• Larry Ribstein takes issue with my view that the government's economy saving technique was the right technique - he's focused on substance, while I focused on process - on the substance front, I guess I don't really think there's much doubt that there was a bank run underway, and there's also not much doubt that markets don't prevent bank runs.  It's worth noting that I don't think you can be against interventions in the economy and be for the resolution of the Panic of 1907 (in which JP Morgan staged his own rescue).  But Larry makes some useful points:
  • we are left with a massively government-controlled economy, with all kinds of potentially unforeseeable side effects...[H]ow do we know any of this was necessary? Sure the economy got better, or at least seemed to. But markets, left alone, are quite resilient.
• Don Kohn describes the confluence of monetary policy and academic research - and where it isn't confluencing:
  • Our limited knowledge of the determinants of asset prices and their effects on credit has made it more challenging to respond to the crisis and explain our actions to the public. We have had to relax our standard assumptions that financial assets are highly substitutable, and that their rates of return can be readily arbitraged
• Ed Glaeser's what happened to Argentina (the rich country of 1900) series is very interesting, but I'll get you there through the International Economic Law Blog, which is up to some interesting stuff these days.

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