Me in 1985: The Glass-Steagall Act should be repealed. … Me next week: How are we going to stop all these consolidated financial entities from taking advantage of deposit insurance and other public sector guarantees? From Marginal Revolution: The Glass-Steagall Act: A History of Thought Sad and funny. A rare combo for an economics blog.
Category: economics
A Modest Proposal for Ending Socialized Capitalism
Socialized capitalism of the sort the Fed and the Treasury are now practicing, consisting of private gains and public losses, is untenable. On the other hand, it’s also true that giant Wall Street investments banks as well as Fannie Mae and Freddie Mac are too big to fail. From Robert Reich’s Blog: A Modest Proposal… Continue reading A Modest Proposal for Ending Socialized Capitalism
The Burger King and The Tomato Serfs
In 2005, Florida tomato pickers gained their first significant pay raise since the late 1970s when Taco Bell ended a consumer boycott by agreeing to pay an extra penny per pound for its tomatoes, with the extra cent going directly to the farm workers. Last April, McDonald’s agreed to a similar arrangement, increasing the wages… Continue reading The Burger King and The Tomato Serfs
The tax cut ratchet
notice that everything that happens is good for tax cuts. If the economy is growing, and tax receipts are rising, then it shows that past tax cuts achieved wonders, plus the Laffer curve is right so let’s cut taxes some more! If the economy is shrinking, well, it needs a boost and what… Continue reading The tax cut ratchet
Carbon Socialists
Yeah, OK, OK. Well, I think – I mean, I think Gore would have been a disaster as president. We’d have been living in the Dark Ages. I think he’s fundamentally hostile to human civilization. And a phony. From Media Matters – Carlson: If Al Gore were president, “[w]e’d … be living in yurts in… Continue reading Carbon Socialists
Alternative Tax Showdown
Under current tax law, 23 million taxpayers will owe the alternative tax for 2007, up from 4 million last year. The tax was originally intended to apply to multimillionaires. But most of this year’s alternative taxpayers make between $100,000 and $500,000 and about a third make less than $100,000. They all have good cause to… Continue reading Alternative Tax Showdown
Nearly half think U.S. in recession
Nearly half of Americans feel the U.S. economy is in a recession, marked by a significant decline in economic activity, according to a survey released Thursday. From CNN.com – CNN Political Ticker Poll: Nearly half think U.S. in recession « File this under WTF. We are not in a recession. While I think it is… Continue reading Nearly half think U.S. in recession
Republicans Grow Skeptical On Free Trade
By a nearly two-to-one margin, Republican voters believe free trade is bad for the U.S. economy, a shift in opinion that mirrors Democratic views and suggests trade deals could face high hurdles under a new president. From Republicans Grow Skeptical On Free Trade – WSJ.com File this under WTF. Three things come to mind: Opinions… Continue reading Republicans Grow Skeptical On Free Trade
When the Fed says X, they really mean Y
The Fed typically convenes every month to discuss interest rates. It is not only the action (whether rates are raised, lowered, or held constant), but also the accompanying “statement” which is of interest to investors and analysts. In its statement, the Fed may signal both its motivation for the current policy decision as well as… Continue reading When the Fed says X, they really mean Y
Off-Peak Discounts May Be Part of M.T.A. Fare Increase
Under this proposal, a person who buys a pay-per-ride MetroCard would be charged $2 to ride the subway or bus during the morning and evening peak periods. Travel during off-peak periods, including midday, would cost $1.50. Off-Peak Discounts May Be Part of M.T.A. Fare Increase – City Room – Metro – New York Times Blog… Continue reading Off-Peak Discounts May Be Part of M.T.A. Fare Increase