Obama and the economy

LewRockwell.Com
by Llewellyn H. Rockwell, Jr.

08/06/09

Now, I’m not saying that Reagan was laissez-faire or that the economic recovery didn’t owe something to a newly fashioned form of military Keynesianism. Rather, my focus here is on the spin: the press hated him, and exaggerated the failings of the economic structure in order to destroy policies it hated. The contrast with the Obama administration can’t be more stark. No one in these ranks said that malinvestments have to be washed out of the system and bankruptcies and unemployment must be tolerated for a time in order to get back on a growth. Nay, nay, they pulled out the old bag of tricks and claim that they only needed to loot the public of hundreds of billions and spend it on building up government, and then, wow, like magic, the entire economy would come back to life. But it hasn’t...

//www.lewrockwell.com/rockwell/obama-economy125.html



The worst is over … unless it isn’t

Daily Reckoning
by Ian Mathias

08/04/09

‘Collapse, I think, is now off the table,’ said Alan Greenspan over the weekend, pedal to the metal. ‘I’m pretty sure we’ve already seen the bottom … it’s clear that we’ve turned, perhaps in the middle of last month, the middle of July.’ ‘I do think it is possible that we could get a second wave down,’ he cautioned, literally seconds later. ‘But the important issue is if we don’t — and I think the probability is that we won’t — that we are close to stabilization.’ So the worst is over, unless it gets bad again. The major media’s singing the same tune...

//dailyreckoning.com/the-worst-is-over-unless-it-isnt/



Why default on US Treasuries is likely

Library of Economics and Liberty
by Jeffrey Hummel

08/03/09

Almost everyone is aware that federal government spending in the United States is scheduled to skyrocket, primarily because of Social Security, Medicare, and Medicaid. Recent ’stimulus’ packages have accelerated the process. Only the naively optimistic actually believe that politicians will fully resolve this looming fiscal crisis with some judicious combination of tax hikes and program cuts. Many predict that, instead, the government will inflate its way out of this future bind, using Federal Reserve monetary expansion to fill the shortfall between outlays and receipts. But I believe, in contrast, that it is far more likely that the United States will be driven to an outright default on Treasury securities, openly reneging on the interest due on its formal debt and probably repudiating part of the principal...

//www.econlib.org/library/Columns/y2009/Hummeltbills.html#


Informant: Thomas L. Knapp



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