mm507: Nobel and noble – a daily double

October 13, 2008

Sometimes good things happen to good people.

Paul Krugman of Princeton University and the NYTimes, frequently quoted in this space, was awarded the 2008 Nobel Prize in Economics today.

This is worthy recognition to an outstanding thinker, who not only thinks the deep thoughts of his “dismal science,” but articulately delivers complex concepts with clarity.

Well done, Nobel committee, and Paul Krugman!

—————–

Last post, I spoke in glowing terms of one of my favorite progressive blogs, First Door on the Left.

Len did it again today (recognizing Paul Krugman, by the way) by posting the complete transcript of Barack Obama’s fleshed out economic rescue plan delivered in Ohio today.

firstdoorontheleft

A Rescue Plan for the Middle Class

Posted by Len on Monday at 1:19 pm in Democrats, Election 2008, Politics

I know these are difficult times. I know folks are worried. But I also know this – we can steer ourselves out of this crisis. Because we are the United States of America. We are the country that has faced down war and depression; great challenges and great threats. And at each and every moment, we have risen to meet these challenges – not as Democrats, not as Republicans, but as Americans.

We still have the most talented, most productive workers of any country on Earth. We’re still home to innovation and technology, colleges and universities that are the envy of the world. Some of the biggest ideas in history have come from our small businesses and our research facilities. It won’t be easy, but there’s no reason we can’t make this century another American century.

But it will take a new direction. It will take new leadership in Washington. It will take a real change in the policies and politics of the last eight years. And that’s why I’m running for President of the United States of America.

My opponent has made his choice. Last week, Senator McCain’s campaign announced that they were going to “turn the page” on the discussion about our economy so they can spend the final weeks of this election attacking me instead. His campaign actually said, and I quote, “if we keep talking about the economy, we’re going to lose.” Well Senator McCain may be worried about losing an election, but I’m worried about Americans who are losing their jobs, and their homes, and their life savings. They can’t afford four more years of the economic theory that says we should give more and more to millionaires and billionaires and hope that prosperity trickles down to everyone else. We’ve seen where that’s led us and we’re not going back. It’s time to turn the page.

Read the rest of this entry »


mm494: Blast from the Past! No. 50 — Health care excuses

September 9, 2008
© Kandasamy M  | Dreamstime.com

© Kandasamy M | Dreamstime.com

A very long day today (the alarm went off at 3:10am!), but hey, recycling is IN, right?

We’re all about doing the right thing here at Left-Handed Complement, and in that spirit we’re recycling some of yr (justifiably) humble svt‘s favorite electrons. And, with nearly 470 fresh daily posts in the past 16+ months, the recycling process has an exceptionally rich vein to mine.

I hereby stop apologizing for observing the prime directive of blogging: Thou Shalt Blog Daily!

And, I’m guessing that most of you weren’t here nine months ago. As one of my favorite paper publications used to say as they flogged unsold back issues: “If you haven’t read it yet, it’s new for you!”

lhc76019043_thumb24_thumb2_thumb2_th[2]

Blast from the Past!

A post we really, really loved to write, and read, and re-read…

From last fall, originally posted November 11, 2007, and truer now than ever, titled “mm190: U. S. Health Care – Excuses, not facts.”

MUDGE’S Musings

Access to affordable health care. Five words. Easy to write. Rolls off the keyboard fluidly even. Simple phrase; political cesspool. Can universal access to affordable health care ever happen in the U.S.?

Paul Krugman, the economist whose columns appear in the Opinion section of the NYTimes, this week reminds us that the failings of our health care system are manifest: we spend more, but get less – fewer covered and lower life expectancy than in any other western economy.

Moreover, the usual suspects (our lifestyle) and the usual bugbears (socialized medicine!) are distortions and outright lies.

Read the rest of this entry »


mm493: Superficialities or substance — the 2008 choice

September 8, 2008
© Ian O hanlon | Dreamstime.com

© Ian O hanlon | Dreamstime.com

As some observers have noted after the two conventions, there were lots of distractions, lots of words, but not much in the way of substance.

Especially regarding this nation’s number one concern.

Iraq, you ask?

That’s so 2007.

No, it’s the economy — rather, the very dangerous state of the economy.

Our Republican friends, plutocrats, or plutocrat wannabe’s, don’t believe we have a problem. McCain is and has always been insulated from the real world by, first, years as a Naval officer, where the pay might not be royal but subsidized expenses are low; then years as a prisoner of war, where the cost of living takes on an entirely ugly but non-financial meaning; then many more years as a Senator, married to wealth, a combination as isolated from the real world as it gets. He relies on his good buddy and close advisor on topics economic, former colleague Phil Gramm of Texas, who believes we’re all whiners.

The Democrats talked a spectacularly good ball game, but had little substantive to offer us.

Even so, based on their track record, one has to believe that the Democrats are more likely to get it than the Republicans, who have spent the last eight years aiding and abetting the liars and thieves on Wall Street and beyond.

Meanwhile, the news, and its import, is grim and becoming even more so.

nytimes

The Power of De

Op-Ed Columnist | By PAUL KRUGMAN | Published: September 7, 2008

Save the home lenders, save the world? If only it were that simple.

The just-announced federal takeover of Fannie Mae and Freddie Mac, the giant mortgage lenders, was certainly the right thing to do — and it was done fairly well, too. The plan will sustain institutions that play a crucial role in the economy, while holding down taxpayer costs by more or less cleaning out the stockholders.

Read the rest of this entry »


mm443: Don’t you feel like this guy?

July 18, 2008

 

MUDGE’S Musings

Can anyone still doubt our national (perhaps global?) economic distress? Runs on the banks. A tank of gas edging toward Benjamin territory. Someone you know (or mayhaps many someones you know) out of work and/or looking. Or giving up looking. Starbucks (Starbucks!) closing 600 stores.

Let’s have a show of hands: How many of you (U.S.) readers believe that this Spring’s tax refund “stimulus” could have been an order of magnitude larger (that’s 10 times), and still not been enough?  Two orders (that’s times 100)? smile_sad

It doesn’t go away, our concern with the dire state of the economy.

Paul Krugman, economics professor and columnist of the NYTimes has been consistent in identifying our present financial dismay, and he has some grim news — it’s not going to get better very quickly.

nytimes

L-ish Economic Prospects

By PAUL KRUGMAN | Published: July 18, 2008

Home prices are in free fall. Unemployment is rising. Consumer confidence is plumbing depths not seen since 1980. When will it all end?

The answer is, probably not until 2010 or later. Barack Obama, take notice.

Read the rest of this entry »


mm433: McCain’s ultimate vulnerability: the economy

July 8, 2008
mccainbush From Daniel Kurtzman, About.com

MUDGE’s Musings

We’ve spent the past month or so watching the candidates come off their primary paces, attempting to rejigger their respective approaches to the general election, and taking some hits for the resulting adjustments.

The mishandled wars in Iraq and Afghanistan have been top of mind for many voters since the pointless charade of “Mission Accomplished!”

Paul Krugman reminds us, however, of another paramount issue in this election, the economy, and what its dire condition means to John McCain.

Read the rest of this entry »


mm347: It’s official, we’re depressed — er, recessed

April 14, 2008

MUDGE’s Musings

Paul Krugman has appeared in this nanocorner of the ‘Sphere© quite frequently; he’s an economist, and an insightful writer, and a lot of news lately has been about our economy, and cries out for insight.

“May you live in interesting times”

mm344: Welcome to interesting times
mm337: Dare we trust the guys who got us into this mess?
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

Since so much of the U.S. economy is driven by consumers, and has been, I’m imagining, since the end of World War II, when the bomber factories returned to stamping out annual cosmetic freshenings of shiny Fords, Plymouths and Hudsons to an eager population that couldn’t wait to “See the U.S.A in your Chevrolet,” consumer perceptions are a key indicator of economic health.

Read the rest of this entry »


mm334: Rearranging deck chairs

March 31, 2008

MUDGE’s Musings

Paul Krugman is frequently quoted here in this nanocorner of the ‘Sphere©, because he so frequently cuts through the obfuscation and clarifies economic realities. (See this post, and this one, for example.)

Today, the George III administration announced with great fanfare their latest financial system reforms.

Krugman looked it over. His conclusion: There’s no there, there.

nytimes

The Dilbert Strategy

By PAUL KRUGMAN | Published: March 31, 2008

Anyone who has worked in a large organization — or, for that matter, reads the comic strip “Dilbert” — is familiar with the “org chart” strategy. To hide their lack of any actual ideas about what to do, managers sometimes make a big show of rearranging the boxes and lines that say who reports to whom.

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 »


mm265: It’s a Bush administration; the wealthy get wealthier while the poor suck hind tit

January 25, 2008

MUDGE’S Musings

The number crunchers are beginning to weigh in on the administration’s latest economic stimulus plan.

Can one really be surprised that the stimulus mainly impacts those who need it least?

Paul Krugman had the following observations in the NYTimes, and on his blog:

Stimulus Gone Bad

By PAUL KRUGMAN | Published: January 25, 2008

House Democrats and the White House have reached an agreement on an economic stimulus plan. Unfortunately, the plan — which essentially consists of nothing but tax cuts and gives most of those tax cuts to people in fairly good financial shape — looks like a lemon.

Specifically, the Democrats appear to have buckled in the face of the Bush administration’s ideological rigidity, dropping demands for provisions that would have helped those most in need. And those happen to be the same provisions that might actually have made the stimulus plan effective.

In his related blog (linked to in the Times, and full of a series of useful comments on the stimulus plan) he reproduces the chart that the nonpartisan Tax Policy Center created after analysis:

rebateshare

Predictable:the top 40% of income earners would get 58% of the proceeds. It’s just so typically wrong-headed. We’re headed toward rough seas; let’s take the motors off the lower-deck lifeboats, so that the upper deck lifeboats have two!

And the Democratic leaders in Congress, as has been typical for them since they assumed majority status after the 2006 elections, caved. No stomach for a fight, Ms. Pelosi? If not, you certainly are in the wrong place at the wrong time!

Krugman points out that getting money to people who really need it “does double duty: it alleviates hardship, and also pumps up consumer spending.”

The result: a program that isn’t helpful where most needed, and fails in its goal as an economic stimulus.

[Please click the link below for the complete article — but then please come on back!]

Stimulus Gone Bad – New York Times

You needn’t be a card-carrying curmudgeon to be disgusted.

I just love the FDR quote, at a time when spats-wearing plutocrats were desperately clinging to their customary piracy – er, business – as usual:

“We have always known that heedless self-interest was bad morals; we know now that it is bad economics.”

When will it end, you ask? timeanddate.com tells us: 360 days, 15 hours: Noon Eastern Standard Time, Tuesday, 20-January-2009.

It’s it for now. Thanks,

–MUDGE

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mm257: The R-Word – Not that racy television show…

January 17, 2008

MUDGE’S Musings

On more and more minds, and lips, lately is that dreaded R-Word, recession.

First some news that we won’t have to work too awfully hard to relate to the topic at hand.

1. A critical gear in the export engine gets stripped

The aerospace competition between Europe’s Airbus and the U.S.’s Boeing has been hard-fought (think: Saturday-night saloon, brass-knuckles style) commercial dueling of a classic nature.

Boeing, complacent after lucrative decades owning global airline sales was embarrassed when upstart Airbus, an amalgam of several European aerospace firms unable individually to compete with the Boeing colossus began to outsell the arrogant giant.

Thus it was with no small satisfaction that Boeing watched Airbus announce delay after delay delivering its latest product, the immense 600-passenger A380, finally released to its first customers late in 2007.

Now, the shoe is on the other foot, as Boeing yesterday was forced to admit that its latest product, the new-age, environmentally sensitive 787 Dreamliner, has encountered delivery glitches of its own, the impact of which will push deliveries back to 2009.

Here’s the word from Boeing’s home-town paper, the Seattle Post-Intelligencer (sorry, Chicago Tribune, but Boeing’s head may have relocated, but its heart remains in Washington State).

seattlepi

Boeing explains new 787 delay

Company ‘underestimated’ time to finish partners’ work

By JAMES WALLACE
P-I AEROSPACE REPORTER

It was 90 days ago Wednesday that Boeing troubleshooter Pat Shanahan took over the 787 program after then-Dreamliner boss Mike Bair was sacked.

A week earlier, The Boeing Co. had announced an embarrassing six-month delay, with the first Dreamliner deliveries to airlines slipping from May until the end of 2008.

Boeing believed at the time that it would be able to complete work on the first plane in its Everett factory and have it flying by the end of March. It is the first of six that will be needed for the flight test program before the 787 can be certified by regulators to carry passengers.

The story rings true enough; the 787 is a new aircraft, being assembled a new way.

The 787 represents a new way of building airplanes for Boeing, which turned over most of the manufacturing and assembly work to key partners in Italy, Japan and elsewhere in the United States.

But those partners were unable to complete a significant amount of work before the unfinished sections of the first of six test-flight planes arrived in Everett for final assembly. Boeing has struggled to catch up on all this “travel” work.

Typical complexity issues, perfectly understandable, if disappointing.

[Please click the link below for the complete article — but then please come on back!]

Boeing explains new 787 delay

It will take a more adept macroeconomist than yr (justifiably) humble svt (not a very high bar to scale either) to tell us the effect of this delivery delay on the economy. Exports are an important piece of the economic pie, and Boeing a critical element of that slice.

Boeing sneezes, and we all should start looking around for our Nyquil.

2. Okay, it’s a recession. Which candidate makes the most sense?

There’s a presidential election campaign going on, you may have noticed.

NYTimes’ Paul Krugman, one of our favorite economic analysts, takes a look at their positions. Voters are getting nervous; tell us you know how to make us feel better:

nytimes

Responding to Recession

By Paul Krugman | Published: January 14, 2008

Suddenly, the economic consensus seems to be that the implosion of the housing market will indeed push the U.S. economy into a recession, and that it’s quite possible that we’re already in one. As a result, over the next few weeks we’ll be hearing a lot about plans for economic stimulus.

Since this is an election year, the debate over how to stimulate the economy is inevitably tied up with politics. And here’s a modest suggestion for political reporters. Instead of trying to divine the candidates’ characters by scrutinizing their tone of voice and facial expressions, why not pay attention to what they say about economic policy?

In fact, recent statements by the candidates and their surrogates about the economy are quite revealing.

And he proceeds to get to the heart of each candidate’s economic sound bites.

  • McCain: ruefully admits he doesn’t know what he doesn’t know about the economy
  • Giuliani: his cure, a huge tax cut, isn’t
  • Huckabee: just wrong
  • Romney: who just might know something, won’t say anything, fearing to offend
  • Edwards: driving the agenda with a clearly designed policy
  • Clinton: following suit
  • Obama: after an awkward false start, now has a plan, although less progressive than the other leading Dems

[Please click the link below for the complete article — but then please come on back!]

Responding to Recession – New York Times

Can’t help but wonder what Michael Bloomberg thinks… Mike, Mr. self-made billionaire, what get’s us out of our funk, fast?

3. Recession: Bitter but necessary medicine?

Another of MUDGE’s favorite economists, Daniel Gross of Slate, weighs in on our looming distress, and how it could provide a wake-up call to U.S. business:

slate

The Good News About the Recession

Maybe it will finally teach Americans how to compete globally.
By Daniel Gross | Posted Wednesday, Jan. 16, 2008, at 11:53 AM ET

House for saleA sign of the housing slump

A recession may be upon us, which would mean fewer jobs, declining tax revenues, and sinking consumer confidence.

But for some (congenital Bush-bashers, the Irvine Housing Blog, critics of rampant consumerism), the parade of bad news is an occasion for schadenfreude….

(By the way, schadenfreude is defined thusly. Admit it, you always wanted to know but never bothered to look it up. Sequitur Service© at your service!)

… They enjoy seeing inhabitants of the formerly high-flying sectors that got us into the mess—real estate and Wall Street—being laid low. Others hold out hope that a recession will iron out distortions in the housing market, thus allowing them to move into previously unaffordable neighborhoods. Some econo-fretters hold out hope that reduced imports and the weaker dollar—both likely byproducts of a recession—will help close the trade deficit. And a few killjoys believe recessions can be morally uplifting. “High costs of living and high living will come down. People will work harder, live a more moral life,” as Treasury Secretary Andrew Mellon put it in the disastrous aftermath of the 1929 crash and ensuing Depression. Not for him stimulus packages and enhanced unemployment benefits. “Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate.” (Thanks in part to such comments, voters liquidated Republicans for a generation.)

With the exception of a few gleaming stars, like our friends Boeing, U.S. companies have been woefully ineffective at selling to global markets.

The world is running away from us. The volume of global trade in merchandise has been increasing rapidly. And it’s not just the United States importing goods from China. It’s China importing natural resources from everywhere and building infrastructure in sub-Saharan Africa, sub-Saharan Africa buying oil from the Persian Gulf, Dubai investors purchasing Indian real estate, Indian builders buying German engineering products and services, and German engineers buying toys made in China. With each passing day, an increasing number of transactions in the global marketplace do not involve the United States. We’re still a powerful engine. But the world’s economy now has a set of auxiliary motors.

We know we’ve been floundering; the way out may well be to find business leaders with global skillsets.

[Please click the link below for the complete article — but then please come on back!]

The good news about the recession. – By Daniel Gross – Slate Magazine

It’s going to be an uphill fight. We’ve earned our way into this economic distress: outsourcing our jobs instead of figuring out how to become competitive; living high on borrowed money that is now coming due big time; wasting geopolitical and real capital, and thousands of young American lives, on a poorly designed, inadequately executed, military misadventure in Iraq.

The R-Word

We hope you enjoyed this week’s three-part episode, and hope to heaven that we don’t have to do run too many more of them!

It’s it for now. Thanks,

–MUDGE

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