Protesters had hoped to take command of Wall Street on September 17, but the New York Police Department quickly showed them who was in charge, by barricading all entrances to the heart of America's financial institutions.
Economists generally classify the economic reversal of 1937 and 1938 as a second depression. It would be tragic if we permitted the new conservative crowd in Washington to repeat it.
Obama's jobs speech has a foregone outcome. It is doomed to fail, because the only thing that can create new jobs is new government spending, and that has been made impossible by the deals that he has been compelled to make.
I want to make an essential yet poorly understood point about spending on jobs programs of the type we expect to hear Thursday night. Temporary spending does NOT increase either the long-term deficit or the growth of the national debt.
That government stimulus creates jobs and revitalizes economic growth is accepted as fact by businesspeople, financiers and even Martin Feldstein, Ronald Reagan's chief economist.
The evidence shows the stimulus worked, but ended too soon, before the private sector was ready to walk on its own. The evidence shows we need to do more of these sorts of policy interventions.
Half measures aren't likely to pass anyway. And worse, they constitute presidential malpractice, using the "bully pulpit" to confuse rather than educate the American people about the straits we are in. Far better simply to tell it like it is.
Liberals understand that Obama is not going to enact an economic policy by fiat; that something has to actually pass. But all this kowtowing to the need for a long term deficit fix has made the president look like he has been pre-rolled.
The ongoing talk of more quantitative easing is mainly a symptom of desperation and reflects the dysfunction in Congress and the White House that has stopped us from using much more effective tools to spur the economy forward.
Despite his many remarks against the federal government, Rick Perry is in fact responsible for Texas being the second biggest state recipient of stimulus dollars -- ostensibly "redistributed" from tax payers in other states.
Paul Krugman extolled the benefits of war this Sunday on Fareed Zakaria's program Global Public Square. After all, he asserted, only spending equivale...
"Shooting the wounded" came to mind when credentialed economists, a number from previous Republican administrations, appeared after the hangman of debt default was narrowly escaped. Suddenly, a consensus emerged in the economic community.
Downgrading us could prove to be a credit rating agency disaster as it has with other countries that have been downgraded.
Welcome to the new era of austerity, driven by the superstition of our age: We will grow the economy by shrinking it.
No sooner did the president and Boehner announce their agreement than the stock market fell dramatically. The all-knowing Stock Exchange, that Delphic Oracle of their cult, has looked upon their handiwork... and frowned.
By fully caving on this stand-off, where the White House is backed by the general public and large swaths of the GOP, Obama would not only fail to impress independent voters, he'd ensure a drubbing on a series of future fights.