It’s flippant to say the financial system wasn’t endangered by the collapse of Bear Stearns, which for a couple of days looked as if it might drag down the even mightier Lehman Brothers. In bank runs and panics, the domino effect is real.

These guys (Wall Street) grease the gears of the financial system, for better or worse. Take away that WD-40 and there’s a good chance the whole thing seizes up.

Been there, read that


We’d like to be happy The New Yorker published a big take on the death of the print media at the hands of the pesky Internets. Lots of good “big think” here about this particular moment in the history of journalism.

But it gets a Debit because it’s 2008 and most of this stuff has been written (and written again) for years.

The usual suspects are here: Huffington Post (est. 2005), Atrios (est. 2002), Talking Points Memo (est. 2000). Eric Alterman, who wrote the story, even throws a bone to the conservative site Little Green Footballs, another staple of the new media-beating-old-media genre.

Eminently good article

A Credit to Forbes and Richard Epstein, the great University of Chicago legal scholar, for his column about eminent domain in Port Chester and the dangers of unchecked political power.

Yet our Supreme Court remains on a constitutional holiday. Over and over the justices blithely assume that conscientious planners acting in good faith are entitled to ample discretion in allocating the costs and benefits of our social life. Sounds great on paper, but the sorry saga of Port Chester shows that when it comes to real estate, we have a government not of laws but of politicians. In matters that they really care about, like race and free speech, judges are quite capable of seeing through airy abstractions to harsh realities. Why can’t they do the same for property rights?

That gets it just about right.

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Anna Bahney is a Fellow and staff writer for The Audit