.tdaxp.com/archive/2008/11/25/the-credit-card-bailout.html/comment-page-1#comment-171969 Eddie Wed, 26 Nov 2008 18:04:20 +0000 http://www.tdaxp.com/?p=6465#comment-171969 Why not a bailout of the video game industry or movie industry? Or better, the retail sector? I mean, while we pervert capitalism and manipulate the markets, why not? Why not a bailout of the video game industry or movie industry? Or better, the retail sector? I mean, while we pervert capitalism and manipulate the markets, why not?

]]> By: “The Credit Card Bailout” and the failure of Business/USGOV Leaders (On the Bailout, Part 30) « PurpleSlog http://www.tdaxp.com/archive/2008/11/25/the-credit-card-bailout.html/comment-page-1#comment-171814 “The Credit Card Bailout” and the failure of Business/USGOV Leaders (On the Bailout, Part 30) « PurpleSlog Wed, 26 Nov 2008 15:48:48 +0000 http://www.tdaxp.com/?p=6465#comment-171814 [...] Card Bailout” and the failure of Business/USGOV Leaders (On the Bailout, Part 30) TDAXP covers it all: What is disturbing about our President, and our even worse Congress, is that we are throwing good [...] [...] Card Bailout” and the failure of Business/USGOV Leaders (On the Bailout, Part 30) TDAXP covers it all: What is disturbing about our President, and our even worse Congress, is that we are throwing good [...]

]]> By: tdaxp http://www.tdaxp.com/archive/2008/11/25/the-credit-card-bailout.html/comment-page-1#comment-171789 tdaxp Wed, 26 Nov 2008 15:38:26 +0000 http://www.tdaxp.com/?p=6465#comment-171789 Doug, <blockquote>it would be easier to name who won’t be bailed out.</blockquote> How about... newspapers? [1,2] ;-) <blockquote>also, you might want to grab one of those obama collector plates now, before he and his team gets run outta town on a rail. they’ll be worth something, in the same way an edsel is valuable, about 60yrs from now.</blockquote> Obama's going to systematically betray his supporters -- spend down his political capital -- as nearly every President must. I hope we get enough out of him while he is still powerful to make it worth it. Michael, <blockquote>Having taken them on, it could use its lower interest rates to help them stay above water while teaching them better habits–and use its greater influence to find and punish those who try to skip out!</blockquote> I don't think rewarding people for being close to default teaches one not to be close to default -- we may have different views of pyschology. [1] http://www.weeklystandard.com/weblogs/TWSFP/2008/11/kathleen_parker_continues_to_e.asp [2] http://www.washingtonpost.com/wp-dyn/content/article/2008/11/25/AR2008112502104_2.html?hpid=opinionsbox1 Doug,

it would be easier to name who won’t be bailed out.

How about… newspapers? [1,2] ;-)

also, you might want to grab one of those obama collector plates now, before he and his team gets run outta town on a rail. they’ll be worth something, in the same way an edsel is valuable, about 60yrs from now.

Obama’s going to systematically betray his supporters — spend down his political capital — as nearly every President must.

I hope we get enough out of him while he is still powerful to make it worth it.

Michael,

Having taken them on, it could use its lower interest rates to help them stay above water while teaching them better habits–and use its greater influence to find and punish those who try to skip out!

I don’t think rewarding people for being close to default teaches one not to be close to default — we may have different views of pyschology.

[1] http://www.weeklystandard.com/weblogs/TWSFP/2008/11/kathleen_parker_continues_to_e.asp
[2] http://www.washingtonpost.com/wp-dyn/content/article/2008/11/25/AR2008112502104_2.html?hpid=opinionsbox1

]]> By: Michael http://www.tdaxp.com/archive/2008/11/25/the-credit-card-bailout.html/comment-page-1#comment-171422 Michael Wed, 26 Nov 2008 05:55:56 +0000 http://www.tdaxp.com/?p=6465#comment-171422 One way occurs to me that this could be done sensibly--the government could spend that money to buy up the debts of consumer borrowers (selected by biggest impact on the economy) who are closest to default. Having taken them on, it could use its lower interest rates to help them stay above water while teaching them better habits--and use its greater influence to find and punish those who try to skip out! It would be expensive, and you'd have to combine it with strict new rules and oversight on future lending to avoid being interpreted as a patsy, but it would bypass the knot of debt-holders created by the derivatives industry. One way occurs to me that this could be done sensibly–the government could spend that money to buy up the debts of consumer borrowers (selected by biggest impact on the economy) who are closest to default. Having taken them on, it could use its lower interest rates to help them stay above water while teaching them better habits–and use its greater influence to find and punish those who try to skip out!

It would be expensive, and you’d have to combine it with strict new rules and oversight on future lending to avoid being interpreted as a patsy, but it would bypass the knot of debt-holders created by the derivatives industry.

]]> By: doug http://www.tdaxp.com/archive/2008/11/25/the-credit-card-bailout.html/comment-page-1#comment-171009 doug Wed, 26 Nov 2008 04:02:29 +0000 http://www.tdaxp.com/?p=6465#comment-171009 a good long-term short play, if one has the nads to ride the roller coaster, is the healthcare industry, with the coming abolishment of medicare and ss. think of all of the $$$ thats going to get sucked out of that sector. the paired long would be the infant care industry, as making babies will be both necessary and the only low-cost recreation left. a good long-term short play, if one has the nads to ride the roller coaster, is the healthcare industry, with the coming abolishment of medicare and ss. think of all of the $$$ thats going to get sucked out of that sector. the paired long would be the infant care industry, as making babies will be both necessary and the only low-cost recreation left.

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