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For the period leading up to the panic last year, I had been warning of a rather severe recession. My view at the time was that what was needed was a realignment of America’s industrial organization away from finance and housing where serious overinvestment meant many firms would fail and asset prices would fall.This turned [...]

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In this post:
A few thoughts about the limitations of government Our founding fathers How large should government be? How policy helps frame the debate Where we are headed
In a recent post, “Stop the madness now!” I voiced my [...]

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Hat tip Rolfe Winkler.

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The motivating factor?  this article in Politico:
President Barack Obama plans to announce in next year’s State of the Union address that he wants to focus extensively on cutting the federal deficit in 2010 – and will downplay other new domestic spending beyond jobs programs, according to top aides involved in the planning.
The president’s plan, which [...]

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Steve Horwitz had an interesting read last week on Friedrich von Hayek, the Nobel Prize winning Austrian School economist. Von Hayek is best known for his 1944 Libertarian call to arms “Road to Serfdom” and is generally considered one of the fathers of the free market ideology.
In Horwitz’s piece, he points out that Hayek was [...]

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As a follow-up to my post on debt and it’s exclusion as a subject of merit amongst several schools of economic thought, I wanted to bring a New York Times article from 1988 to your attention. This article by Peter Kilborn, a Washington, D.C. based and long-time former correspondent for the New York Times, is [...]

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I have been very interested in the concept of legal tender of late because of the revelation this summer that the State of California was issuing I.O.U.’s to honour its debts instead of paying in U.S. Dollars, which are legal tender and I.O.U.’s from the U.S. government (see posts here and here). What I found [...]

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Ron Paul was on CNN this morning talking about unemployment, the credit crisis, the Federal Reserve and a lot more.

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Putting the ‘change’ back in “change you can believe in”: The two faces of Barack Obama – Marshall Auerback
Is this the Warren Christopher Presidency writ large? Roosevelt Institute Braintruster Marshall Auerback argues that the divide-and-compromise approach is dead-wrong for Obama.

Blog You! – Barry Ritholtz
This is a video clip I sent Barry. I knew he would [...]

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You have heard me use the phrase “liquidity is seeking return” to describe the increase in the price of riskier assets due to monetary stimulus. The Bloomberg News video clip below points to an increase in lending for buyers of riskier loans like high yield and mortgage bonds.

The blurb below from the associated article at [...]