Bankruptcy And Debts

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More on how to respond to the financial crisis. First, Myron Scholes on what the government should do to "clean up the current credit mess and prevent economic catastrophe": Brainstorming About 'Bailouts', by David Wessel, WSJ: At a lectern ... at ... Stanford ... last week, Larry Summers ... was at his gloomiest. In the audience, Myron Scholes -- Nobel laureate in finance, veteran of the Long-Term Capital Management hedge-fund debacle and now chairman of his own hedge fund -- was .. Read the rest of this entry.

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Domain hoster Go Daddy has shut down a Web site that lets people criticize individual police officers, saying it was using too much bandwidth. But the site owner says he is being censored after police complained. (Credit: Go Daddy)Up until Tuesday, visitors to RateMyCop.com were able to post ..Read the rest of this post.

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Today, New Jersey Governor Jon Corzine said "We are in a recession…We have pretty strong indications that we have seen a major, major downshift in the economy. I think we'll find we started in the last quarter of last year." And he should know; he used to be head of Goldman Sachs. Former Treasury Secretary Larry Summers said the US faces the "gravest set of economic and credit difficulties possibly since World War II and is likely already in a recession." So what does this mean? I don't ..Read the rest of this post.

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