Tag: regime uncertainty
Robert Higgs on Why Government Is Prolonging the Economic Crisis

In a new article for the Gannett newspapers, “Is this any way to run a government?”, Chuck Raasch interviews Robert Higgs, Senior Fellow at the Independent Institute and author of the book, Depression, War, and Cold War. With Congress debating a possible shutdown of the federal government, Dr. Higgs discusses why: “The government can...
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SOTUS Doesn’t Dispel Regime Uncertainty

In a poll of business executives following Tuesday’s State of the Union speech, the Wall Street Journal finds most remain skeptical of President Obama’s new, business-friendly rhetoric, and confirmed that his policies to date account for the continued economic malaise. As encapsulated by Anthony Guzzi, CEO of Emcor Group Inc., a construction and facilities-services...
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Debating the Great Depression: Steve Horwitz’s Latest Contribution

The Great Depression has been a deeply contested subject from the very beginning. After John Maynard Keynes’s General Theory became sacred writ for most mainstream economists, Keynesian interpretations generally prevailed, notwithstanding pockets of resistance among older economists, in general, and Austrian school economists, in particular. Milton Friedman and Anna Schwartz’s monumental Monetary History of...
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Adam Smith on Tax-Regime Uncertainty

As Congress and the President consider yet another set of “reforms” for the federal income tax code, taxpayers should encourage them to heed the words of one of the first and greatest economists. In Book V, Chapter II, Part II of The Wealth of Nations (Modern Library, Cannan ed., p. 778), Adam Smith wrote...
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News Item: Nearly 100 Banks Benefiting from TARP Are on the Brink of Collapse

According to the Wall Street Journal’s Michael Rapoport (“Bailed-Out Banks Slip toward Failure”, 12/27/2010, p. C1), 98 U.S. financial institutions, which collectively were granted $4.2 billion in handouts under Washington’s Troubled Asset Relief Program (TARP), are in danger of going belly-up. The commercial banks imminently in peril, such as the Legacy Bank of Milwaukee...
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Great Depression, Round Two? Senior Fellow Robert Higgs on The Peter Schiff Show

[audio:2010_11_29_higgs_schiffradio.mp3] Download mp3 file. Here also are relevant books from Dr. Higgs: Depression, War, and Cold War Neither Liberty nor Safety The Challenge of Liberty Against Leviathan Crisis and Leviathan

Regime Uncertainty Evidence du Jour

It’s unfortunately getting easier and easier to find confirmation that “regime uncertainty” is the biggest drag on the U.S. economy’s chances of recovery. This, from a front-page story in today’s Wall Street Journal: The U.S. has ample resources to restimulate the global recovery. U.S. companies are sitting on some $1.8 trillion in cash—the highest...
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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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Congressional Democrats’ Adviser Joins Call for Regime Certainty

Joining the growing tide of those calling for an end to federal regime uncertainty, Moody’s economist Mark Zandi, a frequent adviser to Congressional Democrats, on CBS’s “Face the Nation” on the importance of quickly extending the tax cuts scheduled to expire at year end: I wouldn’t raise anyone’s taxes in 2011. I mean, I...
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Do the Post-Panic Changes in Corporate Bond Yield Curves Indicate Regime Uncertainty or Only Expectations of Increased Inflation?

On August 24, I posted some data and analysis on yield curves for high-grade corporate bonds since the beginning of 2008, seeking to determine whether changes in these curves are consistent with the hypothesis that the current economic crisis has given rise to regime uncertainty. If it has done so, the yield curves should...
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