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Keyword: keynesian

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  • The Foreclosing Plaintiffs Created The Crisis Through Fraud and Crimes At The Highest Levels

    06/19/2010 8:16:10 AM PDT · by Chunga85 · 13 replies · 475+ views
    Matt Weidner Law Blog ^ | 6/19/2010 | Matt Weidner, Esq.
    The foreclosure crisis that continues to grip our courts in 2010 and that will only get worse in years to come all began in 2005, 2006, 2007, when the mortgage industry and Wall Street colluded with each other to engineer the largest financial fraud in modern history. The facts are simple. Wall Street Wizards figured out a way to monetize then trade billions of dollars in wealth when they figured out how to convert mortgages into currency. Dollars and stocks were regulated, but because mortgages were new currency, they were totally unregulated, unsupervised and completely subject to manipulation. The biggest...
  • Get Ready To Taste The Bitter Side Of Keynesian Economics

    Get Ready To Taste The Bitter Side Of Keynesian EconomicsMichael Snyder May. 16, 2010, 9:48 AM Most Americans have no idea what the term "Keynesian economics" means, but the truth is that it has been deeply influencing U.S. economic policy for decades. Essentially, it is an economic theory that originated with a 20th century British economist named John Maynard Keynes, and it advocates government intervention in the economy in order to smooth out economic cycles. The general idea was that lower interest rates and increased government spending could be used to increase aggregate demand when the economy was experiencing a...
  • China's manufacturing growth slows in February (unexpected as usual)

    02/28/2010 7:32:20 PM PST · by TigerLikesRooster · 10 replies · 460+ views
    Market Watch ^ | 02/28/10 | V. Phani Kumar
    Feb. 28, 2010, 8:19 p.m. EST China's manufacturing growth slows in February By V. Phani Kumar HONG KONG (MarketWatch) -- One of two Chinese purchasing managers' indexes unexpectedly eased to 52.0 in February from 55.8 in the previous month, indicating a slowdown in manufacturing growth, according to data released Monday by the China Federation of Logistics and Purchasing.
  • The Insanity of Washington Economics

    02/08/2010 9:10:55 PM PST · by ConservativeHideout · 2 replies · 214+ views
    Conservative Hideout 2.0 ^ | 2-9-10 | Jackie Durkee
    Below are charts from the Heritage Foundation. The first one shows how federal spending is growing faster than federal revenue. Since 1965, federal tax revenues have increased by more than $1.5 trillion and spending by $3.3 trillion. In 2009, federal revenue dropped while federal spending increased by over $1 trillion. This is unsustainable. Somewhere somehow, you reap what you sow. The Piper needs to be paid.
  • Prepare for a Keynesian Hangover

    12/28/2009 8:25:42 PM PST · by Nachum · 2 replies · 514+ views
    WSJ ^ | 12/28/09 | BENN STEIL
    In 2008, as the U.S. economy teetered under the weight of years of reckless credit expansion, the Bush administration decided against proposals to sweep out the bad debts from the banking system and then fix the regulatory structure—an approach based on tried and tested models from the S&L crisis and other financial crises. We will pay the price for this decision in 2010. That's because the Obama administration and the Federal Reserve are plowing forward with Plan B: Nationalize credit creation and "stimulate" the private sector by spending in its stead.
  • Hope & Fear: Democratic dominance is not the end of the world.

    12/01/2009 3:07:41 PM PST · by BuckeyeTexan · 7 replies · 603+ views
    The American Conservative ^ | 12/01/2009 | W. James Antle III
    By the end of the year, the federal government may have totally restructured the American healthcare system. This health-insurance industry takeover may lead to widespread taxpayer subsidies for elective abortion. A new national energy tax may be imposed to reduce carbon emissions. The secret ballot for union organization may be effectively eliminated, swelling Big Labor’s ranks and coffers. Or maybe none of these things will have happened. Hard as it may be to believe, that last prospect looks most likely. It is a real possibility that none of these major legislative items—all considered inevitable after the Democratic victories of 2006...
  • Los Angeles Times : The world still can learn from Keynesian economics

    11/23/2009 6:28:55 AM PST · by SeekAndFind · 35 replies · 1,226+ views
    Los Angeles Times ^ | 11/23/2009 | Michael Hiltzik
    Reagan-like faith in efficient markets set the stage for the financial meltdown. Great crises have a way of reminding us that acting as though we know perfectly well what the future holds almost always leads to disaster. That's especially true in economics, which tends to underscore the murkiness of the real world by dealing out surprises one after another -- booms, crashes, bubbles, you name it. It's fitting, therefore, that the recent economic meltdown has begun to restore that great apostle of uncertainty, John Maynard Keynes, to his rightful position of influence in economic thought. "Keynes asked why financial markets...
  • Commanding Heights: The Battle for the World Economy (History of Keynes vs. Hayek)

    09/18/2009 7:58:23 PM PDT · by Recovering_Democrat · 9 replies · 939+ views
    PBS (A rare good source from that site!) ^ | 2002/2003 | Daniel Yergin and Joseph Stanislaw
    A global economy, energized by technological change and unprecedented flows of people and money, collapses in the wake of a terrorist attack .... The year is 1914. Worldwide war results, exhausting the resources of the great powers and convincing many that the economic system itself is to blame. From the ashes of the catastrophe, an intellectual and political struggle ignites between the powers of government and the forces of the marketplace, each determined to reinvent the world's economic order. Two individuals emerge whose ideas, shaped by very different experiences, will inform this debate and carry it forward. One is a...
  • Economic Contractions in the United States: A Failure of Government

    09/07/2009 7:22:05 AM PDT · by trueamerica · 5 replies · 686+ views
    Institute of Econimic Affairs ^ | September 7, 2009 | Charles K. Rowley, Nathaniel Smith
    Seeking 'not to let a crisis go to waste', left-leaning politicians and old-style Keynesian economists want to remedy the alleged failure of capitalism with a rising tide of big government. Let the budget deficits rip, empower the unions, socialise healthcare, increase trade protection, go green, and socialise the financial and industrial base. The irony, as Charles Rowley and Nathanael Smith show in this timely monograph, is that the Keynesian policy prescriptions that are serving as the pretext for this programme have already been tried. Expansionary fiscal and monetary policies by the Bush administration and the Greenspan Fed were implemented to...
  • Japan’s Obama: Hatoyama’s Keynesian Worship Will Be Another Lost Decade For Land Of The Rising Sun?

    09/04/2009 6:23:13 AM PDT · by luckybogey · 3 replies · 383+ views
    LuckyBogey's Blog ^ | September 4, 2009 | LuckyBogey
    “Everyone was convinced that there had to be a change. The DPJ will form the Government but we will not be arrogant and we will lead according to the will of the people.” The DPJ promises free secondary education, free treatment and delivery for expectant mothers, and an annual allowance of 312,000 yen (£2,000) to all children until they leave junior school. There will be a crackdown on the practice known as amakudari — “descent from the heavens” — whereby retiring civil servants secure jobs in the industries that they formerly supervised. “Japan now needs to make a clear shift...
  • What Obama Doesn't Know

    06/13/2009 10:35:25 PM PDT · by bradactor · 20 replies · 1,579+ views
    Daily Bell.com ^ | June 7, 2009 | Daily Bell
    Introduction: The former Global Affairs editor of MONEYWORLD, Richard Maybury is one of the most respected business and economics analysts in America. His articles have appeared in major publications. Books include "Whatever Happened to Penny Candy?" "Whatever Happened to Justice?" and "Evaluating Books: What Would Thomas Jefferson Think of This?" His current interest is "The Coming Great War." His writings have been endorsed by top business leaders, and he is a consultant to investment firms in the U.S. and Europe. He is editor of the newsletter Richard Maybury's U.S. & World Early Warning Report. Daily Bell: We understand that your...
  • There Is No 'Paradox of Thrift'

    06/09/2009 8:49:30 PM PDT · by reaganaut1 · 4 replies · 736+ views
    Weekly Standard ^ | June 15, 2009 | David Blankenhorn
    Frightened by tough economic times, formerly spendthrift Americans are beginning to save. But the shift is causing alarm among some economists and commentators. Prudent savers, say these writers, are exemplars of the "paradox of thrift," which holds that the practice of thrift, while seemingly wise and rational for the individual, can be harmful for society. So it is that a Wall Street Journal headline warned: "Hard-Hit Families Finally Start Saving, Aggravating Nation's Economic Woes." A story in the New York Times said the "re-emergence of thrift as a value" presents a serious problem: "Economists call it the Paradox of Thrift."...
  • OBAMA'S TRICKLE UP POVERTY AND THE FAILURE OF OBAMANOMICS

    06/06/2009 2:32:11 PM PDT · by TheFreedomPoster · 9 replies · 596+ views
    The Freedom Post ^ | June 6, 2009 | TheCapitalist
    Obama's Trickle up poverty, also known as Obamanomics, has been an abysmal failure in only six months. So far, we've seen another two million jobs get stimulated up in smoke, two major bailed out car companies file for bankruptcy in spite of receiving billions in taxpayer welfare, and long-term interest rates in the bond markets almost double. Unemployment is now 9.4%, and growing. Mr. Obama's administration had projected a rate in the eights at this point.
  • History lesson for economists (such as Krugman) in thrall to Keynes

    06/02/2009 9:00:19 AM PDT · by reaganaut1 · 3 replies · 752+ views
    Financial Times ^ | May 29, 2009 | Niall Ferguson
    ... [L]ong-term rates have risen by 167 basis points in the space of five months. In relative terms, that represents an 81 per cent jump. Most commentators were unnerved by this development, coinciding as it did with warnings about the fiscal health of the US. For me, however, it was good news. For it settled a rather public argument between me and the Princeton economist Paul Krugman. It is a brave or foolhardy man who picks a fight with Mr Krugman, the most recent recipient of the Nobel Prize for Economics. Yet a cat may look at a king, and...
  • A Ladder to Nowhere

    06/02/2009 5:41:13 AM PDT · by reaganaut1 · 4 replies · 355+ views
    American Spectator ^ | June 2, 2009 | Andrew B. Wilson
    [Liberal econonomists now assume] that a huge fiscal stimulus, created out of the illusory elements of massive public borrowing and boundless money creation, will provide the ladder that allows us to climb out of today’s economic crisis. To listen to some prominent liberal economists who believe in Keynesian-style “demand management,” the only thing wrong with this confabulated ladder is that it should be even taller. And truly, if money is no object, why not build it right up to the sky? Why stop where we are now—with a federal deficit expected to reach 13.5 percent of GDP under the current...
  • The Fed Should Kick Its Funds Habit

    04/19/2009 10:13:09 PM PDT · by Texas Fossil · 12 replies · 280+ views
    Real Clear Markets ^ | January 10, 2008 | Wayne Jett
    Resurgence of mercantilist influence is neither coincidental nor recent. Eighty years ago, mercantilists stuck their noses back into the Republican political tent and imposed the Smoot-Hawley Tariff Act on the U. S. and the world. Franklin Roosevelt then delivered the Democratic Party to them, turning previously free-trading farmers into government-subsidized champions of trade barriers. Mercantilists won control of the Federal Reserve in 1971 after years of Keynesian whittling at the Bretton Woods pledge to keep the dollar’s value stable relative to gold.
  • Battling Krugmania

    02/17/2009 3:41:31 PM PST · by sdkruiser · 226+ views
    America Needs Me ^ | 02/17/09 | Stephen Kruiser
    We, the people, have been subjected to an almost non-stop economic debate by those who would lead ever since last September. An endless barrage of unfamiliar terms like subprime, liquidity crisis and systemic failure has been used to instill fear and confusion, often with great success. The rhetorical charge in the MSM has been led by newly minted Nobel Laureate Paul Krugman, who plies his trade in the reality vacuum known as the New York Times Opinion page. The most tragic outcome of the demise of print media will be the fact that we can no longer enjoy watching puppies...
  • We Can't Spend Our Way to Prosperity

    02/04/2009 4:20:32 AM PST · by Kaslin · 15 replies · 850+ views
    Townhall.com ^ | February 4, 2009 | John Stossel
    Washington never changes, no matter who's in power. Give a gang of politicians a chance to spend our money, and they will spend it -- the more the better. An economic downturn is hog heaven; for now they have a justification to spend big time: "economic stimulus." Anything and everything can be proposed as long as it can be said to "inject money into the economy" and "create jobs." Does $819 billion sound like too much? Au contraire. It may not be enough. Ask Paul Krugman and the other Keynesians. The danger, they say, lies in spending too little. Not...
  • Dan Walters: Governor becomes a Keynesian

    02/02/2009 7:56:56 AM PST · by SmithL · 6 replies · 438+ views
    Sacramento Bee ^ | 2/2/9 | Dan Walters
    Arnold Schwarzenegger came into the governorship as a fervent disciple of free market economist Milton Friedman. When Friedman died in 2006, the governor declared him "one of the great thinkers and economists of the 20th century, and when I was first exposed to his powerful writings about money, free markets and individual freedom, it was like getting hit by a thunderbolt." Five years into his governorship, however, Schwarzenegger has morphed into an acolyte of Friedman's chief rival in the arcane field of macroeconomics: John Maynard Keynes, who advocated government spending to ease economic recession. As the New York Times obituary...
  • Macroeconomics 'Experts' Apply Astrology, Not Science (Economic “experts” are no experts at all)

    01/31/2009 8:39:58 AM PST · by SeekAndFind · 19 replies · 583+ views
    RealClearMarkets ^ | Jan 30,2009 | Frank Tipler
    <p>In the early 1980’s, the Wall Street Journal asked liberal economist John Kenneth Galbraith and conservative economist Milton Friedman to predict the macroeconomic trends over the next two years. Both agreed that inflation would rise above 10%, and both accused the other of obtaining his prediction by reading chicken entrails. Both were wrong about inflation, but both were right about the chicken entrails.</p>
  • The Obama-Limbaugh Bipartisan Stimulus Plan of 2009

    01/26/2009 11:27:34 AM PST · by RoadTest · 44 replies · 2,338+ views
    EIB Ntwork Broadcast ^ | Rush Limbaugh
    RUSH: I have a serious proposal to make: the Obama-Limbaugh Stimulus Plan 2009. There is a serious debate in this country as to how best to end the recession. Recessions will end on their own if they're left alone. The average recession will last five months to 11 months. The average recovery from each recession will last six years. What can make the recession worse is the wrong kind of government intervention.
  • Can the US economy afford a Keynesian stimulus?

    01/05/2009 12:24:04 AM PST · by TigerLikesRooster · 12 replies · 630+ views
    FT blog ^ | 01/05/09 | Willem Buiter
    Can the US economy afford a Keynesian stimulus? January 5, 2009 Economic policy is based on a collection of half-truths. The nature of these half-truths changes occasionally. Economics as a scholarly discipline consists in the periodic rediscovery and refinement of old half-truths. Little progress has been made in the past century or so towards understanding how economic policy, rules, legislation and regulation influence economic fluctuations, financial stability, growth, poverty or inequality. We know that a few extreme approaches that have been tried yield lousy results - central planning, self-regulating financial markets - but we don’t know much that is constructive...
  • Krugman: Keep spending!

    01/03/2009 5:42:33 AM PST · by TigerLikesRooster · 25 replies · 707+ views
    Krugman: Keep spending! December 29, 2008 – 6:12 pm As the Obama administration prepares its trillion-dollar “stimulus” package, economists like Paul Krugman are providing rationalizations for why such a package is necessary. In his column today, he expands his spend-anything-to-get-the-economy-going-again argument, excoriating indebted states and municipalities for cutting back. He makes it clear that his preferred solution would be for the Federal Government to take over state budget items currently facing cutbacks. Naturally, he says nothing about where this money is supposed to come from. Regular readers of this blog know there are only two places the money can come...
  • German FM criticises Britain's 'crass Keynesian' policies: report

    12/11/2008 8:02:57 AM PST · by BGHater · 14 replies · 481+ views
    AFP ^ | 11 Dec 2008 | AFP
    The German finance minister has launched a highly unusual attack on Britain's economic stimulus package, saying it will not fend off recession but will leave the next generation saddled with debt. In an interview with Newsweek magazine, excerpts of which were published Wednesday, Peer Steinbruck said the government's switch from financial prudence to heavy borrowing was "breathtaking" and "crass Keynesianism". He accused Prime Minister Gordon Brown's administration of "tossing around billions" with its 20-billion-pound stimulus plan to cut tax on goods and services, funded by borrowing more and increasing taxes after 2011. It is highly unusual for a diplomat to...
  • The Paradox of Thrift: RIP (in 1996. Resurrected in 2008)

    11/24/2008 4:57:53 PM PST · by JerseyHighlander · 7 replies · 589+ views
    Cato Journal ^ | Spring/Summer 1996 | Clifford F. Thies
    The Paradox of Thrift: RIP Clifford F. Thies Clifford F. Thies is the Durell Professor of Money, Banking, and Finance at Shenandoah University. Cato Journal, Vol. 16, No. 1 (Spring/Summer 1996). Copyright © Cato Institute. All rights reserved. Perhaps the single most destructive tenet of Keynesian economics was its denigration of saving. Keynesianism has been used to justify wasteful spending, massive deficits, and one after another scheme to redistribute wealth from those who would save it to those who would spend it. In keeping with this anti-saving doctrine, during the Christmas selling season of 1991, then President Bush made a...
  • Stimulus Response

    06/18/2008 11:54:56 AM PDT · by bs9021 · 6 replies · 86+ views
    Campus Report ^ | June 18, 2008 | Brooke Rieder
    Stimulus Response by: Brooke Rieder, June 18, 2008 With the burst of the housing bubble, skyrocketing oil prices, and ample media coverage of it all, hysteria is in the air over a potentially looming recession, and all eyes are on the economy. Enter the Bush 2008 Economic Stimulus package. A truly ingenious solution from a political standpoint, constituents’ worries are assuaged when they see concrete government intervention—especially when that intervention puts a $600 check in their pocket. The hope is that more money in the hands of consumers will lead to increased spending, and consequently stimulate greater production and investment....
  • Freedom Man - Milton Friedman had both genius and common sense (Tribute by Sowell)

    11/17/2006 11:33:58 PM PST · by Zakeet · 8 replies · 583+ views
    The Wall Street Journal ^ | November 18, 2006 | Thomas Sowell
    PALO ALTO, Calif.--Milton Friedman was one of the very few intellectuals with both genius and common sense. He could express himself at the highest analytical levels to his fellow economists in academic publications and still write popular books such as "Capitalism and Freedom" and "Free to Choose" that could be understood by people who knew nothing about economics. Indeed, his television series, "Free to Choose," was readily understandable even by people who don’t read books. Milton Friedman may well have been the most important economist of the 20th century, even if John Maynard Keynes was the most famous. No small...
  • Secretary of Labor Elaine Chao: "There will be a huge construction boom in the wake of Katrina."

    09/09/2005 5:48:26 AM PDT · by Happy2BMe · 79 replies · 1,696+ views
    FoxNews
    9 September, 2005 6:41 a.m. EST Secretary of Labor Elaine L. Chao just declared on FoxNews that one of the good things that will come in the aftermath of Hurrican Katrina will be a huge construction boom in the states hit hardest by the storm. "There will be a huge construction boom in the wake of Hurrican Katrina that will create thousands of jobs for Americans."
  • The Katrina Economy: It's Actually Going to Be Pretty Good

    09/10/2005 7:01:45 AM PDT · by LS · 101 replies · 1,301+ views
    self | 9/10/05 | LS
    We are about to see some of the laws of economics in action---as well as some of the laws of politics---and the result will be that the post-Katrina economy is going to be pretty good. First, gas prices are already falling. Steve Forbes, about a week before Katrina, predicted much lower gas prices later this year. But as foreign nations opened their reserves (out of pity, greed, or generosity), the prices came a-tumblin' down. There will be a constriction in refining capacity, no doubt, but this may be made up with imports. At any rate, the "$6 a gallon gas"...
  • Democratic and Republican parties, as distinctive parties, are shams.

    09/09/2003 12:43:27 AM PDT · by bota · 9 replies · 286+ views
    Financial Sense Online ^ | September 2, 2003 | Nelson Hultberg
    One of the most popular ideas taught in American civics classes is that the strength of the American political system lies in the fact that we have a two-party political process. This, I maintain, is akin to teaching that babies come from storks. It's a fairy tale we spin out to avoid messy details of reality we prefer not to face. The reality is that the Democratic and Republican parties, as distinctive parties, are shams. They have become nothing but two divisions of the Central Leviathan Party. This has been our political reality ever since Dwight Eisenhower defeated the "old...
  • Economic Hot Air

    08/19/2003 9:52:27 AM PDT · by Festa · 59 replies · 444+ views
    self | 08-19-03 | Festa
    If I am to believe the media, President George W. Bush’s policies have engineered a complete economic meltdown and put us in the worst fiscal condition since the great depression. When I hear this I typically ignore it. As an economics major, I know how to read through nonsense. Recently, however, it has come to my attention that many economists themselves have entered into this silliness. Recently, the think tank EPI circled a petition opposing the Bush tax cut that was signed by over 500 economists, including several Nobel laureates. What struck me as odd was not that some of...