And given his experience with the Asian financial crisis of the 1990s, some economists wonder how [Larry Summers] could have signed off on a bailout plan that did not force banks to admit that they were insolvent.
“The irony is that Summers and Geithner wrote the textbook on how to manage these crises, and they lectured countries all over the world on what to do,” said Adam S. Posen, deputy director of the Peterson Institute for International Economics, lamenting that they did not “follow through with their own prescriptions.”
Showing posts with label that's so America (not). Show all posts
Showing posts with label that's so America (not). Show all posts
Tuesday, February 17, 2009
Best and brightest: This is America. It's different.
NYT's Sheryl Gay Stolberg today:
Wednesday, July 16, 2008
whiners in the news
A lot of people are are focusing on stuff like interest rates and commodity costs... you know, I'm a big believer in G.U.T.S.
Federal Reserve Chairman Ben S. Bernanke said yesterday in Congress that inflation was a mounting concern, particularly given the escalation in prices for crude oil, basic food items and other commodities.
But growth has also ebbed, and Bernanke yesterday deemed it a "significant challenge" balancing between steps that might support growth -- such as lowering interest rates -- and those that might control rising prices.
"The June uptick in the core rate provides an early indication that the tidal surge in energy and other commodity costs are trickling through to consumer prices at large," Kenneth Beauchemin, U.S. economist for Global Insight, said in a research note today.
The inflation trend as well as the outlook for economic growth means that the Fed will likely not hike interest rates until 2009, he said. "Indeed, the remote chance for financial disaster in the coming months keeps a rate cut on the table," Beauchemin said.
Federal Reserve Chairman Ben S. Bernanke said yesterday in Congress that inflation was a mounting concern, particularly given the escalation in prices for crude oil, basic food items and other commodities.
But growth has also ebbed, and Bernanke yesterday deemed it a "significant challenge" balancing between steps that might support growth -- such as lowering interest rates -- and those that might control rising prices.
"The June uptick in the core rate provides an early indication that the tidal surge in energy and other commodity costs are trickling through to consumer prices at large," Kenneth Beauchemin, U.S. economist for Global Insight, said in a research note today.
The inflation trend as well as the outlook for economic growth means that the Fed will likely not hike interest rates until 2009, he said. "Indeed, the remote chance for financial disaster in the coming months keeps a rate cut on the table," Beauchemin said.
Friday, June 13, 2008
Friday, June 6, 2008
Barack: winning hearts and minds (wham)
Overseas, Excitement Over Obama
In Presumptive Nominee, Many See Chance for New Direction and New Attitude
LONDON, June 4 -- For much of the world, Sen. Barack Obama's victory in the Democratic primaries was a moment to admire the United States at a time when the nation's image abroad has been seriously damaged.
From hundreds of supporters crowded around televisions in rural Kenya, Obama's ancestral homeland, to jubilant Britons writing "WE DID IT!" on the Brits for Barack discussion board on Facebook, people celebrated what they called an important racial and generational milestone for the United States.
"This is close to a miracle. I was certain that some things will not happen in my lifetime," said Sunila Patel, 62, a widow encountered on the streets of New Delhi. "A black president of the U.S. will mean that there will be more American tolerance for people around the world who are different." (look lady, we just had a retarded president for the last eight years... how much more respect for people who are "different" could you want?... ed.)
The primary race generated unprecedented interest outside the United States, much of it a reflection of a desire for change from the policies of President Bush, who surveys show is deeply unpopular around the globe. At the same time, many people abroad seemed impressed -- sometimes even shocked -- (SHOCKED!... ed.) by the wide-open nature of U.S. democracy, and the history-making race between a woman and a black man.
"The primaries showed that the U.S. is actually the nation we had believed it to be, a place that is open-minded enough to have a woman or an African American as its president," said Minoru Morita, a Tokyo political analyst.
While Sen. Hillary Rodham Clinton has admirers, especially from her days as first lady, interviews on four continents suggested that Obama is the candidate who has most captured the world's imagination.
"Obama is the exciting image of what we always hoped America was," said Robin Niblett, director of Chatham House, a British foreign policy institute. "We have immensely enjoyed the ride and can't wait for the next phase."
The presumptive Republican nominee, Sen. John McCain, who has extensive overseas experience, is known and respected in much of the world. Interviews suggested that McCain is more popular than Obama in countries such as Israel, where McCain is particularly admired for his hard line against Iran.
"Although no one will admit it, Israeli leaders are worried about Obama," said Eytan Gilboa, a political scientist at Bar-Ilan University in Israel. "The feeling is that this is the time to be tough in foreign policy toward the Middle East, and he's going to be soft." (also - they hear he is a Muslim... ed.)
......
But elsewhere, people were praising Obama, 46, whose emphasis on using the Internet helped make him better known in more nations than perhaps any U.S. primary candidate in history.
In Kenya, Obama's victory was greeted with unvarnished glee. In Kisumu, close to the home of Obama's late father, hundreds crowded around televisions Wednesday morning to watch Obama's victory speech, chanting "Obama tosha!" -- "Obama is enough!"
"I can't express the joy in me," declared Sarah Obama, the senator's grandmother, at her home. "I'm only praying for more success in the coming days."
Sam Onyango, a water vendor in Kisumu, said that "Obama's victory means I might one day get to America and share the dreams I have always heard about. He will open doors for us there in the spirit of African brotherhood." (ruh-roh... ix-nay on the otherhood-bray... ed.)
Obama also has strong support in Europe, the heartland of anti-Bush sentiment. "Germany is Obama country," said Karsten Voight, the German government's coordinator for German-North American cooperation. "He seems to strike a chord with average Germans," who see him as a transformational figure like John F. Kennedy or Martin Luther King Jr.
His father's journey to America as an immigrant resonates with many foreigners who hope to make the same trip. Many people interviewed said that although the candidate's living in Indonesia for several years as a child doesn't qualify as foreign policy credentials, it may give him a more instinctive feel for the plight of the developing world.
"He's African, he's an immigrant family; he has a different style. It's just the way he looks -- he seems kind," said Nagy Kayed, 30, a student at the American University in Cairo. (in udder words, not cut from the Bush-Cheney asshole mold... ed.)
.....
In Presumptive Nominee, Many See Chance for New Direction and New Attitude
LONDON, June 4 -- For much of the world, Sen. Barack Obama's victory in the Democratic primaries was a moment to admire the United States at a time when the nation's image abroad has been seriously damaged.
From hundreds of supporters crowded around televisions in rural Kenya, Obama's ancestral homeland, to jubilant Britons writing "WE DID IT!" on the Brits for Barack discussion board on Facebook, people celebrated what they called an important racial and generational milestone for the United States.
"This is close to a miracle. I was certain that some things will not happen in my lifetime," said Sunila Patel, 62, a widow encountered on the streets of New Delhi. "A black president of the U.S. will mean that there will be more American tolerance for people around the world who are different." (look lady, we just had a retarded president for the last eight years... how much more respect for people who are "different" could you want?... ed.)
The primary race generated unprecedented interest outside the United States, much of it a reflection of a desire for change from the policies of President Bush, who surveys show is deeply unpopular around the globe. At the same time, many people abroad seemed impressed -- sometimes even shocked -- (SHOCKED!... ed.) by the wide-open nature of U.S. democracy, and the history-making race between a woman and a black man.
"The primaries showed that the U.S. is actually the nation we had believed it to be, a place that is open-minded enough to have a woman or an African American as its president," said Minoru Morita, a Tokyo political analyst.
While Sen. Hillary Rodham Clinton has admirers, especially from her days as first lady, interviews on four continents suggested that Obama is the candidate who has most captured the world's imagination.
"Obama is the exciting image of what we always hoped America was," said Robin Niblett, director of Chatham House, a British foreign policy institute. "We have immensely enjoyed the ride and can't wait for the next phase."
The presumptive Republican nominee, Sen. John McCain, who has extensive overseas experience, is known and respected in much of the world. Interviews suggested that McCain is more popular than Obama in countries such as Israel, where McCain is particularly admired for his hard line against Iran.
"Although no one will admit it, Israeli leaders are worried about Obama," said Eytan Gilboa, a political scientist at Bar-Ilan University in Israel. "The feeling is that this is the time to be tough in foreign policy toward the Middle East, and he's going to be soft." (also - they hear he is a Muslim... ed.)
......
But elsewhere, people were praising Obama, 46, whose emphasis on using the Internet helped make him better known in more nations than perhaps any U.S. primary candidate in history.
In Kenya, Obama's victory was greeted with unvarnished glee. In Kisumu, close to the home of Obama's late father, hundreds crowded around televisions Wednesday morning to watch Obama's victory speech, chanting "Obama tosha!" -- "Obama is enough!"
"I can't express the joy in me," declared Sarah Obama, the senator's grandmother, at her home. "I'm only praying for more success in the coming days."
Sam Onyango, a water vendor in Kisumu, said that "Obama's victory means I might one day get to America and share the dreams I have always heard about. He will open doors for us there in the spirit of African brotherhood." (ruh-roh... ix-nay on the otherhood-bray... ed.)
Obama also has strong support in Europe, the heartland of anti-Bush sentiment. "Germany is Obama country," said Karsten Voight, the German government's coordinator for German-North American cooperation. "He seems to strike a chord with average Germans," who see him as a transformational figure like John F. Kennedy or Martin Luther King Jr.
His father's journey to America as an immigrant resonates with many foreigners who hope to make the same trip. Many people interviewed said that although the candidate's living in Indonesia for several years as a child doesn't qualify as foreign policy credentials, it may give him a more instinctive feel for the plight of the developing world.
"He's African, he's an immigrant family; he has a different style. It's just the way he looks -- he seems kind," said Nagy Kayed, 30, a student at the American University in Cairo. (in udder words, not cut from the Bush-Cheney asshole mold... ed.)
.....
Tuesday, May 27, 2008
the tairrists are winning
Americans Driving At Historic Lows
Eleven Billion Fewer Vehicle Miles Traveled in March 2008 Over Previous March
WASHINGTON - Americans drove less in March 2008, continuing a trend that began last November, according to estimates released today from the Federal Highway Administration.
"That Americans are driving less underscores the challenges facing the Highway Trust Fund and its reliance on the federal gasoline excise tax," said Acting Federal Highway Administrator Jim Ray.
The FHWA's "Traffic Volume Trends" report, produced monthly since 1942, shows that estimated vehicle miles traveled (VMT) on all U.S. public roads for March 2008 fell 4.3 percent as compared with March 2007 travel. This is the first time estimated March travel on public roads fell since 1979. At 11 billion miles less in March 2008 than in the previous March, this is the sharpest yearly drop for any month in FHWA history.
Eleven Billion Fewer Vehicle Miles Traveled in March 2008 Over Previous March
WASHINGTON - Americans drove less in March 2008, continuing a trend that began last November, according to estimates released today from the Federal Highway Administration.
"That Americans are driving less underscores the challenges facing the Highway Trust Fund and its reliance on the federal gasoline excise tax," said Acting Federal Highway Administrator Jim Ray.
The FHWA's "Traffic Volume Trends" report, produced monthly since 1942, shows that estimated vehicle miles traveled (VMT) on all U.S. public roads for March 2008 fell 4.3 percent as compared with March 2007 travel. This is the first time estimated March travel on public roads fell since 1979. At 11 billion miles less in March 2008 than in the previous March, this is the sharpest yearly drop for any month in FHWA history.
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