Will the US Government Shut Again? What to Watch
The short-term solution reached last month to extend the US federal government's funding expires on Thursday.
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Banana Republic
The Disastrous Consequences Of Not Raising The Debt Ceiling
As we face another brutal fight over the federal debt ceiling at a time when the economy still remains fragile, the stock market is oddly complacent. Even if the debt ceiling crisis is resolved, the result would be some combination of…
What Jack Welch should have said
Jack Welch recently caused a ruckus by suggesting that the government was “cooking the books” with its economic data. Specifically, he tweeted the following last Friday after the employment situation report: "Unbelievable jobs…
Moody’s issues update on the outlook for the US government’s debt rating: Budget…
The following press release was issued by Moody's Investors Service earlier today regarding the United States.
New York, September 11, 2012 -- Budget negotiations during the 2013 Congressional legislative session will likely determine the…
France: wealthiest ask government for special tax on the super-rich
This is a temporary tax proposal to demonstrate solidarity in tough times. It reminds me of the solidarity tax Germans paid to deal with their reunification.
Jobs and deficit crisis will lead to double dip and more downgrades
Former Fed nominee and Nobel Laureate Peter Diamond spoke to Bloomberg News about how he sees the economic difficulties the United States faces. His view is that America faces a jobs crisis in the here and now and that deficit reduction is…
Grantham: European and American policy makers are clueless
In America everyone has been bellyaching about the S&P ratings downgrade like its an affront to the greatness of America. This is absolute rubbish. It’s pure denial and economic nationalism. Do you think the Germans would threaten to…
On the S&P downgrade of the US sovereign credit rating
Do I think this is a big deal? No. This move had been telegraphed for weeks. Moreover, the prospect of a double dip recession and a potential lost decade of debt deflation in the US is infinitely more important. The recent rally in Treasury…
Dagong cuts US sovereign rating one level to A, on par with Russia and South Africa
Patrick Chovanec talked to Bloomberg earlier today about the Chinese rating agency Dagong’s downgrade of US sovereign debt to Single-A. Chovanec says that Dagong is ‘hyper-senstive’ to US risk.
On Voodoo Economics, the Debt Ceiling Debate, and Hyperinflation
If you recall, it was George W. Bush’s father, GWH Bush, who, when campaigning against Reagan, called supply side economics’ claims that tax cuts pay for themselves Voodoo Economics. And Bush was proved right when deficits spiralled out of…