News
CNN: Money | Weak growth. Monster debt. Which to tackle first?
The CBO is not in the business of telling Congress what to do. But it is in the business of showing Congress how what it chooses to do may affect the country's economic future.
Fox News | Refineries Likely to Shut as Hurricane Irene Nears, Boosting Gas Prices
It takes several days for a refinery to start operating again following a shutdown. And many would need almost a month to get back to full operation. Gasoline futures rose nearly 2 percent Thursday.
CNN: Money | Economy: 'Slowdown is here to stay'
In the first quarter, economic growth was stifled by temporary factors, including supply disruptions stemming from the Japan earthquake and a spike in gasoline prices following the Arab Spring political uprisings. But the malaise seems to be taking hold, with consumers pulling back sharply in the second quarter.
Econ Comments
WSJ | Obamanonics vs. Reaganomics
One program for recovery worked, and the other hasn't.
Source | World Economy Faces 50% Chance of Renewed Slump, Nobel Winner Spence Says
“A combined downward dip in Europe and America, which is a good chunk of the industrialized economies, I’m quite sure will take down growth in China particularly, and that will then immediately spread to the rest of the emerging economies.” He put the likelihood of such a scenario “at about 50 percent.”
Washington Times | VERSACE: When will earnings catch up to economic reality?
Despite the negative economic-outlook revisions across the board, one area that has yet to catch up is analysts’ expectations for earnings and earnings growth for the S&P 500.
Forbes | No, Paul Krugman, WWII Did Not End The Great Depression
Stimulus efforts allow politicians to dispense dollars in patronage schemes conferring power upon themselves at taxpayer expense. Congress buys votes with your money. Even if public spending did stimulate, such corruption is too repugnant to condone.
RCM | Earthquake Economics: The Vew from the Epicenter
The essence of President Obama's economic policy is to go around smashing people's windows (and shattering the value of our dollars), in the hope that he can get the economy moving by stimulating business for the world's glass-makers. Call it Earthquake Economics.
Blogs
Cato Institute | Forced Mortgage Refinance Does Not Create Wealth
What again is the great tragedy of borrowers being stuck with mortgage rates of 5.5 or 6.0 percent? Those are quite low by historical standards. And if the borrower wanted their rate to decline when overall rates decline, they should have taken out an adjustable rate mortgage.
Cato Institute | Small Business Administration to Close?
Unfortunately, Burr’s legislation does not close the SBA. It merely combines the SBA, the Department of Commerce, and the Department of Labor into one bigger bureaucracy that would be known as the “Department of Commerce and the Workforce.”
