All Entries in the "Onward and Upward" Category
TARP Criticism Misses the Point
When TARP Inspector General Neil Barofsky criticized the Home Affordable Modification Program (HAMP) as being ineffective, he blamed the Treasury Department for not setting clearer goals for that part of the Troubled Asset Relief Program (TARP).
Maine Eyes Social Security for Pension Bailout
Illinois recently claimed a savings of $300 million by making “adjustments” in benefits for employees who have not yet been hired! New Jersey’s pension plan will only be solvent provided its investment returns earn at least 8 percent every year from now on.
Great Depression II: Here We Go Again?
The unremitting flow of negative news about the economy has finally caught the attention of the mainstream media, causing an increasing number of economists to make comparisons between today’s recession and the Great Depression
Railroads, Robber Barons, and Unbridled Capitalism
The development of the railroad industry in the 19th century provides a welcome opportunity to investigate such charges and determine if, in fact, such “revisionism” is justified and necessary.
Still Waiting for the Recovery
The economy has gained either 2.5 million jobs or 3.6 million jobs since the Recovery Act was signed into law in January, 2009, depending upon which statistical “model” is used, according to Christina Romer, Chair of the White House’s Council of Economic Advisers. When compared to the report issued earlier this month by the Bureau of Labor Statistics, neither number is even close.
Social Security Benefits Only for Needy?
One way to fix Social Security would be to limit payments only to those who need them, according to House Minority Leader John Boehner (R-OH). In an interview with the Pittsburgh Tribune-Review, he added that increasing the retirement age to 70 for those age 50 and younger would also be necessary.
Fixing State Budgets Will Be Painful
Pew Research recently polled Americans about ways to bring state budgets into balance and found that respondents did not like any of the options. In its Congressional Connection poll released June 28, Pew Research asked if a federal bailout of financially troubled states should be considered. Barely one in four said yes. Nearly 60 percent said no, that the states should take care of their problems on their own.
From China, With Love
On its website Wednesday, China’s State Administration of Foreign Exchange (SAFE) announced that its “nuclear option” of selling large portions of their dollar-denominated assets was “completely unnecessary” and that “any increase or decrease in our holdings of US Treasuries is a normal investment operation.” And then as an afterthought, SAFE added: “China has been calling for the US to genuinely take measures to protect investor’s interests and confidence as a responsible nation.” Or, as Wiggin might have put it: “I love you. And have a nice day.”
The Millennial Generation, Jobs, and Reality
In a microcosm, Scott Nicholson, at age 24, represents his Millennial Generation well: He graduated from college two years ago and is still looking for work. But he’s optimistic nevertheless. He moved back into his parents’ home in an upper-middle-class neighborhood outside of Boston, and spends his mornings searching corporate websites for “suitable” job openings. His parents are feeding and clothing him, as well as paying his cell-phone charges and insurance premiums. But they are beginning to get concerned, especially when Scott was finally offered a position at a nearby casualty insurance firm, as a claims adjuster—and he turned it down.
Fannie and Freddie De-listed From NYSE: Now What?
When ABC News announced that Fannie Mae and Freddie Mac would be de-listed by the New York Stock Exchange on July 8, writer Rich Blake said that “these once mighty enterprises will trade alongside stocks on the Over-The-Counter Bulletin Board, a place where many companies go to die.”
