mm337: Dare we trust those who messed up to fix it?

April 3, 2008

MUDGE’s Musings

I can’t help it — our turbulent economic news continues to cause concern.

And, as we’ve pointed out, it’s increasingly top of mind most everywhere.

As a topic, it has appeared here with depressing regularity (depressing topic but lively and insightful commentary, of course!):

“May you live in interesting times”

mm335: Are you prepared for interesting times?
mm334: Rearranging deck chairs
mm333: “Great people shouldn’t have a resume”
mm331: Obama at Cooper Union: Lincoln?
mm328: Today’s economics lesson: Depression 101
mm309: The news Bush really hates you to hear
mm289: Recession: Paying the price for our power
mm285: Mayor Mike tells some hard truths
mm263: This man -so- wants to pull the trigger…
mm257: The R-Word – Not that racy television show
mm256: I don’t hate big corporations, either

Pointed here by American.com here’s a useful analysis that lays out the causes of the financial system’s deep crisis, and you might be surprised at the source: St. Alan Greenspan and the Federal Reserve that, directed by Greenspan’s successor, Ben Bernanke, now is portraying itself as our white knight.

Read the rest of this entry »


mm328: Today’s economics lesson: Depression 101

March 25, 2008

MUDGE’s Musings

Paul Krugman of the NYTimes is an economics professor who has a clear grasp of the big picture. Guess that would be macroeconomics, wouldn’t it?

And he has a way with words.

For yr (justifiably) humble svt, as a child of children of the Depression, its lessons were removed by time, heavily insulated by the cornucopia of plenty that followed the cleansing and rebirth that was World War II for the U.S.

Only those who were very young during the Thirties, certainly not policy makers, are around now, so it’s good that Prof. Krugman is here to teach us some important lessons.

nytimes

Partying Like It’s 1929

By PAUL KRUGMAN | Published: March 21, 2008

If Ben Bernanke manages to save the financial system from collapse, he will — rightly — be praised for his heroic efforts.

But what we should be asking is: How did we get here?

Why does the financial system need salvation?

Why do mild-mannered economists have to become superheroes?

Read the rest of this entry »


mm289: Recession: Paying the price for letting our power bleed away

February 18, 2008

MUDGE’S Musings

Distracting as the events of the day can be, when we get right down to it, the dire rumblings of our deteriorating economic state cannot be deflected for long.

Almost official

Last Thursday, our scholarly if modestly effective Chairman of the Federal Reserve, Ben Bernanke, finally said what he’s been hinting at for months: the economy hasn’t seen the floor yet.

Read the rest of this entry »