An Important Announcement:
Over at Concurring Opinions, Dave Hoffman announces:
Concurring Opinions, like A.I.G. and Fannie Mae/Freddie Mac before it, is now too big too fail. We expect that should our blogging rate slow, or the general market conditions to lead to a run on our host, the Feds will step in ensure market stability.
  Ditto for the Volokh Conspiracy: So many blogs rely on this blog that our problems are really everyone's problems. So yeah, looking back on it, maybe all those crazy parties and trips to Vegas to blow our advertising revenue weren't a good idea. But hey, it's too late for that: We need to think about the public interest now, and the public interest is obviously in government-backed law blogs.
one of your students:
Professor Kerr, I'm also too big to fail. Please keep that in mind when you're grading exams this term.
9.19.2008 4:33pm
Ilya Somin:
I expect the Fed to pony up and finance my next series of blog posts - along with my next vacation.
9.19.2008 4:34pm
one of your students:

Don't worry, no one fails law school. At least as long as you pay your tuition. . . .
9.19.2008 4:37pm
mogden (mail):
It would be disastrous for the quality of our discourse, and hence for the foundation of our society, if I could no longer afford to leave my witty comments on so many sites. Thankfully, I have some pocket lint and fingernail clippings to turn in to the Fed.
9.19.2008 4:37pm
NickM (mail) (www):
Have you marked to market the value of the beers people owe you?

9.19.2008 4:40pm
RW Rogers (mail):
Does this mean the Feds are going to be supplementing your blogposts as well?
9.19.2008 4:41pm
Advertising revenue? I don't see any ads . . .
9.19.2008 4:45pm
astrangerwithcandy (mail):
should VC be nationalized, will prof. volokh remain as chief conspirator?
9.19.2008 4:47pm
The Fed should set up a clearing house for all of the Collateralized Blog Obligations and Comment Default Swaps.
9.19.2008 4:52pm
That's great news for the Volokh Conspiracy debt holders, but the equity holders still loose their shirts in these bailouts. So, I'm curious whether Orin and Ilya are Volokh Conspiracy debt holders or equity holders...
9.19.2008 4:53pm
Perhaps they can just ban negative comments under their new anti-short selling rules. That should improve the mood all over the blogosphere.
9.19.2008 4:53pm
The Cabbage (mail):
If nationalized, will the name be changed to Volkconspiracy?
9.19.2008 4:59pm
Please replace this comment using a gratuitous comparison to either Jesus or Hitler.
9.19.2008 5:04pm
Mark Field (mail):
Since the AIG loan also dismissed the Board, I assume the same terms apply here. When do we meet the new boss?
9.19.2008 5:12pm
John Burgess (mail) (www):
It's wonderful to see that egos are still healthy.

The trick, though, is to convince the Fed that you're too big to fail. Attain that, and all is clear before you!

Bear-Sterns thought it was too big to fail, too. They were wrong.

Now, my continued happiness certainly depends, to some extent, on the continuation of Volokh Conspiracy. I'm not sure the well-being of the global economy so resides, however.
9.19.2008 5:21pm
Cornellian (mail):
I'm sure the EV bloggers all signed off on golden parachutes for each other so that they'll all get their big payday just before the bankruptcy trustee shows up to shut the place down.
9.19.2008 5:29pm
paul lukasiak (mail):
Hey, as a commenter, I'm way too big to fail!

And what about all my research? The AWOL Project? My series on sexism in the exlectorate at Corrette Wire? If I go under, that stuff just disappears!

Unfortunately, I don't know enough about financial markets to know how wrong all this is. What I do know is that I've kept my money OUT of money market accounts, and in bank issued CSs... BECAUSE the money market accounts were not insured. Of course, I got a lower rate of return on my CDs because they were backed by the FDIC.... and now the government is guaranteeing money market funds? SCREW THAT! Those people understood that their money was NOT insured, and if they lose every cent, well, thems is the breaks. As a taxpayer, it REALLY pisses me off that I chose to invest what little money I have conservatively -- and now we're bailing out the people who took risks?
9.19.2008 5:31pm
Zywicki (mail):
"When do we meet the new boss?"

Same as the old boss. Did I mention I have floor seats for The Who on Nov. 3?
9.19.2008 5:32pm
Mark Field (mail):

Did I mention I have floor seats for The Who on Nov. 3?

Not after the bailout you don't. As a taxpayer, though, I'll happily take your tickets in return for my new ownership share.
9.19.2008 5:35pm
Michael Drake (mail) (www):
I'm not on the blogroll, so don't expect any sympathy from me.
9.19.2008 5:48pm
Jmaie (mail):
Homer: Um ... I'll have four taxburgers, one IRSwich — withhold the lettuce — three dependent-size sodas and a FICAccino.

squeaky-voiced teen: Fill out Schedule B. You should receive your burgers in 6 to 8 weeks.
9.19.2008 5:49pm

should VC be nationalized, will prof. volokh remain as chief conspirator?

Hmm... not a natural born citizen... good question....
9.19.2008 6:03pm
Any Conspirators want to buy some Partisan Comment Swaps? I've got tranches with Aces and JF Thomases, packaged up with Cornellians and Clayton Cramers.
9.19.2008 6:05pm
Dave N (mail):

Unless you have some JBG as well, I'm not interested.
9.19.2008 6:16pm
guy in the veal calf office (mail) (www):
No bailout, let a competitor buy up your scraps.
9.19.2008 6:39pm
I'm not concerned. The fundamentals of this blog are strong.
9.19.2008 6:52pm
Ohismith (mail):
Privatize the gain, socialize the loss.
9.19.2008 7:01pm
Duncan Frissell (mail):
You're already government backed since most of the Conspirators are already paid by some government or other.
9.19.2008 7:22pm
Jon Rowe (mail) (www):
I'm a libertarian capitalist. But given what the Fed has just done (and I'm still a libertarian capitalist): I say we do with these businesses what Ralph Nader and Noam Chomsky suggest: Government just nationalized AIG. The taxpayers are going to foot the bill. We need to kick out the fat cats who caused the mess and "the people" "democratically" should decide what to do with the capital. What a boon for democratic socialism all this has been.
9.19.2008 8:13pm
LM (mail):

Don't worry, no one fails law school. At least as long as you pay your tuition. . . .

This is why some people get the big bucks. Even when making an obvious joke, Orin carefully leaves himself wiggle room by not saying, "no one fails my class."
9.19.2008 10:51pm
Visitor Again:
One of the amazing consequences is that Manchester United Football Club, defending European club champions and English Premiership league champions, are now sponsored by the U.S.A. Their jerseys sport a big AIG on the front. Of course United already have private U.S. owners.
9.20.2008 1:16am
LM (mail):
I wonder if McCain appreciates how lucky he is that Phil Grahm stuck his foot in his mouth when he did. Consider how much uglier it would be for McCain to have to spin Grahm being his co-chair now.
9.20.2008 3:27pm
r.friedman (mail):
Federal aid to this blog is on the way -- the Long Conference starts a week from Monday. The silly season will then be over and the normal supply of grist for bloggers' mills will be available.

Over at SCOTUS Blog (which Akin Gump has apparently decided to position as the up-to-the-minute Supreme Court resource, rather than an interactive forum), there is the first slug of cases to watch. Two cases are interesting as they address 4-1-4 decisions:

07-1484 Kemp v. Osage Nation is a replay of Idaho v. Couer d'Alene Tribe (1997) in which Kennedy and O'Connor took different positions on Ex parte Young actions. This will be the first chance for Roberts and Alito to express themselves on a core federalism issue.

07-1523 Lee v. Louisiana is a replay of Apodaca v. Oregon (1972) which allowed non-unanimous felony jury verdicts. In this case, Powell took an idiosyncratic position while Blackmun (who had not yet become Justice Blackmun) joined White, Burger and Rehnquist. Given Scalia's position in Crawford and the Aprendi line of cases, it should go about 7-2.
9.21.2008 12:28am