A community portal about Economy of the United States with blogs, videos, and photos. According to Wikipedia.org: The United States has the largest national economy in the world, with a GDP for 2006 of 13.3 trillion dollars. It is the...
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A community portal about Economy of the United States with blogs, videos, and photos. According to Wikipedia.org: The United States has the largest national economy in the world, with a GDP for 2006 of 13.3 trillion dollars. It is the world's foremost economic power. In this mixed economy, corporations and other private firms make the vast majority of microeconomic decisions, and governments prefer to take a minimal role in the domestic economy. Because of this, the U.S. has a small social safety net, and business firms in the U.S. face considerably less regulation than those in many other nations. The fiscal policy of the nation since the New Deal has followed the general ideals of Keynesian economics, which replaced Hamiltonian economics following the Great Depression. Neoliberal ideals have become more prominent since the presidency of Ronald Reagan and with the growing influence of globalization. Since the early 1980s, the United States has transformed from being the world's largest creditor to world's largest debtor. As of 2006, the gross external debt has exceeded 10 trillion dollars or 70% of GDP, and continues to grow fueled by large current account and federal government deficits.
Back in college, one of my history professors was lecturing about the Holy Roman Empire . He commented that there was nothing Roman and nothing Holy about the enterprise. That's like the Federal Reserve , it is neither federal nor a reserve . It is a specially chartered private bank , whose primary function is not to hold money in reserve , but to print it. That is the reason Freedom of Information Act Requests rarely work with the Fed —it is not truly a government agency . And we really... Read Full Story
There is no doubt about it that a special place in hell is reserved for the mortgage and foreclosure scammers , that are lifting money from the desperate victims of the economic crisis . But, a really hot corner belongs to the politicians and bureaucrats , who are using the situation to jockey for their share of pork —by playing with the emotions, lives and heart strings of the people. There are no better professional whiners than the representatives of our public schools , including, of... Read Full Story
Proctor & Gamble , Hewlett-Packard , Burger King , General Electric , Walt Disney Corporation , Microsoft along with electric razors , tampax , car radios , Chocolate Chip cookies , and Xerox machines have two things in common. They were all created or invented during a recession or depression . In fact, over half of the companies listed on the Dow Jones Industrial Average were formed during a r ecession or depression . The other commonality is not a one was conceived by a politician or... Read Full Story
Why is it that all the hot female economists are the ones that are getting it right? There is Diane Garnick .... and Meredith Whitney , the girl who saw through the Emperor's clothes at Citigroup . And today allow me introduce Michelle Muccio —self-proclaimed Rebel Economist : Does that sound like a plan to any of you? Michelle is a product of George Mason University , which is something of a hotbed of libertarianism , having been founded by George Mason , the father of the Virginia... Read Full Story
On March 26 the National Inflation Association announced, what s hould be obviou s : "The United States is for all intents and purposes bankrupt and the main reason our country has been able to continue operating with an $11 trillion national debt and $55 trillion in unfunded liabilities is the Dollar's status of being the world's reserve currency.” Barack Obama is heading off to the G20 summi t. Of course, we know he will be a star --the European proletariat can't get enough of the Dream... Read Full Story
I am just a little tired of all the pundits (and my rif raf friends) telling me how the tanking of the economy is a repudiation of free markets , libertarian economics and capitalism . I will even stipulate that the recession was caused by evil hedge fund managers, greedy bankers and unscrupulous mortgage originators and dealers—who were totally unregulated and in cahoots with the Republican Party . Without minimizing the true, and often severe, pain many folks are now suffering, I do not... Read Full Story
No matter how the presidential election comes out there is one thing we can all be grateful for—the winner will not be a Boomer . Perhaps it is the end of the Boomer Kings . But so long as Viagra is freely available, and their 401(k)s remain as strong as their medically firmed up weenies—the Boomers will be with us: And their 401(k)s will remain strong. For no one can stand a Boomer tantrum. In the last few months as their 401(k)s started slipping in value--- who would a guessed it—here come... Read Full Story
It's getting dangerous to be a free marketer these days, about the only place we can safely hang out is the blogospshere . The University of Chicago is being browbeat into not building the Milton Friedman Institute . One of these collectivists is Indira Dammu , a writer for the Indiana Daily Student : "As we grapple with the failure of laissez-faire economics and deregulation, it seems unfair to celebrate the architect of these disastrous policies.....The disasters of the last eight years... Read Full Story
It's either the nail polish I've been huffing, or just my sunny disposition—but I can't help but keep looking at the bright side of the American Economy's collapse . Of course we were all tickled on Friday that the New York Stock Exchange was able to overcome another pep talk from the president, and only sunk128 points. My geeky economic friends tell me this is because the bears covered their shorts . Maybe so—but I think we can agree it is a wonderful thing that the place will be shut down... Read Full Story
The fall of Lehman Brothers was just a ritual sacrifice offered to the Masters of the Universe . Please discount my earlier optimism in Purgatorial Fires of Wall Street . The federal government is going to spend eighty-five billion dollar s to bailout American Insurance Group , assuming their debt and taking an 80% stake. Rather than root out the problems they created, the federal government is going to keep bailing out their partners in crime ---and it will keep going no matter how much... Read Full Story
