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POPSBattle Of the Proxy Incumbents Fiction can be fun! Ultimately though, this fanciful bit of twaddle is unlikely to stick, what with McCain's voting record so thoroughly refuting it. And in a lot of ways, that's too bad. If only we could look back at McCain's votes and comments on the wildly effective investment income tax cuts and find a man who embraced pro-growth fiscal policy as eagerly as Bush, we might be better assured of the continuity of certain beneficial policies that Obama so laments.
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POPSSome economic predictions for the coming months
6) China's stock market will collapse next year. China will go into a recession. There will be huge amounts of violence 7) Multiple banks will probably go insolvent. They are holding too much crap paper. There will be an extreme tightening of consumer debt of all kinds, including consumer loans, credit cards and mortgages (this is already beginning, but you ain't seen nothing yet). Even people with good credit will start having difficulty getting loans. 8) Protectionism is going to get stronger. Even if Clinton, a free trader, is put in power, by the time the 2010 Congressional elections are over no "free trade" bill will be able to pass Congress and in fact actual tariffs are likely to be put in place. 9) I wouldn't be surprised, at some point, to see capital controls put in place to stop money-flight from the US. 10) When the full extent of how bad things are hits Joe Public, expect a move for reregulation of Wall Street and to reinstitute something similiar to Glass-Steaga
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POPSThe Commander-in-Chef Cooks Up a Storm "Bush: And as people are now beginning to see, Iraq is changing, democracy is beginning to take hold. And I'm convinced 50 years from now people look back and say thank God there was those who were willing to sacrifice. "Curry: But you're saying you're going to have to carry that burden... Some Americans believe that they feel they're carrying the burden because of this economy. "Bush: Yeah, well -- "Curry: They say -- they say they're suffering because of this. "Bush: I don't agree with that. "Curry: You don't agree with that? Has nothing do with the economy, the war? The spending on the war? "Bush: I don't think so. I think actually, the spending on the war might help with jobs. "Curry: Oh, yeah? "Bush: Yeah, because we're buying equipment, and people are working. I think this economy is down because we built too many houses."
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POPSBush claims no recession. We're Fu@ked After 7 years of LIES and DECEPTION, who would you believe? Could he not be right just for once? Could he not say, just to save us all who need a recession like a month in Iraq, that there is a recession there is one. Then when he's wrong as usual, we can all be Ok! Might work. Can't be worse than now. Could someone not stop him popping up at every microphone that there is? It's past embarrassing.
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POPSStagflation - 1970's Déjà vu
As Yogi Berra once said, "This is like deja vu all over again." 1970's economy looms over us once again. Stagflation in the 1970s The term "stagflation" -- an economic condition of both continuing inflation and stagnant business activity, together with an increasing unemployment rate -- described the new economic malaise. Inflation seemed to feed on itself. People began to expect continuous increases in the price of goods, so they bought more. This increased demand pushed up prices, leading to demands for higher wages, which pushed prices higher still in a continuing upward spiral. Labor contracts increasingly came to include automatic cost-of-living clauses, and the government began to peg some payments, such as those for Social Security, to the Consumer Price Index, the best-known gauge of inflation. While these practices helped workers and retirees cope with inflation, they perpetuated inflation. http://economics.about.com/od/useconomichistory/a/stagflation.htm
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POPSDid Someone Say Stagflation? Yikes. There's that word again. Bloomberg's Mike Sesit ponders whether central bankers are up to the task of stoking growth and battling inflation at the same time. Our vote: watch out for making money too cheep, worry about inflation first and deal with the growth issues in other ways like targeted tax cuts, extension of unemployment, etc. Washington can't let this all fall to the Fed & friends.
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POPSThat Old Stagflation Dilemma Again Sam Brittain is both a distinguished economics commentator -- one of the best -- and has been around long enough to have seen stagflation more than once. His answer: long-term inflation targets.
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POPSWhy a 70s-style whiff of stagflation may soon be in the air Yes, inflation is partly about expectations. The thing is that it doesn't take long for the experience of inflation to lead to an expectation of inflation. Remember that the answers to stagflation in the 1970s was deregulation and privatisation. This is now not a policy option, since it has already been done (to death).
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