I just re-read Susan Strange's article, "The Westfailure System" in the Review of International Studies 25, 3 (July 1999). In either early 1999 or late 1998 (depending on the editorial schedule of RIS), she wrote:"I have put the financial failures of the state-based...
A longstanding plan in my circle at Columbia was to take a large number of existing game-theoretic models, apply an infinite discount rate (rendering the value of future gains and losses effectively...
Cases in Israel and New Zealand.Back to clearing the writing and reviewing assignments on my desk....
Tim Burke expresses his outrage at the oversized sense of entitlement reflected in Jake DeSantis' letter of resignation from AIG. Next, two commentators show up and demonstrate not only a sense of entitlement, but a total disconnect from the way the economy works for most Americans, that makes DeSantis look like Francis of Assisi.All worth reading, except for my own comment. Tim wrote a better one, apparently at the same exact time I crafted mine.
And just complete the nationalization process.In return for the bailout, the government took an 80 percent ownership stake in the company. Liddy was recruited by former Treasury secretary Henry M. Paulson Jr. to run the company. Since then, the rescue package has ballooned. But both the Bush and Obama administrations have been reluctant to completely and explicitly nationalize the company, though this could have avoided the current flap over bonus payments....I know the administration is worried about the political backlash, but the backlash will ultimately be worse if they don't do it.Or...
If I were to speculate on what circumstances might lead to a significant curtailment of central bank autonomy in the United States, I imagine I would come up with a scenario that looks something like this one. If Josh Marshall's informant is right, it might be pitchfork time for the Federal Reserve:Josh, your reporting on the AIG credit default swap/counterparties issue has been spot-on. But to understand what happened there, you have to understand the Fed's "Maiden Lane" vehicles and how it's used them to avoid what Congress intended with TARP, which was the real story that came out of...
John Dickerson asks "Is it Obama's Fault the Dow Is Tanking?" and provides "yes" and "no" talking points. Josh Marshall thinks the answer is no:I was just watching Chris Matthews explaining how the Dow is President Obama's "scoreboard" and how people are going to start getting angry at him soon if he's not able to get the Dow to stabilized and start going up soon... There does seem to be a certain lack of comprehension of the fact that there are economic realities, actual losses, underlying the steep stock market decline.I don't watch much any cable news these days, yet I can guess that some...
You can't really blame the AP. It can be so hard to tell those DINOs and RINOs apart.
Steven Mufson and Lori Montgomery report in The Washington Post:Despite a growing sense of urgency, economists across the political spectrum continue to criticize the congressional stimulus plans. Most economists agree that the Senate alterations in the plan would undermine stimulus aims. Taxpayers who fall under the AMT are generally well-off enough to be able to save some of the tax cuts they receive, delaying any positive effect on the economy. By comparison, school aid to states would probably be spent immediately to prevent layoffs of teachers.Let's hope the reconciliation process...
The BBC:Thousands of people have held rallies across Russia protesting against what they describe as the government's mismanagement of the economy.The biggest demonstration took place in the eastern city of Vladivostok, where protesters demanded the resignation of Prime Minister Vladimir Putin.In the capital Moscow, police arrested a number of people at an unauthorised gathering by a radical party.Meanwhile, government supporters also held their rallies across the country.Protests on such a large scale were unthinkable just a few months ago as the economy boomed with record high oil prices...
I've been buried under a lot of work, but I want to surface long enough to say:"GwaaxppptghGHHHHHHawArrrrrrrgghhhhhhhhhpxt!!!"At least we're drawing the line at the UAW. Can't have those guys pulling in an extra few bucks at taxpayer expense.