1. Bloomberg discloses information it obtained on banks receiving loans from the Fed. The Bagehot adage is “lend freely, at a penalty rate.” The Fed got the first part.

2. Lee Ohanian argues against the excesses of public sector unions. For all his data, I think he does not address the more fundamental issue. Public sector unions are political organizations with a purpose of advancing the interests of [some] public sector employees against the interests of everyone else. As I have pointed out many times, my county government is a subsidiary of its employee unions, not the other way around. Public sector unions are institutionalized corruption, pure and simple.