Venezuela, running out of toilet paper.
Problems in the job market were long in the making and will not be solved overnight.
Chairman of the Council of Economic Advisers
From his blog post at WhiteHouse.gov, explaining away the bad jobs numbers today.
By the animated computer characters. Discussion topics include: the Fed, the President Obama, the printing money, the President Bush and the Ben Bernank(e). PG for language.
Imagine Bush in 2003 railing against the invasion of Iraq.
Obama’s presidency has descended into the surreal.
May 14 (Bloomberg) — President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.
“We can’t keep on just borrowing from China,” Obama […]
Where the U.S. government usually consumes 21% of gross domestic product, this Obama budget spends 28% in 2009 and runs a deficit of $1.75 trillion, or 12.7% of GDP…..Add that 28% of GDP spent by the U.S. government to the 12% spent by states, counties and cities, and government will consume 40% of the economy […]
The Arena Football League has canceled its 2009 season, but will resume play the following year, [according to] the Cleveland Plain Dealer and The New York Times.
League officials could not be reached to comment, but have previously denied the indoor football league would cancel the 2009 season. The AFL, founded in 1987, has 16 teams […]
Just saying… Maybe a giant bald eagle instead of “AIG”? Or Obama’s smile?
Over at Think Progress there is an “excellent” post entitled, On So-Called “Irresponsible” Borrowers. Matt Yglesias lays out his case that folks who took bad loans and now are not paying their mortgages are basically blameless for their situation.
The post is truly excellent and highly recommended because as commenter Brad says there:
This post might […]
The obvious alternative to a bailout is letting troubled financial institutions declare bankruptcy. Bankruptcy means that shareholders typically get wiped out and the creditors own the company.
Bankruptcy does not mean the company disappears; it is just owned by someone new (as has occurred with several airlines). Bankruptcy punishes those who took excessive risks while […]
ABC News’ Tahman Bradley and Arnab Datta Report: Former House Speaker Newt Gingrich, R-Ga., on Sunday described Treasury Secretary Henry Paulson’s request for billions of dollars to buy debt from struggling Wall Street financial firms as “un-American” and said the secretary should have stepped down.
Gingrich even expressed concern with Paulson’s connections to Wall Street. […]