Economists: Wrong Again
on Nov 21, 2009 in Economics As if they didn't cause enough damage by espousing theories that failed to account for the inefficiencies and irrationalities of the real world, many economists are advocating aggressive spend-and-borrow policies to revive the financial crisis-hit U.

One Hand Taking Back What the Other Is Doling Out
on Nov 20, 2009 in Economics Leaving aside the question of whether those who expect a repeat of what happened eighty years ago will be proved correct, they have been right about one thing. At least some of the trillions of dollars of monetary and fiscal...

The Upside of the Downside?
on Nov 19, 2009While many people are reportedly turning to comfort food to help them cope with the downturn, it seems that some are moving in a healthier direction, according to Britain's Telegraph, in a report entitled "Americans Run Off the Recession in...

Big Pain at Small Firms
on Nov 18, 2009 in Economics If policymakers were thinking ethically, rationally, and clearly -- a big "if" considering their role in creating the mess we are in -- you would expect that the public funds (and borrowed money) they are throwing around in the name...

Media Appearance: Russia Today
on Nov 17, 2009 in Media and Appearances I was recently interviewed by U.S. international correspondent Anastassia Churkina for the Russian TV channel, Russia Today. For those who are interested, here is the video (via YouTube):...

Already in the Pipeline
on Nov 17, 2009 in Economics It seems to me that one reason why most economists and Wall Street strategists haven't quite figured out that things are not getting better on Main Street is because they are theorists rather than empiricists. That is, they make assumptions...

Flowing Uphill
on Nov 16, 2009 in Economics Remittances are transfers of money by foreigners to their home countries. According to Wikipedia, these cross-border payments constitute "the second largest financial inflow to many developing countries, exceeding international aid." In 200...

Media Appearance: WNYC's 'Financial 411'
on Nov 16, 2009 in Media and Appearances Fellow blogger John Jansen (of Across the Curve) and I were guests on "Financial 411," WNYC radio's daily overview of financial news with host Amy Eddings, where we discussed our visit with officials from the U.S. Treasury Department. For t...

Fueling an Even Bigger Public Safety Problem
on Nov 15, 2009 in Social Conditions In a press release issued last Thursday, organizations representing state chief executives and fiscal officials had nothing good to say about the outlook for municipal finances: "NGA, NASBO Say States Will Continue to Face Fiscal Difficulties in...

The Financial Body Count
on Nov 14, 2009 in The Retirement System In 2009 alone more than 120 banks have failed. We've also seen the collapse of large financial institutions like Fannie Mae, Freddie Mac, Lehman Brothers, Bear Stearns. According to the most recent reports, it appears that the Federal Housing Adminis...