Market watchers say that small caps, on a valuation basis are cheaper now then they have ever been in history.

Market watchers say that small caps, on a valuation basis are cheaper now then they have ever been in history,

Privatization of assets that most of us consider public goods - like airports and highways - has a long, often-uncontroversial history.

Home ownership was the fig leaf for the rise in subprime lending. But that was really about cash-out refinancings, not buying homes.

The big banks advise cities about whether privatization is a wise choice. They also control the ability of states and cities to access the market for their financing needs.

No city embraced privatization more eagerly than Chicago, where I live.