Barack Obama, who took office months after the Great Recession started, must be cursing his luck. Just at the point when investment and jobs normally would be coming back, the U.S. economy has taken a sickening swoon.
It's time to apply the lessons of the Bush-era tax cuts to public policy; the opportunity cost of the cuts simply remains too high, particularly if the social contract of the last 80 years is further breached in return for more tax cuts for the privileged.
Emissions dropped in 2009, but research now shows they rebounded quickly in 2010, setting a new all-time record. Economist Nicholas Stern said emissions are "now close to being back on a 'business as usual' path."
Over the past 50 years, the pleasure principle -- the id -- has dominated American society. The result has been "idonomics," in which the id dominates not only the marketplace, but also politics, media, technology and even our personal relationships.
The purpose of finance is to allocate capital efficiently. We'd better ensure the next generation of leaders in finance have learned that efficiency means so much more than a narrow focus on profit maximization.