Superpacs are a threat to democracy. They give extra weight to those with money.
Saturday, December 31, 2011
Friday, December 30, 2011
Questioning the Boomerang Generation - Room for Debate - NYTimes.com
Solid research disproves a meme now in the media; the number of singles living on their own (versus living with parents) is higher, despite poor economic conditions.
The Dumbest Idea In The World
“On the face of it, shareholder value is the dumbest idea in the world. Shareholder value is a result, not a strategy… your main constituencies are your employees, your customers and your products.
N.Y.C. Traffic Deaths Set 100-Year Low, Mayor Says - NYTimes.com
Drivers of Our Better Nature.
Absolute number of traffic deaths is at a new low.
Fewer died than in 1910, before the age of autos.
Tax Breaks From Options a Windfall for Businesses - NYTimes.com
Another reason to eliminate tax accounting for business. Just use sec accounting and apply a tax rate.
U.S. Manufacturing Gains Jobs as Wages Retreat - NYTimes.com
Chinese wage advantage is disappearing as Chinese wages fall and U.S. wages and productivity rises.
Thursday, December 29, 2011
Tuesday, December 27, 2011
How to Fix Group Projects,
How school might work if it was set up to imitate work.
Monday, December 26, 2011
Sunday, December 25, 2011
Notes From Mitt Romney’s 1978 Presentation - Document - NYTimes.com
Only at HBS. Not only the content of the presentation but the fact that someone took notes at a reunion.
Saturday, December 24, 2011
Why Pilot Projects Fail
Not all pilot projects fail, but this is a summary of the risks.
Trials and Errors: Why Science Is Failing Us
This is not the failure of science. This is science.
And yet, we must never forget that our causal beliefs are defined by their limitations. For too long, we’ve pretended that the old problem of causality can be cured by our shiny new knowledge. If only we devote more resources to research or dissect the system at a more fundamental level or search for ever more subtle correlations, we can discover how it all works. But a cause is not a fact, and it never will be; the things we can see will always be bracketed by what we cannot. And this is why, even when we know everything about everything, we’ll still be telling stories about why it happened. It’s mystery all the way down.
Economic geography: Moving toward stagnation | The Economist
High land prices slow population growth, and productivity growth in the most productive geographies.
Economic geography: Moving toward stagnation | The Economist:
The picture that emerges is one in which employment growth in high productivity, tradable industries is constrained at the rate of housing supply growth in skilled cities. And that rate is slow; for much of the past decade, Houston approved about ten times more new housing each year than San Jose. Value creation in high productivity cities continues, but a lot of that value is siphoned off through taxes and transfered to residents of low productivity cities, who use it to buy non-tradable services. That dynamic would seem to be the main mechanism through which America has been generating net job growth over the past two decades.
Friday, December 23, 2011
Thursday, December 22, 2011
At Wal-Mart a Microcosm of U.S. Inequalities:
Six Waltons, none of whom work, are in the top ten of richest in US.
Wednesday, December 21, 2011
Romney-Gingrich Bid to Pin Crisis
Republican candidates refuse to accept the facts about the causes of the current crisis. How can they solve it if they refuse to face the reality?
Romney-Gingrich Bid to Pin Crisis on Gov’t - Bloomberg
Romney-Gingrich Bid to Pin Crisis on Gov’t - Bloomberg
Pathetic Plutocrats
One of the disadvantages of being very wealthy may be that you end up surrounded by sycophants, who will never, ever tell you what a fool you’re making of yourself.
Pathetic Plutocrats - NYTimes.com:
Pathetic Plutocrats - NYTimes.com:
Origins of the Tea Party
Tea Party reflects many of the principles of the old Confederacy.
Robert Reich (Why the Republican Crackup is Bad For America)
Robert Reich (Why the Republican Crackup is Bad For America)
Tuesday, December 20, 2011
Monday, December 19, 2011
Ron Paul And The Republican Future - The Dish | By Andrew Sullivan - The Daily Beast
Ron Paul And The Republican Future - The Dish | By Andrew Sullivan - The Daily Beast:
Ron Paul is wrong about a lot, but he is right about this:
We have to move back from a Department of Offense and Empire to a Department of Defense and Security. We need to let go of paranoia. The cycle of fear has already done immeasurable damage to the constitution, the economy and regional stability and security (watch Iraq and Afghanistan implode in the next few years).
Ron Paul is wrong about a lot, but he is right about this:
We have to move back from a Department of Offense and Empire to a Department of Defense and Security. We need to let go of paranoia. The cycle of fear has already done immeasurable damage to the constitution, the economy and regional stability and security (watch Iraq and Afghanistan implode in the next few years).
Sunday, December 18, 2011
Wednesday, December 14, 2011
Tuesday, December 13, 2011
Monday, December 12, 2011
Sunday, December 11, 2011
You Say You Want a Devolution?
Cultural history has ended?
My 20 year old Jeep does not stand out in the parking lot.
You Say You Want a Devolution? | Style | Vanity Fair
My 20 year old Jeep does not stand out in the parking lot.
You Say You Want a Devolution? | Style | Vanity Fair
John Cochrane's Talk at Hoover:
John Cochrane's Talk at Hoover: His Version, David Henderson | EconLog | Library of Economics and Liberty:
For nearly 100 years we have tried to stop runs with government guarantees--deposit insurance, generous lender of last resort, and bailouts. That patch leads to huge moral hazard. Giving a banker a bailout guarantee is like giving a teenager keys to the car and a case of whisky. So, we appoint regulators who are supposed to stop the banks from taking risks, in a hopeless arms race against smart MBAs, lawyers and lobbyists who try to get around the regulation, and though we allow-nay, we encourage and subsidize--expansion of run-prone assets.
For nearly 100 years we have tried to stop runs with government guarantees--deposit insurance, generous lender of last resort, and bailouts. That patch leads to huge moral hazard. Giving a banker a bailout guarantee is like giving a teenager keys to the car and a case of whisky. So, we appoint regulators who are supposed to stop the banks from taking risks, in a hopeless arms race against smart MBAs, lawyers and lobbyists who try to get around the regulation, and though we allow-nay, we encourage and subsidize--expansion of run-prone assets.
Friday, December 09, 2011
No. 9 UConn Beats No. 25 Harvard
No. 9 UConn Beats No. 25 Harvard - NYTimes.com:
Harvard was trying for its first 9-0 start to a season since winning the first 10 in 04-05, 1904-05
Harvard was trying for its first 9-0 start to a season since winning the first 10 in 04-05, 1904-05
Thursday, December 08, 2011
Wednesday, December 07, 2011
Calculated Risk: Labor Force Participation Rate by Age Group
Labor force participation is falling not within particular age buckets (except for the student age) but it is falling as more people, the baby boomers, move on to the next bucket.
Calculated Risk: Labor Force Participation Rate by Age Group
Calculated Risk: Labor Force Participation Rate by Age Group
$7.77 trillion in secret Federal Reserve loans to banks?
Why can't we have better comedians?
Econbrowser: $7.77 trillion in secret Federal Reserve loans to banks?
Econbrowser: $7.77 trillion in secret Federal Reserve loans to banks?
Tuesday, December 06, 2011
Democrats Dare Not "Abandon" the White Working Class
RealClearPolitics - Democrats Dare Not "Abandon" the White Working Class:
The Great Recession provided Democrats a chance to reconnect with working and middle-class whites. But this chance was squandered by the end of 2009. Obama focused his first year on the Democratic issue of the age (universal health care) instead of the issue of the time (the dire economy). That mistake, like progressives’ over-reading of Obama’s 2008 victory, continues to distort Democrats’ understanding of the daunting electoral terrain before them.
The Great Recession provided Democrats a chance to reconnect with working and middle-class whites. But this chance was squandered by the end of 2009. Obama focused his first year on the Democratic issue of the age (universal health care) instead of the issue of the time (the dire economy). That mistake, like progressives’ over-reading of Obama’s 2008 victory, continues to distort Democrats’ understanding of the daunting electoral terrain before them.
More Public Sector Workers Are Retiring?
We need a better press corps. This paragraph, one of the only data points in the story, contradicts the premise of the entire article. Don't they use editors at the NYT?
But a broad survey of about 100 public retirement systems suggests a rate of retirement that has remained within a relatively steady range in recent years, said Keith Brainard, research director for the National Association of State Retirement Administrators. “Before I would call this a trend, it would need to continue for another year or two,” he said.
More Public Sector Workers Are Retiring - NYTimes.com:
But a broad survey of about 100 public retirement systems suggests a rate of retirement that has remained within a relatively steady range in recent years, said Keith Brainard, research director for the National Association of State Retirement Administrators. “Before I would call this a trend, it would need to continue for another year or two,” he said.
More Public Sector Workers Are Retiring - NYTimes.com:
Monday, December 05, 2011
Khan Academy Blends Its YouTube Approach With Classrooms
Khan is on to something. There are more classrooms than there are great teachers. This allows teachers to scale.
Khan Academy Blends Its YouTube Approach With Classrooms - NYTimes.com
Khan Academy Blends Its YouTube Approach With Classrooms - NYTimes.com
Sunday, December 04, 2011
Why do stocks trade so much?
There are many investors with different time horizons, different risk profiles and different estimates of their own alpha.
Noahpinion: Harrison & Kreps 1978: The power of irrational expectations
Noahpinion: Harrison & Kreps 1978: The power of irrational expectations
Saturday, December 03, 2011
Friday, December 02, 2011
Anyone but Mitt Romney
Cool graphical display of information.
Anyone but Mitt Romney graphic: The GOP nomination race so far | News | National Post
Anyone but Mitt Romney graphic: The GOP nomination race so far | News | National Post
Success and Morality in a Market Economy
EconoSpeak: Success and Morality in a Market Economy:
In a community regulated by laws of demand and supply, but protected from open violence, the persons who become rich are, generally speaking, industrious, resolute, proud, covetous, prompt, methodical, sensible, unimaginative, insensitive, and ignorant. �The persons who remain poor are the entirely foolish, the entirely wise, the idle, the reckless, the humble, the thoughtful, the dull, the imaginative, the sensitive, the well-informed, the improvident, the irregularly and impulsively wicked, the clumsy knave, the open thief, and the entirely merciful, just, and godly person.
In a community regulated by laws of demand and supply, but protected from open violence, the persons who become rich are, generally speaking, industrious, resolute, proud, covetous, prompt, methodical, sensible, unimaginative, insensitive, and ignorant. �The persons who remain poor are the entirely foolish, the entirely wise, the idle, the reckless, the humble, the thoughtful, the dull, the imaginative, the sensitive, the well-informed, the improvident, the irregularly and impulsively wicked, the clumsy knave, the open thief, and the entirely merciful, just, and godly person.
Drilling Down - Fighting Over Oil and Gas
Another example of why inequality grows in America. There is a large difference between the negotiating power of a large corporation and individuals. Without regulation, there is room for abuse.
Drilling Down - Fighting Over Oil and Gas Well Leases - NYTimes.com
Drilling Down - Fighting Over Oil and Gas Well Leases - NYTimes.com
Thursday, December 01, 2011
Lots of Questions for the Fed
Yesterday's action was good for the 1%.
"The action leaves some important matters unchanged. No government has brought its budget under control. No political impasse has been broken. No bank has become better capitalized. No wages within the euro zone have adjusted to address their misalignment. And yet the markets are in a state of euphoria. It is like watching Ben Bernanke play Peter Pan, the European banks as an ailing Tinkerbell, and the stock market as the audience, fervently proclaiming "We believe in fairies!""
Lots of Questions for the Fed - Room for Debate - NYTimes.com
"The action leaves some important matters unchanged. No government has brought its budget under control. No political impasse has been broken. No bank has become better capitalized. No wages within the euro zone have adjusted to address their misalignment. And yet the markets are in a state of euphoria. It is like watching Ben Bernanke play Peter Pan, the European banks as an ailing Tinkerbell, and the stock market as the audience, fervently proclaiming "We believe in fairies!""
Lots of Questions for the Fed - Room for Debate - NYTimes.com
Congress push to relax US securities laws
Incredible that some believe less regulation of securities business will result in better outcomes. Where were they in 2008?
Congress push to relax US securities laws - FT.com
Congress push to relax US securities laws - FT.com
Wednesday, November 30, 2011
Austan Goolsbee on why the euro zone won’t survive - The Washington Post
Important insight: Germany is like China.
Germany used its undervalued currency (euro) to increase exports. Its growth has come on the backs of Southern Europe.
Austan Goolsbee on why the euro zone won’t survive - The Washington Post
Germany used its undervalued currency (euro) to increase exports. Its growth has come on the backs of Southern Europe.
Austan Goolsbee on why the euro zone won’t survive - The Washington Post
Debt Growth
I like the line about plush lobbies as a signal for long term stability.
Nick Rowe Asks About Debt Growth, Arnold Kling | EconLog | Library of Economics and Liberty
Nick Rowe Asks About Debt Growth, Arnold Kling | EconLog | Library of Economics and Liberty
Tuesday, November 29, 2011
How Brooklyn Got Its Groove Back by Kay S. Hymowitz, City Journal Autumn 2011
Brooklyn gets its groove, but employment does not come back...
How Brooklyn Got Its Groove Back by Kay S. Hymowitz, City Journal Autumn 2011
How Brooklyn Got Its Groove Back by Kay S. Hymowitz, City Journal Autumn 2011
How Paulson Gave Hedge Funds Advance Word
Crony capitalism at its best. Paulson meets with hedge funds.
How Paulson Gave Hedge Funds Advance Word - Bloomberg
How Paulson Gave Hedge Funds Advance Word - Bloomberg
Monday, November 28, 2011
The Eurozone must not “move forward”
Surprising fact of the day: Germany is as rich as Alabama or Arkansas.
TheMoneyIllusion � The Eurozone must not “move forward”:
Many people seem to be under the illusion that Germany is a rich country.� It isn’t.� It’s a thrifty country.� German per capita income (PPP) is more than 20% below US levels, below the level of Alabama and Arkansas.� If you consider those states to be “rich,” then by all means go on calling Germany a rich country.�
TheMoneyIllusion � The Eurozone must not “move forward”:
Many people seem to be under the illusion that Germany is a rich country.� It isn’t.� It’s a thrifty country.� German per capita income (PPP) is more than 20% below US levels, below the level of Alabama and Arkansas.� If you consider those states to be “rich,” then by all means go on calling Germany a rich country.�
The Magic of Education
Caplan on the signaling model of education.
The Magic of Education, Bryan Caplan | EconLog | Library of Economics and Liberty
The Magic of Education, Bryan Caplan | EconLog | Library of Economics and Liberty
Vasily Alekseyev, 69, Champion Weight Lifter, Dies - NYTimes.com
One of the favorite athletes of my youth.
Vasily Alekseyev, 69, Champion Weight Lifter, Dies - NYTimes.com
Vasily Alekseyev, 69, Champion Weight Lifter, Dies - NYTimes.com
Friday, November 25, 2011
Thursday, November 24, 2011
Tuesday, November 22, 2011
We have to do better on inequality
On crony capitalism from a crony capitalist.
We have to do better on inequality - FT.com
From the comments:
"What next? John Corzine opining on recommendations for Risk Management and Operational Controls?"
We have to do better on inequality - FT.com
From the comments:
"What next? John Corzine opining on recommendations for Risk Management and Operational Controls?"
Dirty Jobs Don't Have to Be Lousy Jobs
Finding workers for jobs that "only immigrants will do" is a demand problem, not a supply problem. Those businesses need to raise wages.
RealClearPolitics - Dirty Jobs Don't Have to Be Lousy Jobs
RealClearPolitics - Dirty Jobs Don't Have to Be Lousy Jobs
Monday, November 21, 2011
Saturday, November 19, 2011
Wednesday, November 16, 2011
Steve Sailer's iSteve Blog: $1.6 million paid to historian: Nice work if you can get it
A good definition of crony capitalism. Paying off politicians when they retire signals current politians to behave so they, too, will receive money when they retire.
Steve Sailer's iSteve Blog: $1.6 million paid to historian: Nice work if you can get it:
Gingrich was out of power at the time, so this wasn't a direct bribe, it was more an attempt to mold opinion to keep Freddie respectable by buying the friendship of a voluble famous guy, with maybe some big payoff down the road if Gingrich made a political comeback. Moreover, paying Gingrich a lot after he was out of office serves to encourage the others in office to be nice to Freddie now in the hopes that they too can get what's coming to them down the road.�
Steve Sailer's iSteve Blog: $1.6 million paid to historian: Nice work if you can get it:
Gingrich was out of power at the time, so this wasn't a direct bribe, it was more an attempt to mold opinion to keep Freddie respectable by buying the friendship of a voluble famous guy, with maybe some big payoff down the road if Gingrich made a political comeback. Moreover, paying Gingrich a lot after he was out of office serves to encourage the others in office to be nice to Freddie now in the hopes that they too can get what's coming to them down the road.�
Gingrich Was Paid ~$1.7M From GSEs
Gingrich claims he was a historian and not a lobbiest.
Gingrich Was Paid ~$1.7M From GSEs | The Big Picture
Gingrich Was Paid ~$1.7M From GSEs | The Big Picture
Heavier Cars Kill
This could also be titled, "Why Gas Mileage Does not Improve".
CONVERSABLE ECONOMIST: Heavier Cars Kill
CONVERSABLE ECONOMIST: Heavier Cars Kill
Tuesday, November 15, 2011
Is America following Japan?:
At this point, becoming like Japan would seem like a win.
Is America following Japan?: Two things to remember about Japan | The Economist
Is America following Japan?: Two things to remember about Japan | The Economist
One Secret Buffett Gets to Keep
Crony capitalism: why do bigger investors get this privilege? Because they are big.
One Secret Buffett Gets to Keep - NYTimes.com
One Secret Buffett Gets to Keep - NYTimes.com
Monday, November 14, 2011
Copyright Protection
This article is about music, but might be applicable to health care as well. Incumbents will lose if copyright protection is loosened. It is not clear, however, if quality has to suffer.
Was Napster the day the music died? | vox - Research-based policy analysis and commentary from leading economists:
While the traditional purveyors of recorded music – the major record labels – have suffered since Napster, good music has continued to make its way to market. Independent labels account for a growing share of successful music, measured both by critical acclaim and sales. While many producers of recorded music have been made worse off by changes in technology, there is no evidence that the volume of high-quality music, or consumers, have suffered. Many caveats are in order, however. Chiefly, it is not clear whether the results extend to other content industries where creation remains quite expensive. But the results are a reminder that an evaluation of copyright policy should be cognisant of its effects on both producers and consumers.
Was Napster the day the music died? | vox - Research-based policy analysis and commentary from leading economists:
While the traditional purveyors of recorded music – the major record labels – have suffered since Napster, good music has continued to make its way to market. Independent labels account for a growing share of successful music, measured both by critical acclaim and sales. While many producers of recorded music have been made worse off by changes in technology, there is no evidence that the volume of high-quality music, or consumers, have suffered. Many caveats are in order, however. Chiefly, it is not clear whether the results extend to other content industries where creation remains quite expensive. But the results are a reminder that an evaluation of copyright policy should be cognisant of its effects on both producers and consumers.
College Tuition, Student Loans, and Unemployment :
College is not a "bubble". Work hard boys.
College Tuition, Student Loans, and Unemployment : The New Yorker
College Tuition, Student Loans, and Unemployment : The New Yorker
Saturday, November 12, 2011
Eddie Murphy: The Rolling Stone Interview | Movies News | Rolling Stone
Eddie Murphy: The Rolling Stone Interview | Movies News | Rolling Stone:
Eddy Murphy at 50:
My whole shit revolves around having this peace of mind. It's peaceful, quiet, that's my day-to-day. I play my guitar, hang out with my girl. My kids went to their mom's this week. I'm chilling, no stress. After all these years, I've done well and I'm cool. I feel comfortable in my skin, I've saved some paper, everybody's healthy, my kids are beautiful and smart, doing different things, it's all good. I'm trying to maintain my shit like this, and do a fun project every now and then.
Eddy Murphy at 50:
My whole shit revolves around having this peace of mind. It's peaceful, quiet, that's my day-to-day. I play my guitar, hang out with my girl. My kids went to their mom's this week. I'm chilling, no stress. After all these years, I've done well and I'm cool. I feel comfortable in my skin, I've saved some paper, everybody's healthy, my kids are beautiful and smart, doing different things, it's all good. I'm trying to maintain my shit like this, and do a fun project every now and then.
Boston Review — Lawrence Lessig and David V. Johnson: Reclaiming the Republic
Boston Review — Lawrence Lessig and David V. Johnson: Reclaiming the Republic:
Why did we create a Congress?” The framers didn’t sit down and set up a Congress so they could imagine these 535 independent contractors all arbitraging fundraising opportunities. If that’s what the institution is, then let’s just shut it down.
Why did we create a Congress?” The framers didn’t sit down and set up a Congress so they could imagine these 535 independent contractors all arbitraging fundraising opportunities. If that’s what the institution is, then let’s just shut it down.
Friday, November 11, 2011
The Republican Party’s Mitt Romney problem - The Washington Post
The Republican Party’s Mitt Romney problem - The Washington Post:
Important insight into the current state of political parties.
"As we theorize,” write the half dozen political scientists who collaborated on “A Theory of Political Parties,” published this year, “parties no longer compete to win elections by giving voters the policies voters want. Rather, as coalitions of intense policy demanders, they have their own agendas and aim to get voters to go along.”
Important insight into the current state of political parties.
"As we theorize,” write the half dozen political scientists who collaborated on “A Theory of Political Parties,” published this year, “parties no longer compete to win elections by giving voters the policies voters want. Rather, as coalitions of intense policy demanders, they have their own agendas and aim to get voters to go along.”
Wednesday, November 09, 2011
News and Events - Narayana Kocherlakota Speech - Looking Back at Four Years of Federal Reserve Actions - November 8, 2011 | The Federal Reserve Bank of Minneapolis
News and Events - Narayana Kocherlakota Speech - Looking Back at Four Years of Federal Reserve Actions - November 8, 2011 | The Federal Reserve Bank of Minneapolis:
Narayana Kocherlakota, President of Fed Bank of Minneapolis, thinks that the Fed dual mandate is invalid because it is hard. At least we get an explanation about why the Fed seems to care more about inflation than employment.
An important and ongoing communications challenge for the FOMC is that it is much harder to quantify the maximum employment mandate than the price stability mandate. Changes in minimum wage policy, demography, taxes and regulations, technological productivity, job market efficiency, unemployment insurance benefits, entrepreneurial credit access and social norms all influence what we might consider “maximum employment.” Trying to offset these changes in the economy with monetary policy can lead to a dangerous drift in inflationary expectations and ultimately in inflation itself."
Narayana Kocherlakota, President of Fed Bank of Minneapolis, thinks that the Fed dual mandate is invalid because it is hard. At least we get an explanation about why the Fed seems to care more about inflation than employment.
An important and ongoing communications challenge for the FOMC is that it is much harder to quantify the maximum employment mandate than the price stability mandate. Changes in minimum wage policy, demography, taxes and regulations, technological productivity, job market efficiency, unemployment insurance benefits, entrepreneurial credit access and social norms all influence what we might consider “maximum employment.” Trying to offset these changes in the economy with monetary policy can lead to a dangerous drift in inflationary expectations and ultimately in inflation itself."
The King of Human Error
Michael Lewis reviews Kahneman's latest book, Thinking Fast and Slow. The book is a summary of the work of Kahneman's career. One which he was hesitant to write.
The King of Human Error | Business | Vanity Fair
The King of Human Error | Business | Vanity Fair
Tuesday, November 08, 2011
Chinese bubble bursting
Chinese bubble bursting: A probable non-event � naked capitalism:
The end of the Chinese housing bubble will not be a disaster because the Chinese technocrats will know how to respond.
"Yes, the property bubble in China looks like its bursting. But no, this will probably not prove to be a catastrophe. Instead, we in the West are going to get schooled once again, when our Eastern ‘comrades’ show us just how to run an advanced capitalist economy. History, eh? It’s just one big irony."
The end of the Chinese housing bubble will not be a disaster because the Chinese technocrats will know how to respond.
"Yes, the property bubble in China looks like its bursting. But no, this will probably not prove to be a catastrophe. Instead, we in the West are going to get schooled once again, when our Eastern ‘comrades’ show us just how to run an advanced capitalist economy. History, eh? It’s just one big irony."
Monday, November 07, 2011
On the Ropes with Herman Cain - NYTimes.com
On the Ropes with Herman Cain - NYTimes.com:
The power of charisma:
"Cain also likes to tell his audience that callers to his show went from “concerned” to “frightened” for the nation’s future. This, too, is true. More than any other candidate, Cain has managed to connect to those Americans — yet, unlike Sarah Palin, he has done it by unleashing optimism rather than bitterness. He can articulate a crowd’s worst fears — America is falling apart, weakening in the world, suffering economic carnage — and then reassure everyone that, no worries, we can fix it. If any candidate were able to relate to voters in this way and have a clue what he or she was talking about (there, in Cain’s case, is the rub), that person would be unstoppable."
The power of charisma:
"Cain also likes to tell his audience that callers to his show went from “concerned” to “frightened” for the nation’s future. This, too, is true. More than any other candidate, Cain has managed to connect to those Americans — yet, unlike Sarah Palin, he has done it by unleashing optimism rather than bitterness. He can articulate a crowd’s worst fears — America is falling apart, weakening in the world, suffering economic carnage — and then reassure everyone that, no worries, we can fix it. If any candidate were able to relate to voters in this way and have a clue what he or she was talking about (there, in Cain’s case, is the rub), that person would be unstoppable."
Sunday, November 06, 2011
Who is against individual responsibility? — Marginal Revolution
Who is against individual responsibility? — Marginal Revolution:
From the comments, a good summary of OWS:
"Compare the common summary of the attitude of 99% protesters – “I worked hard given the system and I didn’t get what the system promised me – and someone else flouted the social contract and was amply rewarded for it” – which doesn’t actually conflict with tripartite of initiative, hard work, and individual responsibility. Rather the disagreement is over what one should be responsible [i]for[/i]. If the state of nature doesn’t reward hard work, then the state of men must do so."
From the comments, a good summary of OWS:
"Compare the common summary of the attitude of 99% protesters – “I worked hard given the system and I didn’t get what the system promised me – and someone else flouted the social contract and was amply rewarded for it” – which doesn’t actually conflict with tripartite of initiative, hard work, and individual responsibility. Rather the disagreement is over what one should be responsible [i]for[/i]. If the state of nature doesn’t reward hard work, then the state of men must do so."
RealClearPolitics - Excessive CEO Pay and Job Losses: Are They Linked?
OWS is changing the conversation. I would never have expected an article of this tone on RCP.
RealClearPolitics - Excessive CEO Pay and Job Losses: Are They Linked?
RealClearPolitics - Excessive CEO Pay and Job Losses: Are They Linked?
Fatty Foods Addictive as Cocaine in Growing Body of Science - Bloomberg
Fatty Foods Addictive as Cocaine in Growing Body of Science - Bloomberg:
Good science or too much of a nanny state.
"Cupcakes may be addictive, just like cocaine."
Good science or too much of a nanny state.
"Cupcakes may be addictive, just like cocaine."
Saturday, November 05, 2011
Friday, November 04, 2011
Japan Marks 6 Months Since Earthquake, Tsunami | The Big Picture
Big government works. The debris has been cleared. Rebuilding has yet to begin.
Japan Marks 6 Months Since Earthquake, Tsunami | The Big Picture
Japan Marks 6 Months Since Earthquake, Tsunami | The Big Picture
Thursday, November 03, 2011
How much does downloading a book increase the weight of your Kindle? — Marginal Revolution
Answers to questions that you would never think to ask.
Five grim and essential lessons for world leaders - FT.com
Summers seems to have gotten a lot smarter since he left the government.
280 Big Public Firms Paid Little U.S.
Another reason why OWS protests make sense.
Wednesday, November 02, 2011
Tuesday, November 01, 2011
Robert Reich (The Occupiers' Responsive Chord)
Demonstrations make a difference. They are changing the content and tone of the debate about inequality.
Monday, October 31, 2011
‘Reshoring’ jobs from China won’t happen - FT.com
The math of reshoring does not look so good. Chinese wages are still low in simple manufacturing, productivity is still growing in higher value added manufacturing.
Social Security Bait And Switch,
Social Security Bait And Switch, A Continuing Series - NYTimes.com:
In legal terms, the program is funded not just by today’s payroll taxes, but by accumulated past surpluses — the trust fund. If there’s a year when payroll receipts fall short of benefits, but there are still trillions of dollars in the trust fund, what happens is, precisely, nothing — the program has the funds it needs to operate, without need for any Congressional action.
Alternatively, you can think about Social Security as just part of the federal budget. But in that case, it’s just part of the federal budget; it doesn’t have either surpluses or deficits, no more than the defense budget.
Alternatively, you can think about Social Security as just part of the federal budget. But in that case, it’s just part of the federal budget; it doesn’t have either surpluses or deficits, no more than the defense budget.
Sunday, October 30, 2011
Thursday, October 27, 2011
Best Steve Jobs Quotes From Biography
Best Steve Jobs Quotes From Biography
“You don’t make plans more than a year out, and that’s bad. You need to force yourself to plan as if you will live for many years.”
Read more: http://www.businessinsider.com/best-steve-jobs-quotes-from-biography-2011-10?op=1#ixzz1byduftNZ
“You don’t make plans more than a year out, and that’s bad. You need to force yourself to plan as if you will live for many years.”
Read more: http://www.businessinsider.com/best-steve-jobs-quotes-from-biography-2011-10?op=1#ixzz1byduftNZ
Crisis in industry
The crisis has been a long time coming. It was done by different players (specialists) and with different tools.
Wednesday, October 26, 2011
The Power of Leverage
One reason why the top .1 percent has been able to grow their wealth is that they understand the power of leverage.
" Imagine that in 1990 bank CEO pay had been indexed to bank ROE. By 2007, CEO compensation would have reached $26 million. That is precisely in line with their actual payouts. If you believed ROE were a reliable performance metric, US bank CEOs would have had a watertight defence back in 2007. Instead, of course, we had ludicrously leveraged banks that were too big to fail and brought the economy down with them. [...] Imagine if the CEOs of the seven largest US banks had in 1989 agreed to index their salaries not to ROE, but to ROA. By 2007, their compensation would not have grown tenfold. Instead, it would have risen from $2.8 million to $3.4 million. Rather than rising to 500 times median household income, it would have fallen to around 68 times."
China Takes Loss to Get Ahead
China has a very different view on government investment.
“Someone has to lose money,” Guo Qigang, the plant’s general manager, said in a recent interview. “We’re a state-owned corporation, and it’s our social responsibility.”
Tuesday, October 25, 2011
The Romney Economy
These Bain Capital guys,” says Neil Fligstein, an economics-sociology professor at the University of California, Berkeley, “were agents of the shareholder value revolution.”
How private equity changed the US economy and spurred the rise of the .01%
Or at least a bit player.
Sunday, October 23, 2011
You’re Doing It Wrong
On Why financial regulation must be principles based, not rules based.
Break up the Big Banks
A good summary of recent literature on the reason to break up big banks.
Wednesday, October 19, 2011
Lessons from the Crash
Apparently Beranke has learned nothing, despite what he says in his speech yesterday in Boston. This is moral hazard at the highest level. ML is moving risk from an uninsured entity to an insured one, after the fact. Who will lose? You guessed it, you, not the ML traders or BAC bondholders.
Display of graphical information
This shows the regressiveness of a VAT combined with a low flat tax. Unfortunately, many in the Republican party will see this as a feature and not a bug.
Tuesday, October 18, 2011
Yves Smith does not like Elizabeth Warren
Warren, like everyone, has flaws. But there must be something more behind this level of criticism.
Monday, October 17, 2011
Edward Luttwak Talks Israel and Bin Laden – Tablet Magazine
Fascinating take on foreign policy from someone I have never heard of...
Listen, my wife is a very good cook. And we have a housekeeper, who is an even better cook. It’s a weird situation, but I think my housekeeper is a better cook than any restaurant in Washington. She is a simple woman with no education, from Chile, and she just happens to have a superhuman talent. She being such a good cook, she achieves wonderful effects with very strange ingredients, and strange combinations of ingredients. Israel’s success as a state has been made possible by Arab threats of different kinds. Arab violence or threats of violence are part of the Israeli soup. There are certain levels of violence that are so high that they’re damaging, and there are also levels that are so low they are damaging. There is an optimum level of the Arab threat. I would say for about nine days of the 1973 war, the level of violence was much too high. Even when Israelis were successful, the level of violence was destroying the tissue of the state. Most of the time, the violence is positive.
Volcker Rule Divides Regulators - NYTimes.com
Five agencies have to weigh in on the Volker rule. This is part of the problem. There are too many agencies regulating financial transactions. Too much room for regulatory arbitrage. Lobbyists for the banksters know how to divide and conquer.
Show the Fed more forbearance - FT.com
The tea party might be the only populist movement in history that has called for harder money. This probably means that this populist movement has been co opted.
Sunday, October 16, 2011
Does algorithmic trading improve liquidity? — Marginal Revolution
Algorithmic trading improves liquidity, at least in large cap stocks.
Lunch with the FT: Mitsuko Uchida
Insights into Japanese culture
“Japanese culture has two extremes – utter simplicity and over-the-top vulgarity. "
White House Starts a Mini-War in Africa | FDL News Desk
Why do we always "seek out monsters to destroy"
and forget MacArthur's advice?
Now Chuck Schumer is just toying with China
Currency devaluation is an easy political call and the evidence for it seems strong. However:
"I wonder if we’ll ever learn. We kept pressuring countries like Japan, Germany and Switzerland to appreciate their currencies. And then their currencies do appreciate very sharply. But the current account surpluses remain very large, because currency appreciation doesn’t address the root cause of those surpluses. Now we are engaged in the same fruitless quest with China. What a waste of time."
Thursday, October 13, 2011
Clive, don’t change the subject
The problem is demand, not regulatory or tax uncertainty. The argument matters because of the policy implications. If the demand problem is not acknowledged then all the Republicans try to do is reduce taxes and do away with regulations.
Did Fannie Cause the Disaster?
This has become a very partisan argument. Republicans blame the GSE's and CRA for the sub-prime disaster and the liberal Democrats feel obliged to defend them. The defense is weak. Even though they were late to the game, the GSEs certainly poured oil on the sub-prime fire and made a bad situation much worse. Much more than any Wall Street bank, the GSEs are an example of privatization of profits and the socialization of risk. How much of their bonuses have Johnson and Raines returned?
Wednesday, October 12, 2011
What Smaller Government Looks Like in the US
A shocking table. Half of the decline in government related employment (25o,000 workers) is in education. Not a way to win the future. More like WTF.
Econbrowser: Crowding Out Watch, Again
Econbrowser: Crowding Out Watch, Again:
TIPS spreads are negative.
At TBP Conference yesterday, there were still strategists worried about inflation. But then again there were hedge fund managers calling for 10,000 on gold.
From the comments:
"I will also note that a lot of the decline took place after the end of purchases under QE2 at end-2011Q2." So it is not just the Treasury manipulating the markets.
Tax Ju Addicted to tax havens: The secret life of the FTSE 100
How tax havens work: UK edition. All but two of 100 companies have tax haven subs. The tax (avoidance) department of most multinationals is seen as a revenue center. Providing tax avoidance products is also a large part of the product line of investment banks.
Tuesday, October 11, 2011
Two Novels That Can Change Your Life
Lots of rich white fund managers love Atlas Shrugged.
SEC Charges Bank Executives With Hiding Millions of Dollars in Losses During 2008 Financial Crisis
Obama was wrong. There were many illegal acts by banks and bank executives during the crisis. The charges have just not been filed. This is the first charge that I have seen.
“Today’s charges reflect an all too familiar pattern – corporate executives once seen as rising stars embrace deception to avoid losses and conceal negative news, with investors and the FDIC insurance fund left to pick up the pieces,” said Robert Khuzami, Director of the SEC’s Division of Enforcement. “But accountability for these executives begins today.”
But when will John Mack of Morgan Stanley or Dick Fuld of Lehman be charged?
Monday, October 10, 2011
Sunday, October 09, 2011
Solyndra: A bad bet
Solyndra: A bad bet Obama should regret - The Washington Post: The important lesson is that the government “is a crappy vc”
Financial crisis and stimulus:
Financial crisis and stimulus: Could this time be different? - The Washington Post: If you believe Santelli’s rant kicked off the tea party, then that’s what the tea party was originally about: forgiving housing debt.
Origins of the Tea Party
interfluidity � The lump of unfairness fallacy:
If you believe Santelli’s rant kicked off the tea party, then that’s what the tea party was originally about: forgiving housing debt.
Saturday, October 08, 2011
Did Steve Jobs give good advice? | The Moral Sciences Club | Big Think
Just settle. Most of us have to.
"Now notice: doing what you love, and never settling until you find it, is a costly signal of your career prospects. Since following this advice tends to go better for really capable people, they pay a smaller price for following it. So endorsing this strategy in a way that makes you more likely to follow it is a way to signal your status."
Better advice
"Reconcile yourself to the limits of your talent and temperament and find the most satisfactory compromise between what you love to do and what you need to do feed your children" is rather less stirring, "
And from the comments:
"The advice is more traditionally given in relation to marriage. If you go into a relationship thinking that you’re settling, you’ve undermined it from the start. Of course you’re settling and making compromises – but the brain has a wonderful capacity to ignore this fact if you let it. Some people honestly believe they have the perfect partner,
Better advice
"Reconcile yourself to the limits of your talent and temperament and find the most satisfactory compromise between what you love to do and what you need to do feed your children" is rather less stirring, "
And from the comments:
"The advice is more traditionally given in relation to marriage. If you go into a relationship thinking that you’re settling, you’ve undermined it from the start. Of course you’re settling and making compromises – but the brain has a wonderful capacity to ignore this fact if you let it. Some people honestly believe they have the perfect partner,
And I think there’s an analogy here to be drawn with careers."
(The Wall Street Occupiers and the Democratic Party)
Occupy Wall Street is not the Tea Party of the Democrats.
U.S. Panel’s Advice on Prostate Test Draws Opposition
Medicine too, is part art, part science.
"At the heart of its advice is the startling finding that thousands of doctors in the United States have been doing many of their patients more harm than good."
Friday, October 07, 2011
Late in life surgery
Sometimes studies ignore the obvious. First, surgeries are inherently dangerous procedures and the risk of failure is high. Second, surgery is often the last resort for very sick patients.
Steven Jobs as a Baumeister Male
If everyone took Steve Job's advice " most everyone else wouldn't stay long on any job, and most stuff would get done pretty badly."
China labour costs push jobs back to US - FT.com
Why we do not need a currency bill now. Labor costs and other input costs are rapidly climbing in China.
Thursday, October 06, 2011
Chart Of The Day
Defense dollars are more than just the defense department budget - they are nearly twice that amount.
Wednesday, October 05, 2011
Misrepresentations, Regulations and Jobs - NYTimes.com
It is demand, not taxes and regulations, that cause layoffs.
Tuesday, October 04, 2011
Monday, October 03, 2011
Economics in the Next Ten Years?
55 Papers on Economics in the next ten years.
Why the Obama Administration Invested in Solyndra : The New Yorker
Why the Obama Administration Invested in Solyndra : The New Yorker:
Lost in teh Solyndra debate, the
"implicit, but incredibly costly, subsidy that oil producers have received in the form of the Fifth and Sixth Fleets."
Saturday, October 01, 2011
Friday, September 30, 2011
Thursday, September 29, 2011
Wednesday, September 28, 2011
Tuesday, September 27, 2011
Monday, September 26, 2011
What are the side costs of trade with China? — Marginal Revolution
This is an important new paper which challenges trade theory.
Learning from Solyndra
Learning from Solyndra | Capital Gains and Games
It is better policy to have the government's involvement at the macro level -- setting the price -- rather than at the micro level -- picking the winners.� The Solyndra scandal is a good example of why.
Sunday, September 25, 2011
Friday, September 23, 2011
Tuesday, September 20, 2011
The most powerful AD denier of all
TheMoneyIllusion � The most powerful AD denier of all:
So for 200 year rapid productivity growth didn’t cause any serious unemployment problems in America, but now, right after NGDP collapses, we are to believe it is producing mass unemployment, even though recent productivity gains have been rather low.� I’m at a loss for words.� We elected a Luddite as President of the United States.
The wisdom of crowds
It is all about designing the right game and the right question.
Res Politica versus Res Economica
Good piece for college students contemplating a major.
Cynical about Confidence
Overconfidence is a force so powerful that can be used for either good or evil.
This is not class warfare. It's math
A Few Important Views on the President’s Budget Plan | Jared Bernstein | On the Economy:
This is not class warfare.� It’s math.� The money is going to have to come from someplace.� And if we’re not willing to ask those who’ve done extraordinarily well to help America close the deficit and we are trying to reach that same target of $4 trillion, then the logic, the math says everybody else has to do a whole lot more:� We’ve got to put the entire burden on the middle class and the poor.� We’ve got to scale back on the investments that have always helped our economy grow.� We’ve got to settle for second-rate roads and second-rate bridges and second-rate airports, and schools that are crumbling.
The world must insist that Europe act - FT.com
The world must insist that Europe act - FT.com:
Great paragraph by Larry Summers. Also a good summary for his most recent term in office.
It was simply this: policymakers acted without illusion. At every juncture they made the minimum commitments necessary to avoid imminent disaster – offering optimistic rhetoric, but never taking the steps that even they believed could offer the prospect of decisive victory. They were tragically caught in a kind of no-man’s-land – unable to reverse a course to which they had committed so much, but also unable to generate the political will to take forward steps that gave any realistic prospect of success. Ultimately, after years of needless suffering, their policy collapsed around them.
Monday, September 19, 2011
Noahpinion: Great Stagnation...or Great Relocation?
Why is America stagnating? There is no great stagnation, just relocation of production to where the people are.
Noahpinion: Great Stagnation...or Great Relocation?
And a counter from the economist.
If transport costs are low, there is no need to be close to population to be a producer.
Noahpinion: Great Stagnation...or Great Relocation?
And a counter from the economist.
If transport costs are low, there is no need to be close to population to be a producer.
Sunday, September 18, 2011
End the Fed's Dual Mandate And Focus on Prices: John B. Taylor - Bloomberg
But the Fed already acts as if it only had one mandate.
The global tribe
A good point about the Ron Paul inspired health care debate;"Everyone agrees that we heroically help some and leave others to die. We only disagree on who falls into which category."
Thursday, September 15, 2011
Why Perry Might Win
Oh it’s going to be a “fun” year | Firedoglake: -Perry leads Romney only 27-23 among GOP voters opposed to ending Medicare. But with the 12% who do support eliminating it Perry leads Romney 43-5, accounting for much of his overall lead…
-Romney leads Perry 23-18 among GOP voters who believe in global warming…but that’s only 27% of them. With the 62% who don’t believe in it Perry’s up 38-14. One interesting note on those numbers- Perry’s favorability with Republicans who believe in global warming is 37/50. Are those folks going to vote for him in the general election if he ends up as the nominee?
-Romney leads Perry 23-18 among GOP voters who believe in global warming…but that’s only 27% of them. With the 62% who don’t believe in it Perry’s up 38-14. One interesting note on those numbers- Perry’s favorability with Republicans who believe in global warming is 37/50. Are those folks going to vote for him in the general election if he ends up as the nominee?
Wednesday, September 14, 2011
The late American jobs machine
The late American jobs machine � Consider the Evidence:
The following paragraph sums up the problem. Management has more leverage versus employees.
What caused this collapse of the American jobs machine? I think the most convincing explanation is a shift in management’s incentives and in its leverage relative to employees. According to Robert Gordon, this has its origins in the 1980s and 1990s but emerged in full force in the early 2000s:
Tuesday, September 13, 2011
The problem with Wall Street
These guys think that the laws do not apply to them.
Monday, September 12, 2011
Sunday, September 11, 2011
Saturday, September 10, 2011
EconoSpeak: Political Economy and Financialization
An explanation of why corporations now act as they do. They do not act for the benefit of the country in which they reside. Nor do they act for the benefit of the corporation. They are driven for what benefits the personal portfolio of the CEO.
That is, the top tier of ownership and control is vested in individuals who act in their self interest and in accordance with their intellectual perspective—usually related. �General Electric, for instance, may benefit as a corporate entity from lower health care costs, but those who own and run it are not tied to that firm, or its current facilities, markets or organizational hierarchies, for life. �At the highest levels, individuals see their economic interest as that of maximizing the value of their personal portfolios.
American Exceptionalism |
American Exceptionalism | Truthout:
the highest poverty rate, both generally and for children;
�
the greatest inequality of incomes;
�
the lowest government spending as a percentage of GDP on social programs for the disadvantaged;
�
the lowest number of paid holiday, annual and maternity leaves;
�
the lowest score on the United Nations' index of "material well-being of children";
�
the worst score on the United Nations' gender inequality index;
�
the lowest social mobility;
�
the highest public and private expenditure on health care as a portion of GDP;
�
the highest infant mortality rate; prevalence of mental health problems; obesity rate; portion of people going without health care due to cost; low-birth-weight children per capita (except for Japan); consumption of antidepressants per capita;
�
the shortest life expectancy at birth (except for Denmark and Portugal);
�
the greatest inequality of incomes;
�
the lowest government spending as a percentage of GDP on social programs for the disadvantaged;
�
the lowest number of paid holiday, annual and maternity leaves;
�
the lowest score on the United Nations' index of "material well-being of children";
�
the worst score on the United Nations' gender inequality index;
�
the lowest social mobility;
�
the highest public and private expenditure on health care as a portion of GDP;
�
the highest infant mortality rate; prevalence of mental health problems; obesity rate; portion of people going without health care due to cost; low-birth-weight children per capita (except for Japan); consumption of antidepressants per capita;
�
the shortest life expectancy at birth (except for Denmark and Portugal);
Thursday, September 08, 2011
Perspective, Please
Perspective is one thing we do not have around 9/11.
Was Marx Right?
Some of the general themes of Marx were correct.
Wednesday, September 07, 2011
The Secrets of High Frequency Trading
Nothing new. No secrets, but a good summary.
Fears of America’s Decline Since 9/11 : The New Yorker
Conservatives and libertarians "hate fast trains and efficient airports for the same reason that seventeenth century Protestants hate the beautiful Baroque churches of Rome when they saw them: they were luxurious symbols of an earthly power that they despised... We don't have a better infrastructure or decent elementary education exactly because any people are willing to sacrifice faster movement between our great cities or better informed children, in support of their belief that the government should always be given as little money as possible."
Tomgram: Noam Chomsky, The Imperial Mentality and 9/11 | TomDispatch
As we think about 9-11, it is important to remember the havoc it caused in the rest of the world. Caused by US response to the act, not the act itself.
Tuesday, September 06, 2011
How Capital Crushed Labor
I cannot believe I find myself agreeing with Buchanan. This is a simplified look at the trade off that globalization demanded. Capital displaced labor. It is thought that lower prices for consumers would make up for the lack of jobs. Too soon to tell.
Sunday, September 04, 2011
Saturday, September 03, 2011
At Burning Man, Air-Conditioning, RVs Make Inroads - WSJ.com
The air conditioner is not on all the time."
Thursday, September 01, 2011
Wednesday, August 31, 2011
Thursday, August 25, 2011
Wednesday, August 24, 2011
Sunday, August 21, 2011
Saturday, August 20, 2011
Thursday, August 18, 2011
Wednesday, August 17, 2011
Tuesday, August 16, 2011
Monday, August 15, 2011
Sunday, August 14, 2011
An excuse for slashing entitlements | The Big Picture
An excuse for slashing entitlements | The Big Picture:
"The United States can no more run out of dollars than a bowling alley can run out of strikes."
Saturday, August 13, 2011
Friday, August 12, 2011
Thursday, August 11, 2011
Wednesday, August 10, 2011
Economist's View: Shaping the Debate over Job Creation
Economist's View: Shaping the Debate over Job Creation: "It seems to me what the president and his advisors are really saying is that they are no match for the Republicans when it comes to shaping a debate in their favor. Instead of cowering under the threat of what Republicans might do if they take certain steps, e.g. not allowing a sufficient jobs plan to pass, and then hanging any failures on the obstructionists, they have given up before even trying. They are convinced Republicans will win the debate."
How to make the best of the long malaise - FT.com
The gap between the real answer and politics is wider than ever.
Tuesday, August 09, 2011
Monday, August 08, 2011
Sunday, August 07, 2011
Planning Summer Breaks With Eye on College Essays - NYTimes.com
And I worked for Mayflower moving my summers.
Saturday, August 06, 2011
Why S&P Downgraded
Economist's View: The S&P Downgrade: Is the Sky Falling?: "S&P may also be covering itself after doing so poorly prior to the financial meltdown. If S&P leaves the outlook at AAA and problems emerge down the road, it's credibility will be even more shot than it is already and likely irreparable. Missing another big problem is essentially a death sentence. But if it downgrades the debt and nothing happens, it can claim its warnings and the downgrade were key factors in persuading people in both the public and private sectors to take steps to avoid disaster. It's Chicken Little claiming that his warnings stopped the sky from falling."
Sunday, July 31, 2011
Foxconn to replace workers with 1 million robots in 3 years
How to reduce suicides at Foxconn plants:
China has lost more manufacturing jobs in the last five years than the US has manufacturing jobs.
Thursday, July 28, 2011
Monday, July 25, 2011
GE Moving X-Ray Leadership Team From US to China - NYTimes.com
And Immelt leads the US jobs commission?
Sunday, July 24, 2011
Friday, July 22, 2011
Barack Obama: The Democrats’ Richard Nixon?
Barack Obama: The Democrats’ Richard Nixon?:
"Here are a few examples of Obama's effective conservatism:
His stimulus bill was half the size that his advisers thought necessary;
He continued Bush’s war and national security policies without change and even retained Bush’s defense secretary;
He put forward a health plan almost identical to those that had been supported by Republicans such as Mitt Romney in the recent past, pointedly rejecting the single-payer option favored by liberals;
He caved to conservative demands that the Bush tax cuts be extended without getting any quid pro quo whatsoever;
And in the past few weeks he has supported deficit reductions that go far beyond those offered by Republicans."
His stimulus bill was half the size that his advisers thought necessary;
He continued Bush’s war and national security policies without change and even retained Bush’s defense secretary;
He put forward a health plan almost identical to those that had been supported by Republicans such as Mitt Romney in the recent past, pointedly rejecting the single-payer option favored by liberals;
He caved to conservative demands that the Bush tax cuts be extended without getting any quid pro quo whatsoever;
And in the past few weeks he has supported deficit reductions that go far beyond those offered by Republicans."
Wednesday, July 20, 2011
The problem with Obama
Obama Has Always Been for Premature Fiscal Austerity: "Obama, by contrast, seems to glory in splitting the difference--even when you split the difference between those who know something and those who don't--without ever saying: 'we really ought to do the right thing'."
Tuesday, July 19, 2011
In the Ozarks, a Home With Room to Spare (72,000 Square Feet)
All the problems of US are encapsulated in this article:
income inequality, low capital gains tax, large military industrial complex and regulation arbitrage for the rich.
What others are there?
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