It should be no surprise that it has taken so long for a prominent member of the American policy elite to suggest openly to his colleagues that the core assumption upon which they have been managing the economic crisis might be dead wrong.
Clearly, our political system is going through some of its greatest challenges. When competing values are so polarized, systemic seventh level thinking doesn't see the light of day as the entire system heads into collapse.
Obama's expected nomination of Summers was a perfect example of that critical flaw. Repeated appointments of inadequate individuals with questionable résumés -- whether out of loyalty or cronyism -- leaves the government vulnerable to recurrent failure.
I find it distressing that President Obama and other proponents of big government continue to preach its virtues as the country faces ongoing politica...
If we need any more evidence that Janet Yellen should be the next Federal Reserve Chairperson, it was the decision by the Fed Governors to continue th...
Obama was twice defeated last month on matters of national and international importance, by grassroots opposition and resistance from within his own party. It has taken a few years, but this is the base of the voters that brought Obama to power asserting itself.
The contrast between tea party extremism and populist progressives could not be more telling. Both are based in part on the anger tough times stir up, but these two movements are moving in opposite directions.
The recent conclave of the Fed's FOMC (Federal Open Market Committee) that met and rendered a decision has sent the Dow Jones index soaring to record...
Shrum & Erickson debate why the GOP House votes repeatedly to defund Obamacare but not once to defend people from nuts with guns. While Erick scoffs at diplomacy deterring Iranian nukes, Bob thinks that bipartisan sanctions and Obama's Syrian saber-rattling are working.
It's all becoming clear now. House Republicans are just really big fans of Douglas Adams -- that's been their plan all along.
This week should remove any doubt about whether markets are highly dependent on the Fed. They sure are. Indeed, you could not have constructed better conditions for a controlled experiment. Yet, ironically, the medium-term investment stakes are now higher.
The stock and bond markets should not be the only ones rejoicing at Larry Summers's withdrawal from consideration to run the Federal Reserve. The nation's workers should, too. Janet Yellen, the remaining frontrunner for the position, is no wimp on inflation.
The Occupy movement isn't dead. It lives on in the political will of the American people. They want a president and a party that will represent the 99 percent, not the 1 percent who write campaign checks and give them cushy post-government jobs.
Even after pointing out how Occupy fell short and how a little agreed-upon focus might have prolonged the movement and allowed it to grow strong, Occupy did succeed spectacularly at their basic goal: changing the American conversation about the economy.
Bill de Blasio was propelled in just a few weeks from obscurity to victory by two factors: his willingness to attack Mayor Michael Bloomberg's policies and his embodiment of the New America's core values of diversity and inclusion.
Looking backwards at this debacle, it's clear that Obama's economic team did not serve him well, either substantively or tactically. Summers as chair of the Fed was always going to be a lightning rod, because of his temperament, his sketchy record as president of Harvard, his close association with the deregulation that invited the financial collapse, and the high-profile consulting gigs on Wall Street that he took since leaving government in 2010. Tactically, what unfolded in August and September was bizarre. Instead of the administration vetting Summers for hidden confirmation problems, deciding that he was an acceptable risk, and Obama announcing the appointment, what we got was a slow drip of leaks that Summers was the president's first choice. But that only served to rally Summers' opposition. It would have been much more difficult for opposition within the Democratic Party to fester if Obama had simply announced his choice.