Coming from a different source of information . . . Employ America emphasizes a rapid recovery in 2020 as measured from a pre-recession peak till now. If you recall the 2008 recovery after Wall Street and banks were faltering was by far longer. In this case, we are looking at a Covid inspired period of […]
Brad DeLong (pulled from an otherwise-spot-on post): Two years ago, after all, the recession was over. The Recovery: I started these from the first month after NBER’s recession end date. Note that there is one true, consistent growth line—sadly, that’s the mean (average) duration of Unemployment. If this is victory, Pyrrhus of Epirus had nothing […]
Via Doctor Black, who printed the answer but not the question: PIGNAL: This is actually the second bailout for Dexia. In 2008, it had to be bailed out after exceptionally imprudent investing, including in U.S. subprime mortgages. This time around, it was basically dealing with the legacy of the past, and it was trying to […]
It’s rare to see theft described so directly: Proposals made in July by the Basel Committee on Banking Supervision should be redrafted to allow banks to use so-called contingent capital to meet the obligations, the European Banking Federation said in a letter seen by Bloomberg News. They should also be changed so lenders that can’t […]
This article by David Leonhardt in the New York Times is getting a lot of attention. Leonhardt argues that there is an active debate in the economics profession between inflation hawks, moderates and doves and that only the position of hawks and moderates are represented on the Fed open market committee (FOMC). He guesses that […]
We have just printed the eleventh (11th) straight week in which new jobless claims have exceeded 400,000 people. As Krugman notes, “The Fed predicts disastrously high unemployment as far as the eye can see(pdf) [a]nd, in response to this dire prospect, it declares its work done.” So this it is almost palliative that Barry Ritholtz […]
by Daniel Becker Continuing my prior post suggesting that what ever monetary policy has done, it has not reached that vast majority nor has it addressed what is the main issue, I viewed this chart by Mike Kimel and thought: Perfect!Then comes Ken Houghton linking to this article with it’s chart. What do they have […]
Spent the morning at this event: presentations and discussion by Joe Stiglitz, Yves Smith, Mike Konczal, Joe Gagnon, Matt Yglesias, Tom Palley, and many others. Mike K. tole me he expects that video will be available this evening, at least of the speakers’s presentations. I plan to post at more length later; meanwhile, you can […]
It’s no secret I’m not a fan of the birth-death adjustment to the employment serieses: not from a necessary belief that they’re biased, but rather because they give the lie to the illusion of accurate monthly data. But imagine for the moment that there had been no adjustment before the January data release. The headline […]
The NYT moves deeply into delusion: The rolling real estate crash that ravaged Florida and the Southwest is delivering a new wave of distress to communities once thought to be immune— economically diversified cities where the boom was relatively restrained. In the last year, home prices in Seattle had a bigger decline than in Las […]