RollingStone.com: Matt Taibbi | Taibblog Sat 2010-08-07 21:06 EDT

Are We In a Recession or Not? [Summers versus Romer]

Matt Taibbi

...Obama's economic team...has seen two fairly major resignations...[Council of Economic Advisers chairwoman Christina Romer] and budget director Pete Orszag...neither of them got along with Larry Summers...Most of the DC chatter class seems to have interpreted the dual resignations as a sign of the ascendant power of the Summers-Geithner axis within the Obama White House...Romer was the Obama administration official who was loudest in her advocacy of a much bigger stimulus, with the idea that the administration's economic strategy should have been based around creating jobs and shaving unemployment as quickly as possible...she was really the only person close to Obama's economic inner circle who isn't a former Clintonite or Rubinite and isn't either a former Wall Street banker or, like Geithner, a public-sector tool of Wall Street...Not that Christina Romer was a savior...but she was at least not completely a Wall Street pod job -- she was pretty much the last inner-circle adviser who wasn't, and now she's gone...

com; Matt Taibbi; Recession; rollingstone; Summers versus Romer; Taibblog.

Thu 2010-07-22 10:39 EDT

A Dual Mandate for the Federal Reserve, The Pursuit of Price Stability and Full Employment

Willem Thorbecke (2000)

Federal Reserve currently has two legislated goals--price stability and full employment--but a debate continues about making price stability the Fed's primary and overriding goal. Evidence from the recent history of monetary policy contradicts arguments in favor of assigning primacy to inflation fighting and supports giving full employment equal importance. Economic performance under the dual mandate has been excellent, with low unemployment and low inflation, while many European countries whose central banks focus solely on inflation are experiencing double-digit unemployment. The costs of unemployment are high, but the costs of even moderate inflation are estimated to be low. Central bankers, who tend to be inflation-averse, need to be prodded to consider goals other than inflation. And, if the Fed pursues price stability exclusively, the price level is not free to increase in the event of an adverse supply shock to prevent large increases in unemployment. A dual mandate allows the Fed to focus on one goal or the other as conditions demand and to balance policy effects.

dual mandate; Federal Reserve; full employment; priced stabilize; pursuit.

Fri 2008-11-07 00:00 EST

naked capitalism: "Fears mount in Japan over complex yen products"

power reverse dual currency notes (PRDC) sold concealing hugely complex structures with ``multiple points of pain''

complex yen products; fears mounting; Japan; naked capitalism.

Thu 2008-07-03 00:00 EDT

The Necessary War by William S. Lind

The Necessary War, by William S. Lind; reviews Pat Buchanan's "Churchill, Hitler, and the Unecessary War"; demolishing Churchill; "n both World Wars, the U.S. came out a winner because it left most of the fighting to others." "Debunking comic-book history and replacing it with the real thing is vital if America is to avoid the dual trap of cultural Marxism and Brave New World."

necessary war; William S. Lind.

Sat 2007-08-25 00:00 EDT

Articles : Dual-purpose cattle give small acreage graziers access to two high profit markets

by Allan Nation, Stockman Grass Farmer; Vermont organic farmer Doug Flack

article; Dual-purpose cattle give small acreage graziers access; high profit markets.