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Larry Summers Wants to Fix the Economy, but You Can’t Fix Stupid

Apparently, experts never learn. Larry Summers writes: “The central irony of financial crisis is that while it is caused by too much confidence, too much borrowing and lending and too much spending, it can only be resolved with more confidence, more borrowing and lending, and more spending.” (The Financial Post) What he really means is […]


The Great Ponzi Scheme

The economy collapsed into a great recession because it was fundamentally flawed in the first place. The U.S. housing market, which underpinned the old economy, boomed because the government deregulated banks. The deregulation that began with Reagan widened under George Bush the First. It widened a little more under William Jefferson Clinton, and it broadened even further […]


Housing Market Collapse Hit Hard in 2011, propped by QE2

News of the housing market collapse hit hard at the beginning of spring on March 23rd, 2011 because reporters had spent the winter months with their heads in the tropics so missed the winter chill. All winter the media experts reported the good news that their vaunted industry experts fed to them like peeled grapes in […]


Press Bias Talks Up Recovery as Second Housing Market Collapse Begins

At the start of the fourth year of the Great Recession, people were ready to hear good news, and the press glibly passed along any ray of sunshine they could find without ever questioning it. Here is one example.   On January 28th, 2011, I wrote the following observation to my friend Stan about the […]


DOWNTIME Part 5 – The Great Snow Job

The Congressional Budget Office recently announced that the United States will be running its first trillion-dollar deficit this year — $1.2 Trillion if we count the pocket change. That’s about three times more than it’s been in any other year. Most Americans seem ready to agree with congress that this is necessary in order to […]


DOWNTIME Part 2 – Tsunami Warnings

During the winter of our discontent, which was January and February of 2008, the Bush administration fiddled as the U.S. was falling. While the Gurus of Government played happy music on their violins, singing that the economy was “fundamentally sound,” I was telling friends that we had entered a recession that had all the makings […]