Archives for: Barack Obama

Henry Paulson. “Hank”. Remember him? Lean, balding, the flared nostrils of a man perpetually haunted by the memory of having to clean dog’s mess from the shoes of his neighbour’s children. Of the crisis in 2008, he said, “Where I come from, if someone takes a risk and they’re going to make the profit from [...]

read more »

2

We must take a stand against lies, damned lies and statistical data

by Mitch Feierstein about 10 months 2 weeks ago

Last week, a brave police constable told a startled Parliamentary select committee that crime statistics were being artificially manipulated to keep recorded crime on its downward path. In one remarkable exchange, the committee’s chair, Bernard Jenkin, asked: “This [the police process] would finish up with trying to persuade a victim that they weren’t raped, for [...]

read more »

3

An America divided against itself: US debt is way past the ceiling

by Mitch Feierstein about 1 year 3 weeks ago

Barack Obama made a speech recently pledging his opposition to (yet another) game of chicken over America’s debt ceiling. “This is the United States of America,” he told his audience. “We’re not some banana republic. This is not a deadbeat nation. We don’t run out on our tab. We’re the world’s bedrock investment – the [...]

read more »

On 15 September 2008, Lehman Brothers, a “bulge bracket” investment bank, filed for bankruptcy. That should have been no big deal. The failure of a single, poorly run institution should have had no broader effect on the domestic US economy, let alone the global one. Things didn’t pan out that way. Lehman Brothers was the [...]

read more »

The dual mandate of the Federal Reserve is a good one. It is charged with ensuring stable prices and maximum employment. That’s a good basic recipe, one which served the country well. And notice what isn’t there. The Fed is not charged with distorting natural market pricing mechanisms to the point of perverting risk. It [...]

read more »

Over the coming weeks, we’re going to be hearing a lot about the ‘fiscal cliff’: the threat that some 5% of GDP is going to be ripped out of the economy in a combination of tax hikes and spending cuts. A fiscal slow-down on that scale will almost certainly trigger recession. The CBO thinks so, though their numbers look [...]

read more »

  Last week, the Bank of England declared its intention to print another £50 billion. Hardly anyone noticed. That £50 billion will bring the Bank’s total money printing to around £425 billion, or about one quarter of British GDP. No one cares. This evening, the U.S. Federal Reserve will announce its own plans for another [...]

read more »

1

This Time It’s Different: Why It’s Time to Fire Bernanke

by Mitch Feierstein about 2 years 4 months ago

Two bits of news in the last couple days. One, Ben Bernanke, Chairman of the Federal Reserve, has decided to extend Operation Twist, a policy whereby the Fed sells short-dated government paper in order to buy the longer-dated sort. It sounds boring but it involves $267 billion, so it’s kind of consequential all the same. [...]

read more »

3

Capitalism Without Bankruptcy is Like Catholicism Without Hell

by Mitch Feierstein about 2 years 4 months ago

Barack Obama was recently on the stump, defending the latest set of lackluster jobs figures. Obama blamed ‘serious headwinds’ including higher gas prices and, more recently, the developing crisis in the Eurozone. Having handed much of the blame to foreign oilfields and European crises, he returned to more familiar ground, bashing a Republican-controlled House for blocking some of the proposals in [...]

read more »

0

A Short Note to Obama, Romney, and the Mainstream Media

by Mitch Feierstein about 2 years 5 months ago

Summer’s coming. An election campaign’s pending. Obama’s in favor of gay marriage. Mitt Romney’s trying to figure out his vice presidential pick. The mainstream media is trying to second-guess his choices even before they’re even made. But, guys, there are some big issues out here. You know, real ones that affect real things in the [...]

read more »