Strengthening Constitutional Self-Government

No Left Turns

Who can be responsible?

Megan McArdle’s comments: "I’ve noticed an upsurge in liberal blogs claiming that of course, borrowers don’t bear any responsibility for their current straitened circumstances. After all, there are two parties in a transaction, and the lenders are professionals and should have known better."

Here’s Benjamin Franklin on an 18th Century version of the problem:

We had an alehouse boy who attended always in the house to supply the workmen. My companion at the press drank every day a pint before breakfast, a pint at breakfast with his bread and cheese, a pint between breakfast and dinner, a pint at dinner, a pint in the afternoon about six o’clock, and another when he had done his day’s work. I thought it a detestable custom; but it was necessary, he suppos’d, to drink strong beer, that he might be strong to labor. I endeavored to convince him that the bodily strength afforded by beer could only be in proportion to the grain or flour of the barley dissolved in the water of which it was made; that there was more flour in a pennyworth of bread; and therefore, if he would eat that with a pint of water, it would give him more strength than a quart of beer. He drank on, however, and had four or five shillings to pay out of his wages every Saturday night for that muddling liquor; an expense I was free from. And thus these poor devils keep themselves always under.

Discussions - 4 Comments

Maybe if Ted Kennedy had heeded this tidbit of wisdom from one or our Founding Fathers, he may have been able to saved Mary Jo's life.

200 year old folksy founding father comments brought to the rescue of the collapse of trans-national capitalism. This is better than the Wall Street Journal editorial page for laughs.

Wired Magazine has a take on this that I have not seen before. ren, have you heard of the Gaussian copula function?

Ren - you took the bait. Just like I thought you would. You are as predictable as Al Sharpton and just as amusing.

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