Spending Plan, The $3.5 Trillion Mistake!
The Federal Reserve System is paying banks not to lend money under an Obama era policy.
That compares to the World War II era, when the Federal Reserve purchased only 10% of the government’s debt. Once a powerful recovery is under way, The Fed will have to begin unloading $3.4 trillion in Treasury bonds and mortgage-backed securities.
Most discussions of income inequality implicitly assume that individual preferences have virtually no effect on the outcome. In fact, differences in preferences may be the most important determinant of the distribution of income.
One of the most intriguing movies I’ve seen in a long time is The Big Short. It’s about the housing bubble and what we now call the Great Recession, based on Michael Lewis’s bestselling book “The Big Short: Inside the Doomsday Machine.”
The Federal Reserve enjoys extraordinary independence from the elected branches of government, based on the well-founded fear that politicians cannot be trusted with the power to print money and manipulate interest rates.
I believe the time has come for the Nobel Prize committee to consider rescinding Paul Krugman’s award. His columns in the New York Times are supposed to give us insights into public policy issues based on economics.
Until we entered the Great Recession, most economists regarded Keynesian economics as a relic of the past. You could still find it discussed in some introductory textbooks.
What we call the Reagan Revolution was not just a US phenomenon. Beginning in the last quarter of the 20th century there was massive political change all over the world.
As Americans celebrated the Labor Day weekend, nearly 94 million people of working age actually had nothing to celebrate. That’s because they aren’t in the labor force.