J. Bradford DeLong's Blog, page 2246

Department of "Huh?!" (Has the Obama Administraton Lost Its Mind? Department)

Mark Thoma is, politely, puzzled:

Reverse Psychology?: Instead of a series of op-eds by Christina Romer, Larry Summers, Jared Bernstein and other members of the administration making a strong, strong case for more stimulus -- particularly that devoted to job creation -- along with the president himself making the case to the nation, the appearance of key administration officials on Sunday talk shows to bolster the effort, and so on, the administration has decided to try and sell a...

Martin Wolf Makes the Case that America's Future Depends on the Destruction of the Republican Party

Like Paul Krugman, Martin Wolf is (almost) always right. And as in the case of Paul Krugman, given that Martin Wolf is (almost) always right I really really really wish he would be a little more optimistic. Perhaps if he drank more expensive wines at dinner?

Here Martin makes the case that America's future depends on the rapid destruction of the Republican Party and its replacement by an alternative opposition party to the Democrats:

Martin Wolf: I want to examine what is going on.....

What America Is

Cogitamus:

President George Washington on religious tolerance:

Gentlemen:

While I received with much satisfaction your address replete with expressions of esteem, I rejoice in the opportunity of assuring you that I shall always retain grateful remembrance of the cordial welcome I experienced on my visit to Newport from all classes of citizens. The reflection on the days of difficulty and danger which are past is rendered the more sweet from a consciousness that they...

Tom Levenson on the Atlantics Megan McArdle

Some more powerful medications are clearly called for:

Why Friends Don’t Let Friends Cite The Atlantic’s “Business and Economics Editor”: Further to the Megan McArdle is Always Wrong chronicles: McArdle seeks to discredit Elizabeth Warren as a potential leader of the new Consumer Finance Protection Agency to be set up under the just-passed financial reform bill. To do so she tries to impugn both the quality and integrity of Warren’s scholarship, and she does so by a mix of her usual...

Liveblogging World War II: July 25, 1940

The Battle of Britain:

World War II Day-By-Day: Day 329 July 25, 1940: Battle of Britain Day 16. Another fine day for flying. Waves of 20-40 German aircraft attack shipping and naval bases around Dover. Ju87s and motor torpedo boats attack 21 merchant vessels in Convoy CW8 in the Dover Strait, sinking steamers Corhaven, Polgrange (2 killed), Leo (6 killed), Henry Moon (1 dead) & Portslade. Germans lose 14 aircraft. RAF loses 4 Spitfires. Attacks on Portsmouth, Poole and Portland, on...

Jonathan Bernstein on Why We Really Don't Need Our Current Press Corps

Pithy:

Twitter / Jonathan Bernstein: So what exactly would it t ...: So what exactly would it take to get reporters to stop calling Evan Bayh a fiscal conservative? http://ow.ly/2gapE

130 Years of the Graham Ratio

Mellon Pulled the Whistle...

Hoisted from Comments: Ronald Buck:

Ronald Buck wrote: The ditty form the Great Depression:

Mellon pulled the whistle


Hoover rang the bell


Wall Street gave the signal


And the country went to hell.

Can be adapted to this situation:

Trichet pulled the whistle


Merkel rang the bell


The G20 gave the signal


And Europe went to hell

More on Keynes In Asia

Paul Krugman:

Keynes In Asia: In early 2009, the IMF estimated the size of stimulus programs.... [I:]n the face of the crisis, Germany’s actions were very different from its rhetoric; it was pretty Keynesian in the crunch.... Korea and China both engaged in much more aggressive stimulus than any Western nation — and it has worked out well.

Part of the reason Asians felt empowered to do this was the fact that during the good years they did what you’re supposed to do. Keynesian...

Liveblogging World War II: July 24, 1940

The Battle of Britain:

The main activity was centred in the Channel. A combat involving approximately 90 aircraft took place at midday off Deal and North Foreland. Convoys and shipping were the main objectives. A few raids penetrated inland and dropped bombs without inflicting any serious damage except near Glasgow where a printing works was practically demolished.