Equity, not just assets

Paulson moves to recapitalize banks. Non-voting equity purchases by the government, complementary to new private capital.

And the Europeans, having had their fill of yukking it up about the stupid Yankees and our financial crisis, are now on board. Maybe Iceland’s bankruptcy concentrated some minds.

It’s an ill wind … Oil closed below $80. A credit crunch leading to a recession isn’t one of the better ways to pop a commodities bubble, but it’s one way.

Author: Mark Kleiman

Professor of Public Policy at the NYU Marron Institute for Urban Management and editor of the Journal of Drug Policy Analysis. Teaches about the methods of policy analysis about drug abuse control and crime control policy, working out the implications of two principles: that swift and certain sanctions don't have to be severe to be effective, and that well-designed threats usually don't have to be carried out. Books: Drugs and Drug Policy: What Everyone Needs to Know (with Jonathan Caulkins and Angela Hawken) When Brute Force Fails: How to Have Less Crime and Less Punishment (Princeton, 2009; named one of the "books of the year" by The Economist Against Excess: Drug Policy for Results (Basic, 1993) Marijuana: Costs of Abuse, Costs of Control (Greenwood, 1989) UCLA Homepage Curriculum Vitae Contact: Markarkleiman-at-gmail.com