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?
Stopping GOP bailouts and GOP socialism
Can we borrow a page from the tea party and start referring to the corporate subsidies and tax breaks to the energy, defense and agribusiness firms as bailouts? And any no-bid or closed-door contract as a take-over? And any new program or spending as socialism? I realize that this is a cynical way of doing it, but why not take… Continue reading Stopping GOP bailouts and GOP socialism
QE Is Not CM
QE is basically expansionary monetary policy, no different in its effects (if it works) from reducing the policy interest rate. Yes, it tends to weaken the exchange rate; but it also increases domestic demand. China is engaged in currency manipulation, that is, buying foreign currency to keep the yuan weak; meanwhile, it is actually moving… Continue reading QE Is Not CM
DST is a hoax.
Adjusting our clocks has no effect on the amount of sunlight that reaches the earth.
How to understand Fox News
To begin with, bluntly, Fox is part of the Republican Party. American political parties are made up of both formal organizations (such as the RNC) and informal networks. Fox News Channel, then, is properly understood as part of the expanded Republican Party, just like Hill staff of GOP Members of Congress, or pollsters who only… Continue reading How to understand Fox News
Keith Olbermann SUSPENDED From MSNBC Indefinitely Without Pay
MSNBC has suspended star anchor Keith Olbermann following the news that he had donated to three Democratic candidates this election cycle. From Keith Olbermann SUSPENDED From MSNBC Indefinitely Without Pay What and idiotic thing to Mr. Olbermann to do. This is exactly the kind of thing that he would use for his worst person segment.
House Republicans sabotaging Michele Bachmann’s dreams
Bachmann seeks a House leadership position. Specifically, she wants to be the chairwoman of the House Republican Conference – the fourth-ranking Republican leadership post in the House, and a position once held by John Boehner, Dick Cheney, and Jack Kemp. There’s just one slight problem: She’s a prominent national Republican solely because she says insane… Continue reading House Republicans sabotaging Michele Bachmann’s dreams
Republicans begin carving up bank reform
The great irony here is that the Volcker rule was the Obama administration’s direct response to the upset election of Republican Scott Brown in Massachusetts. Brown capitalized on anger against the bank bailout in his successful campaign, and the White House correctly realized it needed a course correction that signaled a stronger line against the… Continue reading Republicans begin carving up bank reform
Bachmann lies about Obama Trip, GOP Silly Season off to a running start
Rep. Bachmann ® leading the charge against the (made up) cost of Obama’s trip to India. From Lying Liar Watch Catching GOP lies in real time.