Category Archives: Economy
President Obama told Chris Matthews not to blame him for the stumble start of ObamaCare. Blame the government. More specifically, blame outdated big agencies.
But don’t blame outdated big agencies for the web site. It’s up to “private sector velocity“.
The Gipper could have told The Messiah that government isn’t the solution to our problem, it is the problem.
George Will is amused.
Who says the president lacks a steady management style. The Affordable Care Act of the second term looks like the Recovery Act of the first term – not as shovel ready as expected. The solution remains the same. More speeches.
While the front door to the ObamaCare website appears to be fixed the back door is standing wide open.
I learned more about Pope Francis yesterday. He is not a supply sider, but he used to be a bar bouncer.
His latest message, “The Joy of the Gospel” or “Evangelii Gaudium”, if you prefer dead languages, has created a stir. It’s about 80 pages long and I haven’t read it. Ok, I admit I haven’t read the Affordable Health Care Act either.
But I have read about it. It seems to be mostly about – the Gospel. The pope wants the church to get its hands and feet dirty spreading the good news.
Pope Not a Supply Sider
He’s also doesn’t like poverty and inequality and he’s skeptical of the free market. The president feels the same but that gave us ObamaCare.
Internet shopping has been a bust to brick and mortar stores for a long time. But it’s been a boon to FedEx and others who deliver the stuff. That could be about to change. Jeff Bezos used a 60 Minutes interview with Charlie Rose to unveil drone delivery.
Could millions of unmanned mini-choppers flying through neighborhoods mean boom times for personal injury lawyers?
Janet Yellen’s Senate hearing for approval to succeed Ben Bernanke began yesterday.
Backdoor Wall Street Bailout
Andrew Huszar, a former bond buyer for the Fed, wrote an interesting apology in the WSJ this week for his role in “quantitative easing”.
He says that the Fed never bought a mortgage bond in its 100 year history until he was hired in 2009 to buy $1.25 trillion of the things! In a single year. According to Huszar Bernanke spun the scheme as a plan to help Main Street but it was really “the biggest backdoor Wall Street bailout of all time”.
Chairman Ben Bernanke made clear that the Fed’s central motivation was to “affect credit conditions for households and businesses”: to drive down the cost of credit so that more Americans hurting from the tanking economy could use it to weather the downturn.
QE may have been driving down the wholesale cost for banks to make loans, but Wall Street was pocketing most of the extra cash.