Barry Ritholtz on his Big Picture economics blog says the Chicago School of Economics theory has been completely discredited. The whole note is worth reading, just click through the link.
over-financialization of the American economy, the waste of privatized health care, over militarization of the American economy, and the externalization of global warming.
The total cost of conservative rule, in today’s dollars, is a staggering $27 trillion, nearly twice the total output of the entire U.S. economy for an entire year.
Steve Benen at washingtonmonthly.com picks up something Matt Stoller found:
House Minority Leader John Boehner (R-Ohio) has made clear he's against the idea of a government rescue package in response to the financial crisis, but he's apparently having trouble finding economists who agree.
So, as Matt Stoller discovered, Boehner has gone online looking for help. This plea was published this week on Boehner's website.
Attention Economists: Are You A Stimulus Spending Skeptic?
Aren't you glad your elected Congress took action and voted for a $700 Billion dollar financial bail out?
The AP has released a study. Of the 116 banks who has received $188 Billion in taxpayer money:
_The average paid to each of the banks' top executives was $2.6 million in salary, bonuses and benefits.
_Lloyd Blankfein, president and chief executive officer of Goldman Sachs, took home nearly $54 million in compensation last year. The company's top five executives received a total of $242 million.
Task force members will include the secretaries of labor, health and human services, education, and commerce, as well as the directors of the National Economic Council, the Office of Management and Budget, the Domestic Policy Council and the head of the Council of Economic Advisers
Here are some past task force efforts of Vice Presidents.
The only one on this list who had any effectiveness was Al Gore.
So my question is why is the VP taking on the economic issues of the middle class instead of the President? This should be first and foremost their top priority.
First it was insurance companies in the form of AIG. Now it's $200 Billion for hedge funds. When did the Federal Reserve's mandate go beyond banks?
Hedge funds will be allowed to borrow from the Federal Reserve for the first time under a landmark $200bn programme intended to support consumer credit.
The Fed said on Friday it would offer low-cost three-year funding to any US company investing in securitised consumer loans under the Term Asset-backed Securities Loan Facility (TALF). This includes hedge funds, which have never been able to borrow from the US central bank before, although the Fed may not permit hedge funds to use offshore vehicles to conduct the transactions.
The asset-backed securities to be funded under the programme are pools of credit card receivables, automobile loans and student loans.
Boy, I'm not impressed. Obama has chosen Ron Kirk as the U.S. trade representative.
As a past supporter of the North American Free Trade Agreement (NAFTA) and China Permanent Normal Trade Relations (PNTR), Kirk will face close scrutiny as he assumes the responsibility for delivering on Obama’s pledges to fix existing trade agreements and create a new trade policy that benefits more people
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
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