In his 12/26 op ed for the Wall Street Journal, former Treasury Secretary John Snow blamed the “current situation” in our housing and credit markets on the “accumulation in recent years of large pools of excess savings around the globe.”  Yet Snow’s theory doesn’t add up, and overlooks the role of Greenspan’s Federal Reserve in fostering the housing bubble.

Who Pays the Health Care Bills When We Don't Know the Debtor?

What if there was a way to live a life without meaningful consequences? What if individuals could participate in a virtual economy largely separate from the one surrounding us in the real world? What if policies could be applied to real people, but with laboratorial consequences? Second Life, an internet-based virtual world often compared to a computer game, and its derivatives may offer answers to those questions.

November 30th marked the end of the 2007 hurricane season. For the second year in a row the National Oceanic and Atmospheric Administration's (NOAA) forecast too many storms. NOAA had predicted there would be seven to nine hurricanes, three to five major hurricanes and 13-17 "named storms." The season ended with just five hurricanes, two of which were major (category three or above) and 14 named storms. The only category NOAA got right was "named storms."