Last week, I wrote a piece in this space lamenting the fact that so many Democrats had voted for a budget package that gutted a key provision of the Dodd-Frank Act. The so called swaps push-out provision, now repealed, required banks to separate their speculative business in derivatives from depository banking covered by government insurance and further protected by the Federal Reserve. The broader budget deal, technically a continuing resolution to keep the government funded through next September, also cut a lot of needed public spending and added several odious riders, including one that raises the ceiling on individual campaign contributions to party committees about tenfold. Had Democrats resolutely opposed the deal, I argued, it would have revealed Republicans as friends of Wall Street and enemies of Main Street -- a useful party differentiation between now and 2016.
Once a nation turns its back on a resolute determination to cultivate moral deservedness, political and financial superintendency passes to those who gain power illegitimately--a fact described eloquently by President Theodore Roosevelt.
'Twas the week before Christmas And all through the Street Not a hedge fund was buying: Instead--in retreat! They'd bet big on oil-- Now they w...
For an economy heavily dependent on consumer spending, this is not a trivial consideration.
Two weeks ago I wrote a piece entitled THE 5 KEY TRENDS IN GLOBALIZATION THAT ARE CHANGING AMERICA and THE WORLD. On account of on going geo/economic ...
U.S. Monetary Policy - "Print Money" Isn't this how third world countries manage their monetary policy?
Two myths that caused great confusion over the last several years are now headed to the trash bin of history. Unfortunately, many of our great national myths have survived 2014.
The Federal Reserve should reject the CIT/OneWest merger application. At the very least, regulators should stop the clock, hold public hearings and get some real community input before allowing this dangerous deal to proceed.
With inflation still running at 1.7 percent and downside risks such as the slowing world economy, there's no excuse for the Fed to be throwing people out of work by raising interest rates. Let's hope that public pressure and an improved debate over Fed policy can keep this country moving toward full employment.
The median household income in 2013 was only slightly above that reported for 1995 (after adjusting for inflation), while costs for necessities like housing (rent), health care, and education are making it much more difficult for middle-class folks to get by.
The real story is that "help is on the way" for America's struggling middle class, the unemployed and the under-employed. The much maligned TARP stimulus and "extraordinary measures" of the Federal Reserve have finally and in fact -- worked!
Using inflation-adjusted numbers, we indexed each component of GDP to 4Q07 levels, beginning with a value of 100 for each. We graphically display the results below, followed by some commentary.
There is another world crisis brewing -- and one for which President Obama cannot be blamed. The Europeans have made a mess of things, and now the wolves are at the door. The first snarling wolf is deflation.
No one should be surprised that the American people are economically insecure and anxious. Seven in 10 voters said the nation's economy is in bad shape. Voters who said the economy was important to them voted 2 to 1 for Republicans.
I've argued for some time that the process of deleveraging has yet to run its course. The aggregate level of debt in our economy currently stands at a record high, even though many pundits continue to say that debt levels are much more manageable now as compared to the pre-crisis days.
We can now say we have the goldilocks economy that prevailed through the 1990's -- not too hot or too cold -- that should boost economic growth for years to come, if Congress can be ignored.