This is Cal's Typepad Profile.
Join Typepad and start following Cal's activity
Cal
Recent Activity
Texas Republicans owe more to the American people for the damages they've caused and the expenses we've incurred due to their influence, control and decisions that this would only be acceptable if a Dallas Fed chair never be permitted to have the position.
'A Fed Insider Calls for Reform'
Hmm. I must be missing something, for once I don't strongly disagree with Richard Fisher: A Fed Insider Calls for Reform, by James Freeman, WSJ: Richard Fisher, President of the Federal Reserve Bank of Dallas, believes “there’s too much power concentrated in the New York Fed.” And that goes as ...
At a minimum, there should be the military equivalent of an Admiral or General resigning regardless of blame on a screw up, forcing immediate resignation. If a prosecutor convicts an innocent person and that conviction is later overturned, then the prosecution if still in office must immediately resign. Whether there was prosecutorial misconduct then becomes a separate issue. it should be made an ABA Canon of prosecutorial ethics.
More and More I Am Tempted to Call John Roberts "The Chief Injustice": The View from the Roasterie XXX: November 11, 2013
**Scott Lemieux:** Accountability? For the Powerful? This Is Not Supposed to Happen!: >It says something about the general failure to hold people with power in the criminal justice system accountable that a 10-day prison sentence for a former prosecutor who willfully deprived an innocent man of h...
So why isn't he talking about this now?
Understanding Martin Feldstein's Econ 2010c Lecture 34 Years Late: "Light Dawns in Marblehead" Weblogging...
Back in the fall of 1979 in his last lecture for Econ 2010c Martin Feldstein said that one of the Keynesian arguments was that economies could get wedged in a situation of high unemployment and slack demand because of "badly behaved functions". Normally, he said, market adjustment processes sho...
This is what happens when the Southern Strategy metastasizes. Kevin Phillips realized fifteen to twenty years ago diagnosed that the Republican Party had cancer. He realized that he helped the every white and pasty party sit out in the sun without sunscreen or hats and put it on a diet of fried red, and processed, meats, no vegetables and lots and lots of alcohol. But when he tried to get the Republican Party to act rationally and deal with facts, he was pushed aside to write angry books about the Bush Family and Wall Street. The Republican Party let the crazies take it over. Whatever they had been using to keep their cancer in check (rather than cure it, they sought to use it -- sorta like someone who thinks his or her cancer is keeping them thin so it is a benefit) - lost its power. I for one hope they die. We can use some rational rich people who will understand that Clinton Years tax rates (or a bit higher) are the cost of doing business in a well functioning society.
The State of Washington, DC: Morning of October 15, 2013
It still surprises me how many Republican voters, writers, and officeholders are saying "this is a disaster! We need to stop listening to the crazies!" in private, and how few are saying so in public… But some of the journalists are on it, even at *National Review*: **Robert Costa:** Divided an...
The Nobelists fiddle while U. Chicago burns, . . .
Eugene Fama on the Housing Bubble...
Interview with Eugene Fama: The New Yorker: >**John Cassidy:** I met Eugene Fama in his office at the Booth School of Business. I began by pointing out that the efficient markets hypothesis, which he promulgated in the nineteen-sixties and nineteen-seventies, had come in for a lot of criticism si...
My question is whether the powers that be at Harvard will call him out on the carpet for ship shod work touching on plagiarism. Summers took Cornell West to task for what he deemed less than top notch work. Why shouldn't Mankiw get the same treatment? He has shown himself to be a hack for the right wingers.
Matthew Yglesias: Productivity Depands on the Division of Labor: Noted for August 15, 2013
Matthew Yglesias: Greg Mankiw vs. the division of labor: >Gregory Mankiw's essay on political philosophy, "Defending the One Percent" does not really offer any arguments that would be unfamiliar to someone who's taken an introduction to political philosophy class and read Robert *Nozick's Anarchy...
Prof. Yellen is the person to pick. Summers has too much baggage: pro de-reulation of financial industry, on the financial industry's payroll, the whole stupid comment about women and science spots in academia which was really poor articulation while trying to be cutesy controversial on a panel, losing the debate about stronger fiscal stimulus during Obama 1, snide public political bickering with Stiglitz and Krugman who had no aspirations for political appointments, quitting then trying to rehabilitate himself (understandable but poor form the way he carried himself). From my vantage point, it seems that Summers has been considered such a great talent from early on and a person that much was expected from. It also seems to me that Summers would tell you the same but he never fulfilled that promise, i.e. you never hear him being listed as a prime candidate for the Noble Prize or hear about a "Summers Rule." I think he knew he'd never fulfill that early promise so switched his attentions to being a policy player and political infighter. This all seems to be about his ego and not primarily getting the job done right. I think that Prof. Yellen is mostly concerned with getting it right and less, much less, about stroking her ego. It's time to let the quiet competent person lead and let the bombastic one sit on the sidelines and contribute with public commentary.
The Federal Reserve Succession
Pedro da Costa and Mark Felsenthal: >Opposition mounts to Summers as possible Fed chief: Supporters of Summers argue he should have an edge given his crisis-management experience. "When there is consensus, who the Fed chair is hardly matters, and the times when it matters are the times when you h...
Coates makes one error: Zimmerman is not "innocent," he is "not guilty." I think all these Zimmerman defenders filling the rightwing apologia air waves should be forced to say, "OJ was innocent." Make no mistake, the NRA and the Florida legislature set the stage for this. Whether it was Zimmerman or someone else, it was bound to happen.
Ta-Hehisi Coates: On The Killing Of Trayvon Martin By George Zimmerman
Ta-Nehisi Coates: >On The Killing Of Trayvon Martin By George Zimmerman: I interrupt your regularly scheduled programming to offer some thoughts on the verdict of innocent for George Zimmerman: >1. Last year--after Zimmerman was arrested--I wrote something hoping that he would be convicted. A com...
Ferguson is a hack simply trading on his accent. He has no advantage in UK, and would actually have to defend himself, but here he impresses the hell out of lazy television news producers and conservatives to are lulled into respecting him by his accent. He's a hack.
On the Perpetual Decline of Things, and Niall Ferguson: Answering Ashok Rao's Request Weblogging
Ashok Rao calls for help via the Twitterphone: Sry fr flash; help dbnk Ferguson's new theory d'derp: http://t.co/dn2ft2Plw3 @azizonomics @UnlearningEcon @delong @Noahpinion @ObsoleteDogma— Ashok Rao (@AshokRao95) June 30, 2013 Needless to say, [Ashok needs no help](http://ashokarao.com/2013/0...
Why are you not surprised that Mankiw is a hack?
'What Happens When Top Income Earners Receive Smaller Subsidies for Retirement Savings?'
Greg Mankiw complains that rich people (like him presumably) will stop saving so much if there is "some kind of penalty for people who have accumulated more than $3 million in retirement accounts" in the president's budget: The President's Latest Bad Idea His big complaint? "President Obama's ...
Krugman has labored mightily trying to expose the holes and lack of critical reassessment based on facts about the Austerians and the Chicago School. There needs to be more straight up, in your face smack down and public challenges thrown at them. I think anyone of them could have made a joke, "to paraphrase Shakespeare, the first step to reconstructing macroeconomics is to kill all the Freshwater tenured professors . . ." That would catch the academy's attention . . . (and get a large amount of laughs).
"Reconstructing Macroeconomics" Exchange: Mervyn King, Ben Bernanke, Olivier Blanchard, Axel Weber, Larry Summers
LSE: What should economists and policymakers learn from the financial crisis? Q&A: **Mervyn King:** There were many interesting comments that were made [during the presentations]. There were fascinating views about the future roles of central banks, about which I am sure many of you will have q...
I once went to each of my law school professors and asked, "what does it mean to 'think like a lawyer?'" I got a different answer from each of them.
No, Most Law Students Will Not Become Law and Philosophy Professors, Appeals Court Justices of Appellate Pleading Specialists. Why Do You Ask?
Britan Leiter is a law and philosophy professor, yet he also claims to know how to "think like a lawyer". That raises a natural question: how does he know what it is to think like a typical lawyer? His answer: Brian Leiter: >We Get Mail: Thomas R. Grover, Esq. Edition: For criticizing Mr. Campo...
It's a debt incurred by the US Government, it has to be paid pursuant to the 14th Amendment; employers can't stiff their employees of their wages. Or make up bs reasons to withhold pay from them.
Joint Speaker John Boehner-Jake Sherman of Politico #FAIL
Jake Sherman: >House Republicans plan debt ceiling vote: House Republicans will vote next week on a bill that would raise the nation’s debt ceiling for three months and stop pay for members of Congress if the Senate doesn’t pass a budget, GOP officials said Friday…. It’s also a shift from House...
But use of the word "tragic" in this instance implies some sort of heroic context for Bork. But his judicial philosophy, like Scalia, is one of convenience. It was constructed to impress and please their political masters. They weren't fighting against an unjust system, or to make that system more just; they were fighting to make the system more protective for narrow political interests. He wasn't "tragic," he was a jerk.
Linda Greenhouse on Robert Bork
Linda Greenhouse: >No one who actually lived through the Senate Judiciary Committee hearing in September 1987 is without views on the subject, and I have previously offered mine. I think that the televised hearing, which held the country spellbound, provided a rare and valuable public seminar on ...
This is the way Soros made his billions and billions
The Reason We Lose at Games: Implications for Financial Markets
Something to think about: The reason we lose at games, EurekAlert: Writing in PNAS, a University of Manchester physicist has discovered that some games are simply impossible to fully learn, or too complex for the human mind to understand. Dr Tobias Galla from The University of Manchester and ...
I'll never forget that I once commented that the only thing that could explain Sullivan's support of the Bush Administration was that he must have been in love with someone inside. I was heaped with vitriol as a homophobe, etc etc etc. I'm still trying to understand how he could have supported the Bush Administration and even he has come to realize that he was wrong about them.
Andrew Sullivan and His Daily Dish Go the Full Utopian...
Let me say that I will never, never, never forgive Andrew Sullivan for what he hired Charles Murray to do to the *New Republic*--or, for that matter, for any other of his manifold sins against the Holy Ghost. Nevertheless, he and his myrmidons are always worth reading, and definitely worth fundin...
He's blaming it on Europe. He thinks he's been had by a bunch of pseudo-communists posing as socialists.
Robert Murphy's Bet That Inflation Was Just Around the Corner Has Gone Absolutely Horribly Wrong
Terrifying to see: >Robert Murphy: October 2011: Update on My Inflation Bets: I know that a while ago I made two inflation bets… [with] David R. Henderson… [the] terms: >>At any point between now and January 2013, if there is a year/year increase in seasonally adjusted CPI that is at least 10%,...
Mankiw is a now, and has been since at least 2003, a political hack. Throw him on the heap with Greenspan.
In Which Greg Mankiw Pretends to Be Puzzled...
But I don't think that he is. I think Greg Mankiw knows why people think that helping George W. Bush create long-term structural deficits in 2003 was a bad thing to do. I think Greg Mankiw knows perfectly well why people think that now--at the zero lower bound, with the employment-to-population r...
These opt out states do not amount to anywhere near a majority of votes in Congress or the electoral college. So why don't the other States just gang up and say, join or we will vote to move federal installations out of your States. Good bye Huntsville, good bye Houston, good bye Florida for NASA. It'll be more stimulus to rebuild these places elsewhere to boot. Move military bases. Any Federal agency that plays a role in licensing and permitting major businesses in these States, move those offices a thousand miles away to jack up costs to securing such permits and licenses. The other States don't have to suffer these fools. And, quite frankly, the Texas Republicans owe all the other States a boat load of money for the costs of the BushCo Administration.
Medicaid Expansion and Disproportionate-Share Hospitals in Red States
With Chief Justice John Roberts's utterly lawless claim in NFIB vs. Sibelius that the Medicaid expansion in the ACA is not part of Medicaid but rather a completely new federal-state opt-in program, the combination of ideological Republicans in the states seeking to demonstrate their allegiance to...
It's time to re-write the farm support laws, so that corporate farming gets off the public dole, eco-friendly farming is encouraged, but make it a whole lot less costly -- and start taxing the hell out of corn syrup as an ingredient.
Somehow I Think That They Are Still in Kansas, Toto...
After spending much of the fall in Kansas City, Missouri I think I understand... Missouri seems to me to be normal America--a little older, a little less Hispanic, about as African-American, a little less well-educated, a little poorer (but also a little bit more equal) than the average.These fa...
And why isn't this read to the German bankers to be asked, "the shoe is on the other foot, what are you going to do?"
Daniel Kuehn on Veterans' Day
Facts & other stubborn things: Speaking of Keynes's deep humanity...: >[S]omething Keynes wrote in The Economic Consequencs of the Peace that is one of the more powerful pieces of prose I've read recently: >>The following is by a writer in the Vossische Zeitung, June 5, 1919, who accompanied the ...
The next time either of these gentlemen goes to a doctor, said physician should affix a leech to their testicles. Why? None of them want science to intrude on their lives. So give them what they want.
Going to the Corner: National Review's Corner, That Is...
Jay "Id" Nordlinger: >Encore: I’m going to sneak in one more letter… one of our regular readers from Georgia…. "The Right can’t field a better candidate. We put up an impressive, mainstream guy with super credentials, who made few gaffes, did well in the debates, and was amply funded. The result?...
Mitt doesn't get it: God stunted his momentum. Sandy was an act of God. Deal with it Republicans.
"Everybody feels like [Romney's staff] were a bunch of well-meaning folks who were, to use a phrase that Governor Romney coined to describe his opponent, way in over their heads"
said one member of Romney's national finance committee, according to Phillip Rucker: “Romney World,” the fundraiser added, “will fade into the obscurity of a lot of losing campaigns.” Stuart Stevens, who as Romney’s chief strategist was the recipient of some of the harshest blame, did not re...
Romney ran his campaign like someone selling securities in a private placement (which was his expertise, so he did it well). He just acted as if his lawyers had made all the disclosures about how you can lose all your money and that this whole venture is really speculative, while at the same time telling everyone that this was a sure thing. The real facts, his tax returns and actual policy details, were withheld from scrutiny; he treated the public in the same way. One group he sold in order to get money to run his campaign, they other he sold to for their votes. It never mattered what he said: the assumed fine print was that this is speculative, you can lose all your money and I'm going to do whatever I want, and think I need to do, in order to win. Oh, and by the way, at the end of the day, I will take my fees. Romney had no moral or ethical policy compass to navigate himself through the campaign, so that the public could clearly know what he stood for and what he intended to do when he took office. The public could smell a rat, especially those who are used to an unfair playing field. The rightwing never saw it coming, because they never thought they could lose their money. This was an investment that was going to pay. Now there is no bailout or an army of lawyers to tie up the parties until some capital can be returned to them through settlement. That is, unless Obama caves on this "grand bargain" we keep hearing about.
John Roberts, Sam Alito, Clarence Thomas, Nino Scalia, and Company Handed Mitt Romney a Poisoned Chalice
The question from April onward was: "why is Mitt Romney still feeding the wingnuts? Why isn't he tacking back to the center?" By October we had concluded that he was not tacking back to the center because he really was a wingnut--and that any subsequent tack (which did happen) was not heartfelt--...
Because Harvard won't throw the Feldsteins and Mankiws out on their ears, and those who introduce them as speakers at conferences won't refer to them as political hacks and journals won't return their papers, envelopes unopened, and stamped, "who cares what you think."
Cassandra Is an Honorable Role. Sammy Glick Is Not.
Paul Krugman: Smuggish Thoughts (Self-indulgent) - NYTimes.com: the models seem to work. It appears that I wasn’t just a successful self-marketer, that I really did and do know something.So that’s great – except that it turns out that one form of anxiety has just been replaced with another. It...
More...
Subscribe to Cal’s Recent Activity