The stimulus package the U.S. Congress is completing would raise the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation’s home mortgages. 9.7 trillion. That’s 13 times what the U.S. has spent so far on wars in Iraq and Afghanistan and almost enough …
Yearly Archives: 2009
Keynes testing
NPR/PRI has some great stories on the return of Keynes theories, and possibly the very first test of them. This American Life: 373: The New Boss – Stories about what happens when someone new takes over—someone with a vision of how things ought to be. Plus, NPR international economics correspondent Adam Davidson of the Planet …
Spend your way to prosperity
I’ve been meaning to write a post about this, but Caroline Baum has written many of the same points I had in a piece for Bloomberg called “Economic Cures Are Like Booze for an Alcoholic”. “…the U.S. economy was buckling under the weight of the burst housing bubble. The blame game was in full swing, …
Diving Islas Coronados with the sea lions
Photos of diving Islas Coronados with the sea lions Adam and I headed out with Waterhorse to visit the Coronado Islands just off Tijuana’s coast. The ride back was a bit rough, but overall it was a really nice day. The first dive was at the usual Lobster Shack. The site is popular because it …
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Inconvenient Depressions
David A. Rosenberg from Merrill Lynch has released an 11 page document called “Some inconvenient truths”. It is worth a read for its frank discussion of our current economic condition. Depressions are basically long recessions – they can last anywhere from three to seven years, while historically cyclical recessions last 18 months – and tend …