As most people know, economists are good at rewriting history. We have seen this in the last few years as the collapse of the housing bubble and the ensuing downturn has been turned into one of those unavoidable tragedies that could not have been prevented.
It is still early days for the American newfound interest in health and wellness, but as organics only make up 5 percent of total food sales I think the industry has a long runway of growth ahead.
If the U.S. Federal Reserve is concerned about the state of dental care in this country, you know we have a problem. In fact, according to the Fed, we have a very big problem.
A coalition of California community groups and a local legal aid agency have come up with a novel way to hold a major LA area bank accountable for the devastation it has caused Southern California communities as a result of its risky and predatory practices.
As a correspondent for two business news networks (CNN and Bloomberg), I had to listen to almost every public utterance of Chairman Greenspan and his successor, Ben Bernanke.
If the Fed raises rates prematurely, it will be preventing most workers from sharing in the gains of economic growth. Instead of real wage gains, workers are likely to see their wages continue to stagnate, as they have done since the 2001 recession.
I've stated repeatedly that a massive amount of stimulus has been required to generate GDP growth of just 2.0%-2.5% annually since the end of the Great Recession (June 2009). We have further said that the removal or reversal of some of these stimulants will be a tough hurdle for the economy to overcome.
The dollar began its ascent against other major world currencies in mid-2014. The move higher was fast and furious, but the greenback ran into some resistance beginning in the middle of March.
Since I agree with the vast majority of what Bernstein has to say, let me pick on three areas where I have some disagreement. The first is the discussion of the initial financial crisis that Bernstein stepped into at the start of 2009 as one of Obama's advisers.
Balancing the budget through reduced spending and increased revenues, ending the vast expansion of the Federal Reserve's balance sheet and normalizing interest rates, are all necessary actions in the effort to right the economy in the face of the Great Recession.
We shouldn't be giving up on monetary policy, which for the past few years has been pretty much the only game in town as far as economic policy goes. Instead, we should be looking for a better balance between monetary and other growth-promoting policies, including fiscal policy.
If the Fed holds interest rates too high for too long, it can slow economic growth and trigger a recession. It did precisely this, intentionally and to good effect, in the early 1980s to tame exceedingly high inflation rates.
While many policies will be needed to improve the situation of the poor and middle class, there are three simple ones that could make a big difference: a more competitive dollar, a Federal Reserve Board committed to full employment and a financial transactions tax to rein in Wall Street.
When it comes to what goes on in the marble corridors of the Federal Reserve, Americans tend to be suspicious. For different reasons, both the right and the left have challenged Fed policies aimed at bolstering the economy in the wake of the Great Recession.
The incessant parsing and analysis of each and every Fed utterance is becoming quite comical. God love Steve Liesman and Mark Zandi, but are they really adding much value by trying to read between the lines of each statement from each Fed member?
Low interest rates were supposed to be a short-term crutch, but have instead become the staple of a years-long feast for the 1 percent. It's time for the Fed to end the festivities, remove the crutch and let the partiers take their losses so we can move forward as a nation, all 100 percent of us.