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Bank bailout unnecessary

The bank bailout is unnecessary is Naked Capitalism’s assessment of Bert Ely’s comments from an interview at Institutional Risk Analytics.

A banking industry expert, Bert Ely, who has a stellar track record in predicting crises and calling false alarms says that the banking industry can handle this mess internally and does not need subsidies. [Source, Naked Capitalism, Banking Expert: Bailout Not Necessary, Industry Can Take Losses]

Update: Bailout has been planned for months and The New York Times says the Issue Is Payback, Not Bailout.

How come he gets horsies?

Update 25Sept2008: Billionaire George Soros says Paulson cannot be allowed a blank check.
Update: Ron Paul lectures Bernanke on the flaws of the bailout plan and the hazard of the attempt to fix prices versus letting them correct naturally in the free market.
Update: Newscoma points to another billionaire, Mark Cuban, who is harsh on the bailout. "The bankers that we hope will reflate the economy with loans to the people and companies who need it ARE THE SAME BANKERS THAT GOT US INTO THIS MESS." Watch for comments at No Silence Here.

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Costco coming to Knoxville

Costco will be tearing down the old BeltsBelz Outlet Mall across from Cotton Eyed Joe off of Lovell Road and building in its location. That’s a little off the beaten path. I didn’t think Costco’s and Sam’s existed in the same markets. It’ll be interesting to see if Knoxville can support Sam’s, Walmart and two BestBuy’s in close proximity. Yes, if you haven’t heard, Turkey Creek is getting a BestBuy. Personally I cannot see the BestBuy on Town and Country Circle surviving.

Little nostalgia. I remember the BeltsBelz Outlet Mall on its last dying legs. Walking through it was almost spooky. It was like the ghost mall. Then years after it was closed, I returned to it with several scouts to help package gifts for Angel Tree children. The moldy, rotting building accentuated the somberness as an Angel Tree volunteer called out the shortages in gifts and donations. Many empty bags were left "organized" on the floor with hopes that gifts would be scrounged for those children. None-the-less, the scouts running about and feeling good that they had helped someone that day reflected echoes of the energetic activity the mall had once known in its halls and particularly in its food court (as the old food court is where the bulk of the Angel Tree activity happened).

Old haunts go to make room for new haunts. I look forward to seeing what Costco brings to Knoxville.

Update 8/13/2008: Belts corrected to Belz thanks to JMT and hiknapster on
Update 1/14/10: I don’t know the status of this project but it may have gone to North Georgia- "Costco identified in secret Catoosa project"
Update 1/21/2011: WATE reports that Costco is still trying to enter the Knoxville market and is considering property at Kingston Pike and Lovell Rd.

…6 News has learned Costco is looking at a potential site at the intersection of Lovell Road and Kingston Pike in West Knox County. … A Costco senior vice president says the discount chain has been interested in the Knoxville market for years, but could never find the right site. He can’t confirm anything until a deal has been signed, but he says they’re getting very close. [Source, WATE, Is Costco coming to Knoxville?]