Nearly six months ago, from Costa Rica, I posted "Bush and Congress Agree on Bailout Blunder?" The more things change, the more they stay the same. If you read the footnotes to banks´balance sheets, banks are getting decimated by write downs of assets caused by mark-to-market accounting. They then go to TARP to replace some of the "lost" equity, go to Congress to get publicly whipped by folks who should know better, but don´t, and go to the market to raise new capital, when they can, at extraordinary cost to their existing shareholders. And we wonder why banks don´t lend. (0 comments)
Random thoughts on life and work in Guanacaste and the Central Valley of Costa Rica. How to build a project quickly, seamlessly and efficiently (not!).