There are worse things in life than terrible phone manners, imperiousness and excessive confidence, but these traits have just become more relevant amid the disclosures that Larry Summers appears to be the front-runner to take over as Federal Reserve chairman assuming Ben Bernanke steps down early next year.
As a man mired so deeply in Greenspan Economics, Summers is simply not capable of recognizing the dangers of letting the banking industry run fast and loose, or of grasping the wisdom of regulated capitalism.
It does look like the results of Fed Chairman Bernanke's push for greater transparency in Federal Reserve policy deliberations are coming home to roos...
Now the fat's in the fire. Both stocks and bond prices have been falling of late, due to the fear that the Fed will end its $85 billion per month QE ...
There are plenty of places around the globe where the private sector isn't burdened by regulation. Like Bangladesh, where under-regulated factory operations yield cheap clothing at the price of human life. Or China, where you can't ever be quite sure what you're eating and whether it will poison you.
While the pre-recession U.S. ignored growing structural imbalances in the real estate sector, financial markets, and external trade relations, the Philippine government is obsessed with emphasizing the boom in the stock markets, real estate and foreign exchange reserves.
Bernanke and most of his colleagues say they are fighting unemployment and see no inflation. They actually may be targeting stagflation: high unemployment and high inflation.
Why is David Stockman driving everyone crazy? The shoot-the-messenger frenzy that has greeted Sunday's New York Times op-ed by Ronald Reagan's former budget director leaves one searching for the message that has so unhinged his critics.
How can we explain why both under Bush and Obama, Wall Street has grown even larger -- so large that even Eric Holder admits they are too big to prosecute?
Isn't $3 trillion already on their books too much? Not really, when you look at what even Fed Chairman Bernanke's predecessor, wily Alan Greenspan (master of do what I say, not what I do), was able to engineer during his almost 20-year tenure. How did he do it?
To help high school students better understand the underlying economic issues I prepared a "mock debate" between Alan Greenspan and Paul Krugman.
The reality is that the large budget deficits of recent years are due to the economic downturn following the collapse of the housing bubble. But pointing out this fact makes one shrill; you have to say that the deficit is a huge problem to be a serious person in Washington.
CEO Math is what results after drinking an ideological Red Bull. Suitably buzzed, you then begin to do arithmetic to maximize short-term profits -- regardless of whether your math is legal, ethical, good for business in the long-term
The reality is that the current system of taxation created by Ronald Reagan and put on steroids by George W. Bush is working quite well for Pete Peterson and his fellow oligarchs.
Whether you like or dislike Federal Reserve policy, its policy record from World War II to the Bernanke Fed is generally related more to who was President rather than to who was Federal Reserve chairman.
I propose a simple maxim: Do not further the career of any man or women who is in any way influenced by Ayn Rand. It will spare us Paul Ryan, who made his interns read Atlas Shrugged.