2013 will mark the 100th anniversary of the Fed. What have we got for our money? From Marginal Revolution: Has the Fed Been a Failure? Fair critique of the FED.
Category: economics
Countrywide Never Sent Mortgages to Trust, Now With Help ful Chart.
Countrywide Never Sent Mortgages to Trust, Now With Helpful Chart. « Rortybomb Rortybomb is rarely an easy read. If you make it through you’ll understand more than the TV bobble-heads discussing the problem with the no-paperwork foreclosures.
The high cost of low prices
Whereas Great Depression America valued well-made utilitarian products and understood the inherent danger of bargain culture, Great Recession America prioritizes discounts at the expense of everything else. From The high cost of low prices Great point.
A Mechanical Manifesto
it’s conservative economists who insist that people are always rational and utility-maximizing; liberal economists are the ones willing to invoke bounded rationality, animal spirits, etc.. The whole salt-water fresh-water split was about which you were going to believe: the assumption of perfect maximization, or your own lying eyes. And the Keynesians were the ones who… Continue reading A Mechanical Manifesto
The Politics of Erskine-Bowles
I think that this is a blueprint that conservatives should regard favorably, all things considered. But let’s be clear: The cuts it proposes don’t even remotely “slash the size of government”; they merely slow its future growth. By my back-of-the-envelope calculations, federal revenue has hovered around 18.3 percent of G.D.P. since 1980, breaking 20 percent… Continue reading The Politics of Erskine-Bowles
The Triumph Of Reagan Over Friedman
this is a point I think conservatives who believe they can remain reasonable about macro fail to grasp — this is about philosophy of government. If your bedrock faith is that government is always the problem, never the solution, then you’re not, ultimately, going to be willing to draw a line around the central bank… Continue reading The Triumph Of Reagan Over Friedman
The Hijacked Commission
The goals of reform, as Mr. Bowles and Mr. Simpson see them, are presented in the form of seven bullet points. “Lower Rates” is the first point; “Reduce the Deficit” is the seventh. So how, exactly, did a deficit-cutting commission become a commission whose first priority is cutting tax rates, with deficit reduction literally at… Continue reading The Hijacked Commission
Goat standard, not gold standard
in remote Korawan, … have come up with a novel bank which exclusively deals with goats – accepting the animal as savings and lending it out as loans. “Prema and her friends hailing from Afrozi village have establish a bank which deals exclusively in goats,” development block coordinator Subedar Singh told PTI. … … Continue reading Goat standard, not gold standard
US Trade Deficit is Half Oil
A government official emphasized to me today what should be clear to anyone who follows Calculated Risk’s charts, namely that a huge element of our trade deficit has nothing to do with China or manufacturing but is instead driven by oil: Now it’s not unusual that the US is a net oil importer. Most countries… Continue reading US Trade Deficit is Half Oil
Can liberalism save capitalism from conservatism?
Conservatives have long succeeded in persuading business that they are its friends and liberals are its enemies. In reality, the reverse is true. Liberalism saved American capitalism during the depression, and if American capitalism is to be saved from the Great Recession, liberals will have to rescue it. Modern conservatives claim to be pro-business. But… Continue reading Can liberalism save capitalism from conservatism?