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It cannot have escaped the attention of the casual observer that the US economy is in something of a shambles. Although the recession officially ended in June 2009, persistent jobless rates hovering around a historically high level of 9% have caught the attention of the workforce, economists and politicians. Each of whom, it must [...]  I had a wild notion to go on a hike this morning, but the skies were gray in Fallon, Nevada, with gritty snow flurries settling down reluctantly before dying and turning the streets wet and inhospitable. Cooped up in yet another motel room now for what seems quite a long time between breaks at [...] Walter Russell Meade is in fine fettle, today: Scott Walker move over; San Francisco is the latest front line in the battle against abusive public sector unions. The bluest city in the bluest state in the union has woken up and smelled the latte; generations of extortionate collusion between shamelessly greedy and shortsighted union [...] A number of soon-t0-be exquisitely credentialed Harvard students staged a walk-out of Professor Greg Mankiw’s Economic 10 primer last week, in expression of solidarity with the OWS crowd. They wrote an open-letter explaining their actions to an admiring world: A legitimate academic study of economics must include a critical discussion of both the benefits [...] The Greeks are famously in an uproar at their Socialist government, which has stocked the public service roles with non-functioning functionaires even while going on a borrowing and spending binge to pay for it all. This is by no means unique to the (latest) Papandreaou government: Like most governments which preceded it since the [...] Contrarian billionaire Peter Schiff, who graduated from California’s flagship university, made a fortune in the finance and precious metal markets, and predicted our current economic free fall back in the halcyon days of 2007, went down to Zuccotti Park to engage with the Occupy Wall Street crewe for a little badinage with the squatters. [...] It’s been a little while since a German chancellor spoke this way: Peace should not be taken for granted if the euro fails, German chancellor Merkel told MPs Wednesday (26 October) ahead of the eurozone summit where an increase of the bail-out fund firepower may lead to Germany’s own state assets being taken as [...] The major media outlets are all a-twitter at our president’s new deficit reduction plan. Here’s the WaPo headline: “Obama’s debt-reduction plan: $3 trillion in savings, half from new tax revenue” Note to the editors: If you take money from one person, or a group of people, and give it to another person or group [...] Clinton-era budget chief Alice Rivlin warned Congress of three possible errors they could commit when legislating President Obama’s first stimuless package: Don’t get distracted from the need to jump start the economy by going Christmas shopping (exactly the opposite of “never letting a crisis go to waste”), don’t write expectation checks the economy may [...] In the wake of the financial/housing meltdown, both the American people and the American government found themselves over-extended. The former had over-spent, some of them re-mortgaging to”taking out money” on bubble valued housing stocks, or else – sitting atop a pile of perceived but non-liquid wealth, spent lavishly on credit. When housing prices collapsed [...] |
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