The Corner

Re: State Bankruptcy: Harder than It Looks

Dear Mr. Derbyshire,

Thank you for your kind compliment. You also note that your “bond guy” thinks that the lawyers could untangle the mess they’ve helped to create, and that you disagree with him. As you say:

I have this vision of a guy defusing a complicated bomb, the timer dial clicking down through single digits, and he starts snipping wires at random.

Indeed. I am with you.

If congresspeople and lawyers are eager to solve the problems of a complex financial market featuring many competing special interests, I’ve got excellent news for them: The mortgage-backed securities market circa 2006–07 still awaits enlightened solutions. The best efforts of two presidents and of the world’s smartest bankers haven’t yet untangled that knot.

Most Popular

Education

The Scholarship/Activism Balance — A Rejoinder

The Martin Center recently published an article by sociology professor Fabio Rojas, in which he argued that professors should maintain the right balance between their teaching and scholarship on the one hand, and activism on the other. In today's article, the Center's Jay Schalin pushes back somewhat. Schalin ... Read More
U.S.

The Book Comey Wanted to Write

Making the click-through worthwhile: the book James Comey had wanted to write, Facebook starts to feel useless to some writers, an infamous D.C. city councilman manages to make everything worse, and Hillary Clinton’s campaign finds its wish granted. What Did James Comey’s First Draft of A Higher ... Read More
Film & TV

Pro-Life Feminist

My paisana at the Human Life Review are hosting an event in NYC on Thursday, May 3, at the Sheen Center (18 Bleeker Street) for the airing of director Jim Hanon’s half-hour documentary, Pro-Life Feminist. After the viewing, he’ll join the trio of castmates -- Destiny Herndon-De La Rosa, Aimee Murphy, and ... Read More
Politics & Policy

Good News for Pompeo

Looks like he's in, as he should be. https://twitter.com/TomCottonAR/status/987050849317867521 But this fight has been a hint of what life will be like for Trump if the Democrats somehow take the Senate -- they'd refuse to confirm anyone for anything. Read More
Culture

What Self-Help Guru Tony Robbins Was Trying to Say

Tony Robbins must have known immediately that he'd made a huge mistake in how he responded to a question about #MeToo. Last month, at one of Robbins's popular, sold-out seminars, audience member Nanine McCool told the self-help guru that she thought he misunderstood the #MeToo movement. You can see the entire ... Read More