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Ellen1910
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Sixty years ago ECON102 said you can't cure a substantial drop in AD caused by fear of the future by lowering interest rates. Borrowers won't borrow even if lenders could be convinced to lend. What happened?
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"Capt. Cary . . . had gotten the Medal of Honor in 1914 or 1915 (couldn’t remember) aboard the USS San Diego." Why we don't permit hearsay testimony (scuttlebutt) in trials.
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"Capt. Cary . . . had gotten the Medal of Honor in 1914 or 1915 (couldn’t remember) aboard the USS San Diego." Why we don't permit hearsay testimony (scuttlebutt) in trials.
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Tell you one thing. When I'm choosing speakers for the annual meeting, a guy who "talked with Summers" is going to be high on my list -- but only if Summers is Chairman of the Federal Reserve Board.
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Did you mean "балансира"?
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In the absence of explaining what the author thought could, arguably, cause "a simultaneous collapse in the dollar and in consumer demand" I'm unconvinced that this mea culpa is altogether honorable. After all, only the Fed knew (or could have known) that banks were unhedged (either because they were heavily invested in bad mortgages or because their counterparties were unable to perform). And to the extent the Fed knew (Geitner and the New York Fed, for example), it kept that knowledge secret. Thus, any expert not in the loop and looking solely at the action of the financial markets in the Summer of 2007 has a ready made excuse for erring. What they don't have an excuse for is their failure to demand that the Fed tell the public what it was permitting the banks to do, to require transparency -- or to make this charge personal, how much the author was relying upon the honesty and probity of Robert Rubin.
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In the absence of explaining what the author thought could, arguably, cause "a simultaneous collapse in the dollar and in consumer demand" I'm unconvinced that this mea culpa is altogether honorable. After all, only the Fed knew (or could have known) that banks were unhedged (either because they were heavily invested in bad mortgages or because their counterparties were unable to perform). And to the extent the Fed knew (Geitner and the New York Fed, for example), it kept that knowledge secret. Thus, any expert not in the loop and looking solely at the action of the financial markets in the Summer of 2007 has a ready made excuse for erring. What they don't have an excuse for is their failure to demand that the Fed tell the public what it was permitting the banks to do, to require transparency -- or to make this charge personal, how much the author was relying upon the honesty and probity of Robert Rubin.
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Tankers are like tourists -- taken advantage of by those wicked indigenes. Sometimes it's better to be in a rifle company. Sure, it's a slog, but at least you know the local culture on the other side of the wire.
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I'm a great fan of Eleanor Roosevelt -- admittedly, an admiration gained reading snippets of her writings and quotations, only. Her attitude toward racism and her efforts to reduce the effects of segregation are especially praiseworthy; she had a good heart. But how good was she at sizing up others whose hearts were less good? Quoting the Dragon Queen, without a touch of irony, suggests she wasn't. Are the protections of irony unavailable to those of good heart? P.S. Did ER ever publicly break with -- or distance herself from -- the China Lobby?
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"It was just a little walk / In the warm Italian sun . . . ." From my favorite WWII movie.
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In what respect were the "most experienced pilots" also the most enthralled by and attached to the "way of the warrior"? Hard to tell the typically aggressive pilot it's time to go back to the training command.
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Lately, I've overheard people talking about this thing called I-Rack. A friend told me she thinks it's Apple's new product that's going to replace the I-Pad. Anyone know?
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And yet how many Germans benefited from the confiscation of Jewish real and personal property -- often justifying their acquisitions by saying "It's only fair; after all the Jews are bombing us." And how many Germans who didn't benefit directly knew someone who did. In the final year of the war Germans expected the Jews to take their revenge. Revenge for what? The Germans well knew "for what."
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Germany was and continues to be (see: Right of Return) a racialist society. If you speak German -- and who but Germans speak German -- you belong; if you don't you don't. On the other hand if you were surrounded by a bunch of effete Gauls and barbarous Slavs, what would you do?
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Goebbels isn't a conspiracy nut and he isn't mad; he's a propagandist looking to convince certain Allied powers -- the UK and the US -- that they all have a common enemy. It's propaganda, because he refuses to take the argument to its logical conclusion. The give away is his admission that Germany is waging a "racial war" coupled with his dissembling use of the terms "European" and "Axis powers." He is unwilling to define the membership of the race he expects to win that "racial war" and to dominate the peace. And the careers of Angela Merkel and Olli Rehn show just how savvy Goebbels was.
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In their paper Olney and Paciti include "structures" and locate their effect on the "goods" side. Three of the last four recessions (3 of 3 if the 2001 recession wasn't) are associated with downturns in construction. One was caused by Volcker's Fed policy; two were caused by overbuilding and/or lax lending standards. Only Volcker's was curable via monetary policy. The take away from Olney and Paciti is that monetary policy can't work in a "services" economy when construction is dead and corporations (stuffed with cash) no longer rely on bank loans for working capital and capital goods replacement. First, we kill all the monetary economists who made their bones during the Great Moderation.
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Given the Polish elite's long-standing anti-Russian proclivities and their historic distaste for Polish partitions it is likely that this elite will, in the future, foment disturbances in the parts of Poland heretofore liberated by the Red Army. Although unlikely to be ultimately successful, such disturbances may lead to uprisings and guerrilla warfare costing many casualties among Russians and Poles and the destruction of much property even extending into Soviet territory. Although not imminent the dangers of allowing this elite's maleficent influence to grow are real and must be prevented. The interests of peace will be served by terminating that influence. John Yoo
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Don't we all know what should have happened? An Economic Stimulus Act -- of 2009 -- should have sent $1.2 trillion to American households in 2009 and another $1.2 trillion in 2010. City, Bank of America, and JPMorgan Chase should have been taken over by Sheila Bair, and Morgan Stanley, AIG, the Reserve Primary Fund and their ilk should have been put into bankruptcy. Dave's right. And I for one wish there were more than just a few liberals on this board.
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Since the end of the recession the monetary base has increased by around $1.4 trillion. At the same time excess banking reserves have increased by around $0.9 trillion. That's an addition of around $125 billion a year. How is that modest increase describable as, in Prof. DeLong's words, a "flood of cash," "flood[ing] the economy with cash," or "flood[ing] the economy with money." Am I missing something?
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I have the same question -- especially w/r/t "Fed then loans the money." A purchase -- Fed buys USTs from primary dealers -- isn't a loan. I suppose if the Fed "buys" via a repurchase agreement (1-7 days), the transaction can be thought of as a loan. And Graeber was probably thinking pre-QE when the transactions were done in short-term UST notes. Nevertheless, the Fed isn't loaning the created money at the "prime rate." What's Graeber talking about?
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"Snuffy" Smith says, "We had gun cameras in the nose [P-38], but the pictures they took were not that good, because they worked when the guns fired, and the camera would shake. One fellow in the squadron got the idea to mount the cameras in the wing nacelle and then they took much clearer pictures, because the camera was away from the guns."
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On his first combat mission Marine 1st LT. James Swett shot down 7 Vals (an eighth was unconfirmed) on April 7, 1943 in the area of Florida Island. For his efforts he received the Congressional Medal of Honor -- and not posthumously.
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How effective were German mine clearing operations? How many plows, rollers and flails did they have? Clearing mines by hand in front of entrenched enemy riflemen can't be fun.
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"Your nice letter . . . Had a swell time . . . native Fiji police and East Indian Sikh police are very colorful . . . seems a little tame and dull . . . relieve the monotony . . . Negro soldiers who pattered and danced . . . certainly let himself go . . . a very pleasant evening . . . really top-notch . . . doing handsprings . . . I know that he will make good." Reason enough to never read Edgar Rice Burroughs.
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In the Real World For whatever reason (fear of insolvency) Beverly doesn't pay off Carol on day one. We should expect that she'll want to hold the $500 cash in her piggy bank to assure herself the money will be there to pay Carol in 60 days. What Beverly actually does is go to the bank for a construction loan of $500 to pay Alice for the new deck. Following the story to its end, Carol winds up with $1000; Beverley has an improved home; Beverley's bank has a $500 asset; and Carol's bank has an additional $500 of reserves. $500 has been "printed" -- just as Cochrane said it would be.
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