Tag: recession

A Vulgar Keynesian Visits My Chamber »

I heard a noise that seemed to come from my chamber door. I opened it, and then . . . Deep into that darkness peering, long I stood there wondering, fearing, Doubting, dreaming dreams some Austrians dared to dream before; But recession was unbroken, and the darkness gave no token, And the only words...
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France and Greece Move Left »

Now that France’s incumbent President Sarkozy has been defeated at the polls by socialist candidate M. Hollande, Americans should have gotten a wake-up call. Angela Merkel now seems to be the only voice of European reason in the rising popular tide against budgetary austerity and a return to the by now old-fashioned idea that...
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Should Wages Never Fall? »

Sudeep Reddy, writing on the front page of January 11th’s Wall Street Journal, claims that one of the “ugly” legacies of the current economic crisis is a “lasting drop in wages”. Following National Public Radio’s modus operandi for reporting “news”, he supplies some human-interest stories recounting the experiences of former money managers and other...
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The Proposed New “Tax Deal” is More of the Same Washington Bait and Switch »

According to a report published on the front page of the December 6, 2010, Wall Street Journal, Congress is close to negotiating a compromise in which the so-called Bush tax cuts will remain in place temporarily (for two years) in return for an extension of yet unknown duration in federal benefits for the long-term...
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Macroeconomic Booms and Busts: Deja Vu Once Again »

Consider the following commentary on the economic situation: Foolhardy procedures which are divorced from economic realities, or whose economic implications are not understood by their promoters, do not perforce become sanctified and wise merely by designating them as “action”; tilting at windmills does not draw water. [W]hen a recovery program, which, while it may...
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New Investor Survey Provides Additional Evidence of Regime Uncertainty »

Writing for CNBC’s “Behind the Money,” John Melloy describes the findings of a recent survey of investors: Institutional investors fear a government policy mistake far more than inflation, terrorism, a housing double dip, a weak dollar, poor earnings or any other potential risk to the economy, according to a survey of 100 mutual fund,...
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“The Socialist” »

From the synopsis for the forthcoming film, “The Socialist,” to be released in November 2010: Every age seeks visionaries to leave, in the wake of their genius, a changed world—but rarely are they found without a few strikeout also-rans getting a crack first. In 2008, millions of Americans thought they had found the real...
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Good Riddance to President Obama’s First Economic “Brains Trust” »

Larry Summer’s announcement that he will return to Harvard’s faculty at year end, following hard on the heels of the resignations of budget director Peter Orszag and of Christina Romer, chairwoman of the Council of Economic Advisers, has summarily taken down the ornaments of President Barack Obama’s Christmas tree appointments to positions of influence...
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Regime Uncertainty: Reports Keep Coming In »

Each summer, Wall Street strategist Byron Wien convenes a meeting of high rollers to discuss the outlook for investment. This year’s meeting brought together fifty individuals, including more than ten billionaires. Their expectations, as reported by CNBC, are gloomy: “They saw the United States in a long-term slow growth environment with the near-term risk of recession quite...
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Consumption Spending Is 70 Percent of GDP—So What? »

It must be a condition of employment that a journalist who writes about the current recession include in his article the statement, “consumption makes up more than two-thirds of the economy” or “consumption spending accounts for 70 percent of GDP.” This seemingly simple, factual statement, however, is nearly always intended to carry some explanatory...
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