Steve Wynn quoted Alexis de Tocqueville on CNBC today

The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money.

• This is a variant expression of a sentiment which is often attributed to Tocqueville or Alexander Fraser Tytler, but the earliest known occurrence is as an unsourced attribution to Tytler in "This is the Hard Core of Freedom" by Elmer T. Peterson in The Daily Oklahoman (9 December 1951): "A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury. After that, the majority always votes for the candidate promising the most benefits with the result the democracy collapses because of the loose fiscal policy ensuing, always to be followed by a dictatorship, then a monarchy."
• Variant: The American Republic will endure, until politicians realize they can bribe the people with their own money.

Steve Wynn on the Economy, Jobs & Hotels - CNBC.com @9'05"

Mankiw finally admit market is working

well, in the case of Chrysler and GM.

But I don't remember he came out to object the the Bush administration auto bailout.

On negative interest rate.

Havard "new" old ideas of negative interest rate came out. (Hat tip to Dan Wright.)

Here is my thoughts: I see no difference between negative interest/tax on cash holding and a positive inflation rate. If anyone starts to make cash holding worth less, people will convert their cash into gold/other assets that are better in preserve value which will lead to, well, inflation. The ultimate question is how much inflation will the Fed tolerate at this time. Playing with inflation expectation is a dangerous game since central banks usually spend a lot of effort to anchor inflation. Will the Fed release the beast out of its cage? Will Paul Volker agree with that?

The Daily Show With Jon Stewart: Jim Cramer

Full Episode

This American Life on the Crisis

355: The Giant Pool of Money

375: Bad Bank

A good joke

1949, only Socialism can save China;
1979, only Capitalism can save China;
1989, only China can save Socialism;
2009, only China can save Capitalism.

No U-turn in Columbus OHIO

It's probably allowed elsewhere in Ohio. Drive carefully in Columbus!

http://municipalcodes.lexisnexis.com/cgi-bin/hilite.pl/codes/columbus/_DATA/TITLE21/Chapter_2131_OPERATION_GENERAL.html#13

2131.12 “U” turns prohibited.

(a)No vehicle shall be turned so as to proceed in the opposite direction upon any street or highway. Turns commonly known as “U” turns are hereby prohibited.

(b)Except as otherwise provided in this division, whoever violates this section is guilty of a minor misdemeanor. If, within one (1) year of the offense, the offender previously has been convicted of or pleaded guilty to one (1) predicate motor vehicle or traffic offense, whoever violates this section is guilty of a misdemeanor of the fourth degree. If, within one (1) year of the offense, the offender previously has been convicted of two (2) or more predicate motor vehicle or traffic offenses, whoever violates this section is guilty of a misdemeanor of the third degree. (Ord. 1579-72: Ord. 2120-03 § 1 (part).)

http://www.bmv.ohio.gov/driver_license/rdh.htm#TURNING

To make a proper U-turn, follow these instructions:

• Use your turn signal at least 100 feet prior to turning

• Check traffic ahead, behind and beside you before turning

• If there's traffic in the area, don't make the U-turn; instead make other turns to reverse your direction

• Check traffic again before completing final half of turn

• Turn into the lane closest to the center line or median

Note:

It is illegal to make a U-turn on a curve, near the top of a hill, if your vehicle cannot be seen within five hundred feet by the driver of another vehicle approaching from either direction or when a sign prohibiting U-turns is posted.