The headline numbers in the employment report were very weak as payroll employment rose by only 88,000 and the household survey reported a -206,000 drop in employment while the labor force fell by -496,000. The futures markets are reacting very badly. But the workweek expanded and aggregrate hours worked increased 0.3% as compared to 0.5% […]
Via Huffington Post comes this quote: One senior administration official offered the following explanation as to why they started with a “compromise” offer. While this is not the president’s ideal deficit-reduction plan, and there are particular proposals in this plan — like the CPI change — that were key Republican requests and not the president’s […]
There is a lot of posting on the proposed budget (out next week) from our President focusing on his insistence of including the cuts to Social Security benefits as part of the 11 dimensional chess game analogy Beltway convention likes to applaud. How clever of them. Yves Smith gives us an impassioned declaration of outrage over the […]
Discussing the failure of modern macro to incorporate the financial system into its models, Ben asks, why did the bursting of the housing bubble spank the economy so much harder than the dot bomb crash? He sez (courtesy Brad DeLong, emphasis mine): …the decline in wealth associated with the tech bubble bursting [in 2001] and […]
Yup. The Republicans won the sequester fight. Congrats!
by run75411 Re-posted from New Agenda April 2009, Bill reminds us of some of the history leading up to today: Editor’s note: We are pleased to present this guest post by Bill H, who’s known around the internet as run75441, and who can usually be found writing in his area of expertise: finance. Recently, Stanford Magazine […]
by reader Matthew McCosker I can credit two sources that have shaped my thinking on both economics, politics (I am quite apolitical these days), and finance. One is the Angry Bear blog, and the second is Warren Mosler.On the bus this morning, I was glued to a post at Warren Mosler’s blog, where he responds […]
I have no idea who Rory Cooper is. But in light of Matthew Yglesias’s quoting of three Twitter comments by Cooper today, I can sort of guess: Rory Cooper @rorycooper You don’t want to reduce the debt just for the sake of reducing the debt. #WhiteHouseLogic Rory Cooper @rorycooper You don’t want to balance your […]
We’ve all talked and read about the idea and practice of offshore accounting to reduce taxation. Here is an article produced by a show called Backlight. Backlight appears to be a news journal show in the idea of Frontline by a Dutch public broadcasting organization known as VPRO. This episode is titled: The Tax FreeTour. […]
The National Republican Senate Committee put out a blast email today mocking Ed Markey as the next Al Gore—aka a politician whose opponents will lie about him in order to try to block him from claiming deserved credit for his legislative initiatives:* In case you missed it, Out of Touch Ed Markey — who has […]