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Paging Dr. Friedman.

Resolution Rules and Bankruptcy Reality (DealBook) Stephen Lubin explains how arrogant bureaucrats writing Dodd-Frank resolution authority regulations are stupidly ignoring decades of bankruptcy law knowledge.

Channeling Milton Friedman (Wall Street Journal) David Wessel argues that Friedman would have supported quantitative easing. It’s a quite persuasive piece. Many people seem to forget that despite his libertarian reputation, Friedman was a stalwart monetary interventionist.

Are We All Friedmanites Now? (Reason) Fed Chairman Bernanke claims to be a disciple of Milton Friedman. Alan Greenspan was a follower of both Friedman and Ayn Rand. So is the pre-eminent economic bureaucracy in the world “a throne of libertarianism?”

Friedman on Japan (Paul Krugman) Friedman advocated serious easing as a cure for Japan’s economic ills. But, as Krugman points out, when Japan went a head and tried this, it didn’t work. The banks just sat on the new money. Sound familiar?

It’s stock lending, Jim, but not as you know it (FT Alphaville) Banks are turning to insurance companies for liquidity, swapping asset backed securities for government debt. The reason: anticipation of Basel III liquidity requirements.

Housing Bust impacting Manager Mobility (Calculated Risk) People can’t relocate to hot jobs markets because they cannot sell their homes. This is the making unemployment problem even worse.

Why We Should Eliminate The Corporate Tax (The Atlantic) It’s encouraging companies to use to much debt financing.

The Dilemma Of Walking Away From A Mortgage (NPR) Bank of America has been stalling on modifying the mortgage of Grace Chen, a CPA who works at a venture capital firm. So now she’s considering become a strategic defaulter.

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