Obama needs to emulate Teddy, not Franklin

Great article by Simon Johnson in The Atlantic.

The challenges the United States faces are familiar territory to the people at the IMF. If you hid the name of the country and just showed them the numbers, there is no doubt what old IMF hands would say: nationalize troubled banks and break them up as necessary.

To ensure systematic bank breakup, and to prevent the eventual reemergence of dangerous behemoths, we also need to overhaul our antitrust legislation. Laws put in place more than 100 years ago to combat industrial monopolies were not designed to address the problem we now face. The problem in the financial sector today is not that a given firm might have enough market share to influence prices; it is that one firm or a small set of interconnected firms, by failing, can bring down the economy. The Obama administration’s fiscal stimulus evokes FDR, but what we need to imitate here is Teddy Roosevelt’s trust-busting.

Nothing terribly new, but well-written and an easy read.

A couple of quick videos:

Daniel Hannan gives Gordon Brown his opinion in typically polite British fashion.

Bruce Lee vs. Iron Man

And in case you missed it this morning, you really need to watch this South Park episode.

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