Our country is headed toward a ‘fiscal cliff.’ The bad news: We elected a guy whose campaign slogan was ‘Forward’ – Jay LenoSee my intervention on CNBC about the matter here: http://video.cnbc.com/gallery/?play=1&video=3000205718 and http://video.cnbc.com/gallery/?play=1&video=3000205434 and on the BBC here. Continue reading The Debt Ceiling … And Why It Matters This Time
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Ten Cannots
You cannot bring about prosperity by discouraging thrift.
You cannot strengthen the weak by weakening the strong.
You cannot help little men by tearing down big men.
You cannot lift the wage earner by pulling down the wage payer.
You cannot help the poor by destroying the rich.
You cannot establish sound security on borrowed money.
You cannot further the brotherhood of man by inciting class hatred.
You cannot keep out of trouble by spending more than you earn.
You cannot build character and courage by destroying men’s initiative and independence.
And you cannot help men permanently by doing for them what they can and should do for themselves.
William J H Boetcker’s Ten Cannots
On September 15th 2008… Remembering the Lehman collapse
Richard Fuld (ex-Lehman CEO) “The blame on the firm’s share price collapse lies on hedge funds and short sellers”
On September 15th 2008… Continue reading On September 15th 2008… Remembering the Lehman collapse
Debt Is Still The Problem
“The debt compromise is like eating a Satan sandwich” Emanuel Cleaver
Yesterday I heard again a sentence that tends to be repeated frequently: “Deficits support growth”. It assumes with his claim that increasing deficits helps economic recovery, rather than see that such recovery is much slower and fragile precisely because of the large deficits and the cost of financing them with taxes. Continue reading Debt Is Still The Problem