Naked Capitalism is one of my favorite blogs. On Tuesday the principal contributor to the blog, Yves Smith, wrote that she was upset at banks’ new ability to purchase losses by acquiring another bank.

Like most, I believe that the producer (the bank in this instance) is the rightful owner of any production. What is wrong with discovering a way to keep a larger amount of one’s production? Unless one believes the government is the rightful owner of all production, I see nothing wrong with maximizing the amount the producer keeps.

I believe this sort of anger displayed at Naked Capitalism stems from revulsion at the special treatment banks receive. I also agree that banks should get no special treatment. So how about extending a similar the benefit to all? Many Americans are suffering massive losses from say their home, IRAs and 401Ks, let’s allow them to deduct these passive losses from their active income!

UBS seems to be making much welcome improvements to their incentive structure:

UBS intends to change its bonus program so that current year bonuses can be largely reversed if performance in subsequent year falls or generates losses. Even more striking, the bank is considering trying recoup bonuses already paid to certain executives.

UBS took heavy losses in this financial debacle like everyone else, but they seem to be making an honest effort to put things back on track.

My favorite World of Wonder in Civilization was the Colossus. Whoever built the Colossus first enjoyed the ability to move an extra space per turn and could sail across Ocean tiles with Tremes. It seems that Greek ships will have this benefit once again:

Twenty-three centuries after craftsmen carved the legendary statue that has inspired legions of painters, poets, playwrights and politicians, a new world wonder, built in the spirit of the original Colossus, is about to be born on the Aegean island.

After decades of dashed hopes, the people of Rhodes will fulfil a long-held dream to revive one of the world’s seven ancient wonders

Hurray!

You can find out how your Senator voted on the bailout here.

If your senator voted against the bailout, replace him or her as soon as possible!