Yesterday, the Dow dropped 777 points in reaction to the failure of Congress to pass the Troubled Assets Relief Program (TARP) — that is, the Bush-Paulson plan reworked by Chris Dodd and Barney Frank. Today, the Dow recovered almost 500 points in expectation of some deal in Capitol Hill. Of course the financial system needs… [Read more…]
September 29, 2008
In his latest column, Krugman reminds us of a solid reason not to vote for McCain in November: Phil Gramm might be his Treasury secretary.
September 29, 2008
Si el usurpador Felipe Calderón abandona los planes de privatizar PEMEX, López Obrador se dice dispuesto a negociar un acuerdo de unidad para abordar la crisis económica, crisis cuyo epicentro se ubica en Estados Unidos. Esto lo declaró ayer el presidente legítimo en el Zócalo de la Ciudad de México ante una multitud congregada en… [Read more…]
September 28, 2008
Larry Summers’ column in the Financial Times. Now that the Paulson proposal has been amended, it may turn out to be okay — he opines. I don’t know the details of the proposal to be submitted to the two houses in the next few days. So, I have no opinion yet about it.
September 28, 2008
El Ecuador tiene una nueva constitución política. Ganó la iniciativa del presidente Correa.
September 28, 2008
Brad DeLong advocates a Swedish approach (taking over the banks) versus a Paulson-Dodd-Frank plan not backed up by the Republicans. On his most recent blog entry, Krugman agrees that’d be the choice of last-resort. To understand the case of Sweden (1992), you may want to read this article in the New York Times or, if… [Read more…]
September 28, 2008
Chances are the 3 people following my blog have already read the latest by Joseph Stiglitz on The Nation. If not, here it is.
September 26, 2008
I was going to type a few thoughts in defense of the spirit of my rescue plan. But we are having a Debate Watch Party at home tonight, and need to go shopping for munchies and beverages, and pick up my son at day care. Since I cannot just leave like that, here’s the YouTube… [Read more…]
September 25, 2008
The new article in the Nation by the author of Wall Street. Excellent! Since he’s got us used to excellent writing, there’s no surprise. Today, I’m preparing classes and getting my paper on fiscal incentives, maquiladoras, and local standard of living in Mexico ready for presentation in Montreal. So I cannot yet address the objections… [Read more…]
September 24, 2008
Today, rushing to my next class, I’m just going to channel James K. Galbraith’s short interview with Harpers. Enjoy and leave comments.
September 30, 2008
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