Well the word out of DC this morning is that the GOP will cave on holding Obamacare hostage at least to the debt ceiling in exchange for negotiations on long-term debt with Social Security explicitly on the table. So it is time to review some basics here. First we have Public Debt and Debt Subject […]

*On-the-Record Media Call* Join Harvard University professor and economist Martin S. Feldstein and Peterson Institute for International Economics President Adam S. Posen today, October 10, at10:30 a.m. (EDT) for a discussion about the nomination of Federal Reserve Vice Chairwoman Janet Yellen to replace outgoing Federal Reserve Chair Ben Bernanke. Date: Today, October 10, 2013 Call […]

In her acceptance speech for Fed Chair, Janet Yellen said… (at the 1:30 point in this video from The Daily Conversation) “The mandate of the Federal Reserve is to serve all of the American people” And then it appears as though she almost choked on those words. She must sense the rage and power seething […]

by Linda Beale Economic Terrorism: the Tea Party/GOP’s Hostage Taking Plan (Tom Tomorrow’s “Giant Killer Robots”) As the New York Times reported on Saturday:  Stohlberg, A Federal Budget Crisis Months in the Planning, New York Times (Oct. 5, 2013), the current fiscal and political crisis was planned as a manuver to get their way  by […]

This change is common knowledge for many and as noted happens in many forms (globalization), but the following is another way to frame changing ownership patterns and attitudes about who you might be trusting to make the rules:   NEW CORPORATE TAX SHELTER: MERGER ABROAD American corporations increasingly are reducing their tax bill by buying […]

John Williams who is the president and chief executive officer of the Federal Reserve Bank of San Francisco published a letter yesterday explaining unconventional monetary policies. First I want to appreciate the clarity and simplicity with which John Williams is able to communicate complex ideas. His voice is honest, transparent and credible. What did he […]

And from Naked Capitalism: Debt Ceiling Chicken and Trench Warfare – Yves Smith  – In the US, despite all the media frenzy over the Federal shutdown, the attention of the insiders has already moved to the real cliffhanger: the debt ceiling impasse, which starts to bind on October 17. Treasury is already fulminating how putting […]

Lifted from Robert’s Thoughts Obviously the main chance is that Boehner is bluffing and that he will bring a clean debt ceiling increase bill to the floor of the House and it will pass mostly with the votes of Democrats.  He would then probably lose the gavel to some new Speaker which will make us […]

From Policymic on the incremental re-instating government services: http://www.policymic.com   Why You Shouldn’t Expect a Compromise On the Government Shutdown Anytime SoonDon’t get your hopes up about a compromise on the government shutdown anytime soon. The Pentagon has decided to bring 350,000 employees back to work and the House has votedunanimously (no, I’m not kidding) […]