Post Tagged with: "stimulus"
Stocks and Butter
Frederick J. Sheehan is the author of Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession (McGraw-Hill, 2009) and "The Coming Collapse of the Municipal Bond Market"(Aucontrarian.com, 2009) "We are poised for progress. Two years after the worst recession most of us have ever known,
On Britain’s Austerity and Rosenberg’s Depiction of Obama as Herbert Hoover
I have written a post or two offering the opinion that Barack Obama faces an economy more akin to Herbert Hoover’s than Franklin Roosevelt. See "Barack Obama as Herbert Hoover" where posited the following: My intent here is not to malign Obama, Roosevelt or Hoover or make facile comparison but to identify important differences between
Robert Skidelsky on John Maynard Keynes
Good interview and interesting analysis of the personal history of Lord Keynes. Skidelsky does a good job of describing Keynesianism in 15 minutes. My main criticism is that I feel he failed to adequately address the malinvestment issue i.e. the concept that ‘waste’ could be too large for stimulus to be long-term effective. He did
Tax Law Stimulus
A summary of the new tax law provisions was posted at the GEI News Blog as the law was being signed by the president Friday. The outline was presented courtesy of the FPA (Financial Planning Association). The economic impact of the new tax law will be subject to careful scrutiny and analysis in the coming
Malinvestment, Deficits and Structural Adjustments
I wrote a post about six months ago called "Misunderstanding Modern Monetary Theory" on deficits and resource allocation that I was re-reading. I wanted to add some off-the-cuff comments that might be relevant to today’s discussion about the recent deal to re-institute the Bush tax cuts, add a payroll tax cut and extend unemployment benefits.
Jobs and Taxes
For months, Ben Bernanke has been more or less pleading with fiscal policymakers to catch up to him. With yesterday’s announced agreement on tax cuts and the extension of unemployment benefits, Congress and the Administration are making the first tentative steps in that direction
A few thoughts on the tax cut compromise
The tax cut deal is in. I would agree with Felix Salmon’s take, that "this is tax cutting, Oprah-style: you get a tax cut! And you get a tax cut! And you! And you! You all get a tax cut!" Since Democrats and Republicans were never going to agree on which tax cuts were a
MMT for Austrians
I was eavesdropping on a conversation about Credit Writedowns on another blog (Pragmatic Capitalism) and wanted to share some of my thoughts with you on the conversation. One commenter, Mattay said: Harrison is an MMTer. As I read him, he is making what amounts to a “moral” case that we should call QE “money printing”
Economic Code Words
I was just having an argument/debate about quantitative easing. Marshall Auerback, Randy Wray and I all have posts here at Credit Writedowns which explain that quantitative easing does not create new net financial assets and is merely an asset swap which has no direct effect on the real economy. Nevertheless, there is a vast difference
Brazil Monetary Policy Uncertainty Continues
by Win Thin Brazil press is reporting that President-elect Rousseff won’t ask central bank chief Meirelles to stay on after she takes office January 1, and repeats earlier speculation of changes to the economic team. We have been warning for quite some time that markets were too complacent about political risk under Rousseff, and we
Jeremy Grantham has ‘already started to sell’
This is a must-see video that runs 30 minutes. Take the time to watch the whole thing. It is a real coup that CNBC got Grantham on their program. Overall, Grantham’s view is the same as mine. The Fed should get out of trying to use monetary policy to do fiscal policy. It doesn’t work;
Just What is Bernanke Up To?
This is a cross-post from New Deal 2.0. On the eve of President Obama’s arrival to the G20 talks in South Korea, a growing chorus of voices is questioning the direction of U.S. monetary policy. Germany’s finance minister, Wolfgang Schaeuble, went so far as to scold Chairman Bernanke, saying “With all due respect, U.S. policy