Day: August 11, 2007

Moral Hazard – Thanks, Ben!


August 11, 2007
Market Swings Are First Crisis for Fed Chief

Should the Federal Reserve help bail out billionaire hedge fund managers and millionaire traders — the very people who bought the risky mortgages that led to the current market panic?

That, in essence, is the question swirling around Ben S. Bernanke as he confronts the first crisis of his 18 months as Fed chairman.



Not Bush-Related, But Funny/Sad/Pitiful in the Same “Out of Touch With Reality” Way


August 11, 2007
Summer Rituals | Boldface Barbecue
Hot Off the Grill, It’s Hamptons High Society

SOUTHAMPTON, N.Y. — Debbie Bancroft’s daughter Serena, a towheaded 11-year old with a tennis tan, had an important announcement one recent Sunday afternoon. “Mom, you know the Southside, that drink they have at National?” she asked. “Daddy put it in the chicken last night. Like, all of it.”

Mrs. Bancroft, an Upper East Side hostess who bears a strong resemblance to the actress Kathleen Turner in her prime, made a face that conveyed more annoyance than incredulity.

“You mean, to marinate it?” she wondered. “He did not.”

The two were high-stepping their way in flip-flops through the gravel driveway of the family’s trim house here, en route to their car, to head to town to buy provisions.