Relevant and even prescient commentary on news, politics and the economy.

Paul Krugman changes his mind on impacts of automation

In the past discussions at Angry Bear on the impacts automation might have on our lives, and the economics   involved,  gathered comments such as “You are a neo luddite”. As if widespread use of automated systems was automatically good for us overall because we would have access to ‘more higher wage and higher skilled […]

Romney Bain and GS Technologies

Andrew Sullivan writes something interesting.* No not that Andrew Sullivan, this Andrew Sullivan at Reuters. Fairly excerpted, I think. in October 1993, Bain Capital, co-founded by Mitt Romney, became majority shareholder in a steel mill that had been operating since 1888. It was a gamble. The old mill, renamed GS Technologies, [skip] a federal government […]

A reminder from Obama’s February 2009 speech

By: Daniel Becker In answer to the generic question regarding President Obama’s actions regarding the debt ceiling, I am re-posting this from 2/25/09.  In comments of the original I stated that cutting the deficit by 1/2 seemed to “optimistic” for me. *************************** Ok, here are my basic issues with the substance of President Obama’s speech. […]

A Billion Here, A Billion There…

This is why Andrew Leonard (h/t Yves Smith) gets paid for blogging and I don’t. He tries to do the impossible: make sense out of Michelle Bachmann’s “economics“: 1) The interest can easily be paid for … Bachmann is making the argument here that the U.S. can choose to pay its creditors — the various […]

Deficit Hawks Down: The Misconstrued “Facts” Behind Their Hype

Reposted from New Deal 2.0 with permission from author. Deficit Hawks Down: The Misconstrued “Facts” Behind Their Hype by James K. Galbraith Economist James K. Galbraith attends a Pete Peterson-funded road show. The Fiscal Solutions Tour is the latest Peter G. Peterson Foundation effort to rouse the public against deficits and the national debt — […]

Science Budget

By Stormy New Scientist has some kind words for the Obama science budget: Both [the budget and the stimulus package] are packed with funding for science and technology ventures, from healthcare research to an electricity supergrid. The stimulus alone hands out more than $20 billion for basic research and about $50 billion to support renewable […]

All auto sales slump

rdan hat tip vtcodger, who adds “All the focus on cars is on the Big Three whose CEOs will lay out their begging mats in Washington today. But imports aren’t doing so great either.” But these are not ordinary times. (NYT) For now, the port itself is the destination. Unwelcome by dealers and buyers, thousands […]

Recession Indicators

The NBER committee that officially determines the dates for recessions has a few favorite, or key indicators that it gives much more weight. One of the indicators is real manufacturing and trade sales. Not many people pay much attention to it because it does not have its own press release and wall street traders do […]

Should we care about the Big 3?

I grew up in car country, many of the men in my small town commuted to assembly and parts plants near the city, and any self-respecting 12 year old boy could hold forth on the relative merits of various V-8 engines (my favorite was the Chevy 283 cu in). At that time the Big 3 […]