Posted in Daily notes, Financial system on Mar 1st, 2010
Asia Times Online :: Asian news and current affairs.
This economy is likely to protect the already well off and hurt everyone else. The rich, having gained the wealth, now want t make sure that the costs are borne by the rest. Current and future funds transfers, such as FDIC guarantees, and future interest on the debt (paid from the treasury to [...]
Posted in Daily notes, Financial system on Feb 26th, 2010
Worth remembering
Mr. Buffett compiled a data sheet of the men and women who work in his office. He had each of them make a fraction; the numerator was how much they paid in federal income tax and in payroll taxes for Social Security and Medicare, and the denominator was their taxable income. The people in [...]
Posted in Financial system, key issues on Feb 25th, 2010
http://www.tnr.com/article/politics/shooting-banks
Shooting Banks
Obama’s impotent assault on Wall Street.
Peter Boone, Simon Johnson
February 24, 2010 | 12:00 am
On January 21, in an abrupt change of policy, President Obama announced his intention to take on the big bankers who have brought us so much trouble. “If these folks want a fight, it’s a fight I’m ready to have,” he [...]
Posted in Community, Financial system on Nov 30th, 2009
A Tale of Two American Economies
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Nouriel Roubini | Nov 18, 2009
From the Globe and Mail:
While the United States recently reported 3.5 per cent GDP growth in the third quarter, suggesting that the most severe recession since the Great Depression is over, the American economy is actually much weaker than official data suggest. In fact, official [...]
Posted in Community, Financial system, GardenWorld on Nov 8th, 2009
We’ve all heard the hype about the economy is getting better. the NYT this morning has the following well-meaning editorial with some sense of correction of the normal upbeat forecasts.
EDITORIAL
Jobless Recovery
If you are looking for an economic recovery you can believe in, the October employment report is not for you.
After contracting for a year and [...]
Posted in Community, Financial system, key issues on Oct 30th, 2009
From Krugman in the NYT
Growth and jobs
Just a quick note on the GDP report. Obviously, 3.5 percent growth is a lot better than shrinkage. But it’s not enough — not remotely enough — to make any real headway against the unemployment problem. Here’s the scatterplot of annual growth versus annual changes in the unemployment rate [...]
Posted in Financial system on Sep 22nd, 2009
The Costs of Economic Growth, by Charles I. Jones, Stanford GSB and NBER, August 18, 2009: 1. Introduction In October 1962, the Cuban missile crisis brought the world to the brink of a nuclear holocaust. President John F. Kennedy put the chance of nuclear war at “somewhere between one out of three and even.” The [...]
Posted in Financial system, key issues on Sep 21st, 2009
Here is the problem.
Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία oikonomia, “management of a household, administration” from οἶκος oikos, “house” + νόμος nomos, “custom” or “law”, hence “rules of the household”.[1] Current economic models developed out of [...]
Posted in Financial system on Sep 21st, 2009
“Minsky” was shorthand for Hyman Minsky, a hitherto obscure macroeconomist who died over a decade ago. Many economists had never heard of him when the crisis struck, and he remains a shadowy figure in the profession. But lately he has begun emerging as perhaps the most prescient big-picture thinker about what, exactly, we are going [...]
Posted in Financial system on Sep 21st, 2009
Since the global financial system started unraveling in dramatic fashion two years ago, distinguished economists have suffered a crisis of their own. Ivy League professors who had trumpeted the dawn of a new era of stability have scrambled to explain how, exactly, the worst financial crisis since the Great Depression had ambushed their entire profession
The [...]