NAM October 2008

Archive: October 2008

Reagan Endorses Obama

October 17, 2008

Business Week Debate Room

October 16, 2008

Over at Business Week's Debate Room, I'm arguing the Pro side of the resolution: "U.S. Economy: Years of Hardship Ahead."

The Con-man is Ethan S. Harris, author of Ben Bernanke's Fed: The Federal Reserve After Greenspan.

Caffè Strada Blogging: Paul Krugman

October 13, 2008

Krugman wins the Nobel prize in economics. I think Krugman himself got it exactly right when he said: "To be absolutely, totally honest I thought this day might come someday, but I was absolutely convinced it wasn't going to be this day."

The best thing about giving the prize to Krugman was that they didn't double up, pairing him, for example, with the very unpleasant right-wing trade economist Jagdish Bhagwati "for balance."

I'm posting from the patio of Caffè Strada in Berkeley. In a few hours, I'll be giving a talk on low-wage work in Europe at the Institute for Research on Labor and Employement.

Recipe for Salt Cake from The Onion

October 11, 2008

The Onion reprints a colonial recipe for "Salt Cake," which I reprint for the benefit of my sisters.

Two Large Buckets Sea-Brine
Four Pounds Jew's Salt
One and One Half Pounds Butter (Salted)
One Blueberry

Any lacking Ingredients May be substituted with 
double Parts Coal Cinders, excepting the Blueberry, 
for which Two Pinches Salt are recommended if the 
Fruit cannot be obtained.

More from The Economist

October 10, 2008

The October 2 edition of The Economist has results from their poll of economists' views on the two main presidential candidates' economic plans.

Apparently, economists don't read The Economist much because they seem to love Obama.

The Economist on The Economy

October 9, 2008

This gets it about right.

(Via Adbusters. Thanks, Kris!)

Top Ten Reasons: Weisbrot on IMF

October 9, 2008

My CEPR colleague, Mark Weisbrot, went all David Letterman on the International Monetary Fund today with: "Top Ten Reasons Why the IMF Should not Lead the Reform in Global Finance."

10. The IMF totally missed the two biggest asset bubbles in the history of the world. [Stock-market bubble. Housing bubble.]

9. The IMF is unaccountable.

8. Developing countries have no significant say in IMF decisions.

7. The IMF has been at the head of a creditors' cartel that has pressured developing countries to adopt dubious policies over the last three decades.

6. The IMF made a mess in the last set of financial and economic crises: Argentina, East Asia, and Russia.

5. The IMF has shown no serious efforts at reform despite repeated failures.

4. The IMF's economic projections can be way off target and may be politically influenced.

3. The IMF's recommended economic policies have, in general, failed.

2. The IMF has been a champion of the de-regulated global financial flows that played a huge role in the current mess.

1. The IMF is mostly run by the U.S. Treasury Department.

More details, including a video link and a slide presentation here.

Dean Baker on Bailout

October 3, 2008

As a public service to my friends who are confused about the bailout, I reproduce here almost all of Dean Baker's posts on the bailout, in chronological order from September 19 through this morning.

September 19, 2008

10:39PM

"Questions on the Bush Bailout Package"

September 20, 2008

9:24AM

"The Budget and the Bailout"

12:43PM

"Progressive Conditions for a Bailout"

2:52PM

"Paulson Proposal: A Blank Check for Proven Incompetents"

September 21, 2008

9:22AM