In one of the most important and under-appreciated developments in American politics, then, a longstanding consensus about the role of the Fed has been broken. There was a time when it was almost solely the fringy likes of Paul and his acoltyes who believed the Fed was one of America’s most dangerous institutions. But thanks to the rise of Paul–and of the libertarian, anti-institutional Tea Party he helped to create, today it’s simply mainstream Republican dogma.
Read more: http://swampland.time.com/2011/06/22/the-gop-vs-the-fed/#ixzz1z1KuxeQN
The GOP vs. the Fed | Swampland | TIME.com
Wednesday, June 27, 2012
No, the Fed Does NOT ‘Print Money’: Just Explain It | Daily Ticker - Yahoo! Finance
The Federal Reserve does not print money--the U.S. Bureau of Engraving and Printing along with the U.S. Mint are responsible for that. The Federal Reserve, however, is responsible for putting these notes into circulation. This can be accomplished through open-market operations, which is basically the Fed buying and selling government bonds to the public. When it buys bonds, it puts more currency into the economy, thereby increasing the money supply. When it sells bonds, it takes currency away from circulation, and, consequently, decreases money supply.
Money supply manipulation is an important mission of the Federal Reserve, which acts as a central bank for the United States. You're right in indirectly pointing out that an increase in money supply leads to an increase in price levels (inflation), a decrease in the value of money, and a decrease in the interest rates (interest rates must fall to induce people to hold the additional money). When people have more money to spend, in the short run, they can use it to purchase more goods, thereby increasing the aggregate demand and helping avert a recession.
No, the Fed Does NOT ‘Print Money’: Just Explain It | Daily Ticker - Yahoo! Finance
Money supply manipulation is an important mission of the Federal Reserve, which acts as a central bank for the United States. You're right in indirectly pointing out that an increase in money supply leads to an increase in price levels (inflation), a decrease in the value of money, and a decrease in the interest rates (interest rates must fall to induce people to hold the additional money). When people have more money to spend, in the short run, they can use it to purchase more goods, thereby increasing the aggregate demand and helping avert a recession.
No, the Fed Does NOT ‘Print Money’: Just Explain It | Daily Ticker - Yahoo! Finance
Monday, June 25, 2012
Friday, June 22, 2012
Bob Herbert on "Maddow Show": Gun Control Debate Is Held Hostage
Distinguished Senior Fellow Bob Herbert appeared on MSNBC's "Rachel Maddow Show" to discuss the conservative partisan uproar over Attorney General Holder's "Fast and Furious" program. Herbert explained that discussing gun issues in America is a frustrating, absurd process dominated by conspiracy theorists and gun proponents.
Bob Herbert on "Maddow Show": Gun Control Debate Is Held Hostage
Bob Herbert on "Maddow Show": Gun Control Debate Is Held Hostage
welfare for the wealthy
When conservatives rail against redistribution, it’s important to understand what they mean by the term. It’s not that they are opposed to removing resources from one sector of the economy and moving them to another, but that they’re opposed to taxing funds from rich people, and directing them toward the poor. If you go from the other direction, taxing money from ordinary Americans and giving it to the rich, then there isn’t a problem.
To wit, the budget of GOP wunderkind Paul Ryan—which calls for big tax cuts, small deductions, and severe spending cuts—would raise middle-class taxes, and give a huge break to the wealthiest Americans. The Washington Post reports:
http://prospect.org/article/welfare-wealthy
To wit, the budget of GOP wunderkind Paul Ryan—which calls for big tax cuts, small deductions, and severe spending cuts—would raise middle-class taxes, and give a huge break to the wealthiest Americans. The Washington Post reports:
http://prospect.org/article/welfare-wealthy
Friday, June 15, 2012
FactCheck.org : Obama’s Spending: ‘Inferno’ or Not?
FactCheck.org : Obama’s Spending: ‘Inferno’ or Not?
That includes spending for the bank bailout legislation approved by President Bush. Annual increases in amounts actually spent since fiscal 2009 have been relatively modest. In fact, spending for the first seven months of the current fiscal year is running slightly below the same period last year, and below projections.
Is President Obama’s spending an “inferno,” as Mitt Romney claims, or a binge that “never happened” as an analysis touted by the White House concluded? We judge that both of those claims are wrong on the facts.
The truth is that the nearly 18 percent spike in spending in fiscal 2009 — for which the president is sometimes blamed entirely — was mostly due to appropriations and policies that were already in place when Obama took office.That includes spending for the bank bailout legislation approved by President Bush. Annual increases in amounts actually spent since fiscal 2009 have been relatively modest. In fact, spending for the first seven months of the current fiscal year is running slightly below the same period last year, and below projections.
Bruce Bartlett: The Fiscal Legacy of George W. Bush - NYTimes.com
Republicans assert that Barack Obama assumed sole responsibility for the budget on Jan. 20, 2009. From that date, all increases in the debt or deficit are his responsibility and no one else’s, they say.
This is, of course, nonsense – and the American people know it. As I documented in a previous post, even today 43 percent of them hold George W. Bush responsible for the current budget deficit versus only 14 percent who blame Mr. Obama.
The American people are right; Mr. Bush is more responsible, as a new report from the Congressional Budget Office documents
Bruce Bartlett: The Fiscal Legacy of George W. Bush - NYTimes.com
This is, of course, nonsense – and the American people know it. As I documented in a previous post, even today 43 percent of them hold George W. Bush responsible for the current budget deficit versus only 14 percent who blame Mr. Obama.
The American people are right; Mr. Bush is more responsible, as a new report from the Congressional Budget Office documents
Bruce Bartlett: The Fiscal Legacy of George W. Bush - NYTimes.com
Monday, June 11, 2012
Eric Boehlert: Why Ignoring Limbaugh and Fox News Isn't An Option
Eric Boehlert: Why Ignoring Limbaugh and Fox News Isn't An Option
The truth is, the far-right media in this country is waging a war. It's a war they're fighting while connected at the hip with the Republican Party, and with deep-pocketed support inside the conservative movement. And it's a media industry that often pushes Republican politicians around on important public policy issues.
Faced with that daunting revolution, the answer for the political left is to ignore Fox News while it recruits candidates, allows them to fundraise on-air, and turns over hundreds of hours of free airtime to GOP politicians? The answer is to ignore Fox News, which is now in the business of producing and airing four-minute anti-Obama attack ads
If liberals are going to pay no attention Fox News, they may as well ignore the entire Republican Party because there's no functional daylight between the two.
Fact: Today's conservative movement in America is first and foremost a media one. Therefore, ignoring the media isn't an option.
The truth is, the far-right media in this country is waging a war. It's a war they're fighting while connected at the hip with the Republican Party, and with deep-pocketed support inside the conservative movement. And it's a media industry that often pushes Republican politicians around on important public policy issues.
Faced with that daunting revolution, the answer for the political left is to ignore Fox News while it recruits candidates, allows them to fundraise on-air, and turns over hundreds of hours of free airtime to GOP politicians? The answer is to ignore Fox News, which is now in the business of producing and airing four-minute anti-Obama attack ads
If liberals are going to pay no attention Fox News, they may as well ignore the entire Republican Party because there's no functional daylight between the two.
Fact: Today's conservative movement in America is first and foremost a media one. Therefore, ignoring the media isn't an option.
Tuesday, June 5, 2012
Obamacare Regulations Will Lead To More Comprehensive Insurance For Students
Obamacare Regulations Will Lead To More Comprehensive Insurance For Students: pThe Affordable Care Act expands health coverage to millions of uninsured Americans and creates minimum requirements of what insurance plans must cover. And enforcing the basic standards is causing the end of limited-benefit plans that capped benefits and don’t meet ACA guidelines, leaving consumers with better health care options. But according to the Wall Street [...]/p
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