J. Bradford DeLong's Blog, page 2248
July 23, 2010
Paul Krugman on Jean-Claude Trichet and The Invisible Bond Market Vigilantes
Paul Krugman:
Jean-Claude And The Invisibles: One of these days someone will write a sequel to Liaquat Ahamed’s Lords Of Finance... about the men who helped turn the financial crisis of 2008 into a lost decade of high unemployment and deflation. And Jean-Claude Trichet will clearly be among the main protagonists. His column in today’s FT is almost a caricature of the austerity genre. Trichet’s explanation of why we must fear the invisible bond vigilantes would be funny if it didn’t have...
A Very Interesting Question: EPA Regulation of Carbon Dioxide Emissions
Duncan Black asks:
Curious : It isn't something I follow closely generally, but I am a bit confused why the looming specter of EPA regulation hasn't melted some opposition to a decent climate/energy bill.
Exactly. If I were the energy industry or an energy-using industry, I would be absolutely desperately lobbying full-time for a cap-and-trade system rather than EPA-style regulation of carbon dioxide.
I suspect that the energy and energy-using industries are confident that...
Jean-Claude Trichet Rejects the Counsels of History
We are, once again, live at the Financial Times with a critique of Jean-Claude Trichet.
They removed my first two paragraphs--the ones in which I attempted to delegitimize sverybody who is not an economic historian. Here they are:
One of the embarrassing dirty little secrets of economics is that there is no such thing as economic theory properly so-called. There is simply no set of foundational bedrock principles on which one can base calculations that illuminate situations in the real...
British Fighter Pilot Denis Wissler Liveblogs World War II: 23 July 1940
Denis Wissler:
Diary Extract, 23 July 1940: We went over to Martlesham and did a hell of a lot of flying. Two patrols one of 1.05hrs and one of 1.45hrs, at about 7pm we were told to take off for Debden, but having got half way home we were recalled and brought to readiness again. Eventually we were released at 9.15 and arrived to make a dusk landing. I shall sleep very well tonight, given half the chance.
July 22, 2010
links for 2010-07-22
Should You Trust Tucker Carlson's Daily Caller on Anything? No
In case you were wondering...
The Daily Caller:
DAVID ROBERTS, GRIST: It’s all I can do not to start bawling....
JOHN BLEVINS, SOUTH TEXAS COLLEGE OF LAW: It’s all I can do to hold it together.
The actual conversation on election night, which of course puts these lines in a much different and more history-conscious light:
DAVID: I've spent much of this election struggling not to contemplate what an Obama victory would mean. After the crushing disappointments of 2000 and...
DeLong Smackdown Watch: "Recovery"?!
Ken Houghton writes:
Our Jobless Recovery Continues: Jobless I'll give you. Recovery? 1.5-3% growth over a period when the "stimulus" accounts for about 2.5% is animating the body with paddles.
Seems a bit early to say the heart is beating on its own. But you know that.
Hey! Deficit Hawks! Adding a Public Plan to the PPACA Is Low-Hanging Fruit!
Doug Elmendorf:
Doug Elmendorf Writes to Pete Stark: Taking into account all of the relevant factors, CBO estimates that roughly one-third of the people obtaining coverage through the insurance exchanges would enroll in the public plan. CBO estimates that about 25 million people would purchase coverage individually through the exchanges in the 2017– 2019 period under the proposal; in addition, about 13 million people would be expected to obtain employment-based coverage through the...
Chris Hayes Writes a Very Nice Piece on the Pain Caucus
Chris Hayes:
Are Depressions Necessary?: [T:]he current crisis has also reawakened a long-obscured, but far more profound debate about the very nature of cyclical capitalism. That is: Are economic contractions, like the one we're currently experiencing, a good thing?... [S:]cratch the surface a bit and you'll find a surprisingly vibrant school of thought, one that reaches back all the way back to the Great Depression, that holds precisely this view.
Famed economist Joseph...
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