Summary: We’re living in an time of deja vu. Our Af-Pak War repeats the mistakes of Vietnam; Europe’s economic policy repeats mistakes of the 1930’s. Slow and stupid are the two sins God always punishes. (1) Mark Thoma (Prof economics, U Oregon) coined a term for the advocates of austerity now (i.e., increase savings during a recession; they …
Keynes comments on our new-found love of austerity Read More »
Summary: The US economy continues to slow, albeit the rate of decay has slowed. But the net damage is severe and a recovery soon is imperative — or more “black swans” will appear. This is the third in a series of posts about the effects of basic automatic stabilizers on the economy during this recession. Why has the …
Economists discuss the impact of the stimulus on our recession Read More »
This is a brief update to my previous posts about the government’s TARP program. Slowly more voices are raised about the pending theft of taxpayer money, 21 September 2008 The Paulson Plan will buy assets cheap, just as all good cons offer easy money to the marks, 30 September 2008 Now we have the Citgroup bailout. The secret …
