Cato-at-liberty (Free subscription) | 12/01/2009
In a recent edition of The Region magazine, published by the Federal Reserve Bank of Minneapolis, retiring Minn. Fed President Gary Stern interviews Paul Volcker on a variety of topics. It’s an interview well worth reading, and reminds one why Volcker is one of the more thoughtful voices on economics and finance, even if he isn’t [...]
Netizen News Brief (Free subscription) | 12/01/2009
Subject: txt hcare - sclm mny bbro - That suggests that, at least for some Democrats, huge looming budget deficits are not a bug but a feature. Just as Ronald Reagan hoped that cutting taxes would force politicians to cut spending, these Democrats hope that increasing spending will force politicians to increase taxes to levels common in Western Europe . Never mind that those economies have proved more...
Open Left (Free subscription) | 11/25/2009
Homer began the Iliad, his epic telling of the Trojan War, 'in media res' - in the middle of the affair and then told the story backwards and forwards and it is useful to address the War on Social Insurance in the same way. Because most of the warriors would indignantly deny they were waging any such war at all. So we begin with I.O.U.S.A.: the Movie Wake up, America! We're on the brink of a financial...
Crooks and Liars (Free subscription) | 11/22/2009
DOWNLOADS: (60) PLAYS: (298) MSNBC's Dylan Ratigan talks to Rep. Alan Grayson about the amendment passed by the House Financial Services Committee to allow an independent audit of the Federal Reserve. If Alan Greenspan is not happy about it, I take that as a good sign they did the right thing. It only took putting this country on the edge of financial ruin that we're not out of yet for the S.O.B....
EconomicPolicyJournal.com (Free subscription) | 11/20/2009
The Federal Reserve has been pulling out all stops in its fight to stop Ron Paul's 'Audit the Fed' Bill. The Fed brought former Federal Reserve chairmen Alan Greenspan and Paul Volcker into the fight. They wrote the House Financial Services Committee early this month in opposition to a provision, backed by Ron Paul, and passed yesterday by the Committee, that would expand the congressional
MyDD (Free subscription) | 11/19/2009
The spintasic idea of using the remaining TARP money to payoff a part of the deficit is being laid at Geithner's feed, as his idea. Dean Barker points out that this is a gimmick: Arghhhhhhh! TARP is a loan program, not a spending program. Let's explain the difference so that even a Washington Post editor can understand it. A loan is expected to be paid back. When Congress appropriates money for a...
YID With LID (Free subscription) | 11/18/2009
For months economists have been warning that the President's economic policies could be driving the US into a "double-dip" recession. A "double-dip" recession, occurs when the economy has a recession, emerges from the recession for a short period of growth, and quickly falls back into recession. The recession of the early 1980s is an example of a W-shaped recession. The economy...
Vox Verax (Free subscription) | 11/17/2009
By Rep. Paul Kanjorski RealClearPolitics "Too big to fail" must die. I am preparing legislation to empower federal regulators to rein in and dismantle financial firms that are so large, inter-connected, or risky that their collapse would put at risk the entire American economic system, even if those firms currently appear to be well-capitalized and healthy. Never again should American taxpayers...
The Nation Blogs (Free subscription) | 11/12/2009
When it comes to understanding the real economy and the struggles of ordinary Americans, Senator Bernie Sanders always seems to be ahead of the curve and fighting like hell for Congress to show leadership and be responsive. Now he's doing it once again with his legislation to break up the Too Big To Fail financial institutions that pose a threat to our entire economy. Sanders coined the phrase, "If...
LATICONOMICS (Free subscription) | 11/11/2009
The Real Threat to Fed Independence Unless we shrink large financial conglomerates, we will end up with a socialized banking system. By HENRY KAUFMAN The Federal Reserve in coming years will probably become highly politicized and thus lose its quasi-independent status. This is because of past shortcomings in its policies and, more importantly, of difficult decisions that face it in the year just ahead....
OxBlog (Free subscription) | 11/10/2009
OBAMA WILL CRUISE TO 2012 RE-ELECTION: No, that's not a serious prediction. My real point is about Republicans getting too excited about thrashing the Democrats in 2010. Sure, that's what I'd like to see. But remember what happened during Reagan's first term? That precedent has been on my mind, so I was glad to see that Sam Donaldson and Cokie Roberts were thinking along the same lines. Here's their...
The Guardian (Free subscription) | 11/10/2009
A Tobin transaction tax would be a bold, sensible, social democratic move – so it's a shock to hear the prime minister backing it "Brown retreats on tax plan", the Financial Times splashed yesterday. Balderdash, riposted Downing Street, or words to that effect: "We are resolute." No retreat from taxing financial transactions to repay some of the monstrous debts that casino...
AMERICAblog (Free subscription) | 11/09/2009
NYT's Frank Rich : The Obama administration does not seem to understand that this rage, left unaddressed, could consume it. It has pushed aside the entreaties of many — including Paul Volcker, the chairman of the White House’s own Economic Recovery Advisory Board — to break up too-big-to-fail banks. Those behemoths, cushioned by the government’s bailouts, low-interest loans...
Hullabaloo (Free subscription) | 11/07/2009
Cheney-Rumsfeld Replay by digby Edward Harrison at Naked Capitalism offers up a convincing look at the dynamics that led Obama to choose the path he's chosen in dealing with the financial sector. Here's the conclusion: When historians look back at the Bush 42 presidency, it will be defined by 9/11 and the wars in Iraq and Afghanistan. While George W. Bush was politically pre-disposed to the Neo-con...
AMERICAblog (Free subscription) | 11/05/2009
Earlier this week Paul Volcker said that the US needs to move away from such a heavy reliance on consumer spending to drive the economy. Somehow I think he may have had products like this in mind. Hard to say whether this is better or worse than the Margaritaville machine but I'm sure the teabaggers will love the Freedom Tray .
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