Wednesday, October 29, 2008

Some Quick Linkage

I'm pressed for time, but here's some links to a couple of things that caught my attention.

Clusterstock's John Carney ladles out some bad news about credit cards:

The Coming Credit Card Bust:

One of the worst kept secrets in the economy has been that consumer credit is overdue for it’s own subprime meltdown. After years of cheap credit that fueled a boom in consumer spending, credit card companies and retailers providing credit to customers are seeing a spike in defaults. They’re reacting by pulling back on available credit and raising rates, making consumers less able to pay bills by moving balances to the next card.

And on an entirely unrelated note, here's a thought provoking contrarian view of intellectual property from the Von Mises Institute:

One of the greatest tragedies of intellectual property law is how it generates intellectual confusion among successful businesspeople. Many are under the impression, even when it is not true, that they owe their wealth to copyrights, trademarks, and patents and not necessarily to their business savvy.

Relating to the above, a friend of mine had this to say (tongue in cheek) about the Von Mises Institute:

“the Austrians? They're just boo hoo doom and gloomers babbling on about how fiat money and fractional reserve banking and the FDIC and government influence on financial markets will cause a catastrophy! Idiots”

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