Economist/professor Gregory Mankiw takes note of how New York Times columnist Paul Krugman defines his terms. In a post about the Obama economic team titled The Grownups are Coming, Paul Krugman writes: Seriously, isn’t it amazing just how impressive the people being named to key positions in the Obama administration seem? Bye-bye hacks and cronies, […]
This week's big dummies are Rick Wagoner, Robert Nardelli and Alan Mulally, the CEOs of GM, Chrysler and Ford respectively. They earn this award for being too stupid to realize that it might look bad if you flew to Washington in a private, luxury jet, to beg for money from the taxpayers. It's no wonder […]
Rep. Barney Frank's understanding of what "viable" means is a little tenuous. A Key Democrat says a House auto industry bailout would require that U.S. automakers immediately repay $25 billion in government loans next year if they can't show they're financially viable. Rep. Barney Frank, D-Mass., who is drafting the plan, said it would forbid […]
Michael Lewis, author of Liars Poker, has an article in the latest issue of Portfolio that is an excellent explanation of the whole mortgage meltdown mess. This is a must-read for anyone interested in how we got where we are today. I think, if asked, Lewis could come up with a list of people who […]
I just got done watching President-elect Barack Obama's first press conference. A few interesting questions asked, not asked and not answered: CNN's Candy Crowley asked Obama whether anything he learned in the intelligence briefings he's received as president-elect gave him pause or caused him to reconsider positions he'd taken during the general election. Obama declined […]
New York Times editor Bill Keller, apparently oblivious to the problems facing the newspaper industry, thinks the Times is doing just great. My confidence in The Times rests on the obvious, overwhelming, growing demand for what we do. Good. Because that demand sure isn't reflected in your stock price. And it's not reflected in the […]
Michael S. Malone -- a longtime journalist -- has a piece up over at Pajamas Media decrying the one-sided media coverage of this presidential campaign. I encourage you to read the entire the entire thing, but I want to highlight a couple bits. But nothing, nothing I’ve seen has matched the media bias on display […]
Last week some House Democrats held a hearing on a plan that would do away with 401(k) plans and replace them with what I'll call Social Security v2. A plan by Teresa Ghilarducci, professor of economic-policy analysis at the New School for Social Research in New York, contains elements that are being considered. She testified […]
Shoot yourself. Fannie Mae said it will set aside the loan of a woman who shot herself as sheriff's deputies tried to evict her from her foreclosed home. Fannie Mae foreclosed on the Akron, Ohio, home of Addie Polk, 90, after acquiring the mortgage in 2007. Addie Polk, 90, of Akron, Ohio, became a symbol […]
The House voted 228-205 today to kill the proposed bailout plan. Some facts to keep in mind: Democrats voted 140-95 for the bill Republicans voted 65-133 against the bill Speaker Nancy Pelosi wanted cover from the House GOP to pass this bill 1 in 3 Republicans is definitely enough to count as cover The Democrats […]