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On Saturday, Barack Obama announced that he hoped to sign a bill to create the biggest expenditure on infrastructure and public works since Eisenhower created the Interstate Highway System. Obama did not give an exact figure on the costs, but estimates are in 700 billion dollar range to spend on roads, bridges, broadband access, school buildings, and rewiring public buildings to make them more energy efficient.
The conventional wisdom is that our economic woes are due to a credit crunch, and the credit crunch is due to the inability of financial institutions to figure out what mortgage-backed or derived financial instruments are actually worth. "Securitization" (a.k.a., "secretization" in Travis Talk) makes it hard to figure out whether the entity asking you for a loan is bankrupt or not. So, financial institutions are reluctant to lend money to each other.
One of the oddities of the standard narrative of the Housing Bubble is how it glosses over just how regional it was. In large expanses of America, there wasn't much of a Bubble at all.
On Wednesday, I was honored to speak with Ron Smith on his WBAL Baltimore radio talk show about the Winchester Atrocity and the SPLC, both of which he had discussed in his Baltimore Sun column that day.
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From: Van Fletcher (e-mail
him)