The Next Financial Crisis
TNRtv: Geithner May Be More Arsonist Than Firefighter
Geithner May Be More Arsonist Than Firefighter
Simon Johnson, professor at MIT's Sloan School of Management, senior fellow at the Peterson Institute for International Economics, and co-founder of baselinescenario.com, argues that the Obama administration may be doing more to set up future economic fires than they are to put out current ones. READ MORE >>
Is Modern Finance Like Junk Food?
Is modern finance more like electricity or junk food? This is, of course, the big question of the day. READ MORE >>
The Two-Track Economy Arrives
The notion of a two-track economy seems to be taking hold. We kicked the concept around pretty well last week--your 130 comments (as of this morning) helped clarify a great deal of what we know, don’t know, and need to worry about. The two-track concept overlaps with, and builds on, long-standing issues of inequality in the U.S., but it’s also different. Within existing income classes, some people find themselves in relatively good shape and others are completely hammered. READ MORE >>
The Three Faces Of Ben Bernanke
Ben Bernanke will be nominated for a second term as chairman of the Federal Reserve. But which Bernanke are we getting? There are at least three. READ MORE >>
When Did Innovation Start Hurting Society?
Waiting For The Fed's Next Apology
In November 2002, Ben Bernanke apologized--for the Fed's role in causing the Great Depression of the 1930s. "I would like to say to Milton [Friedman] and Anna [Schwartz]: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again" (conclusion of this speech). READ MORE >>
TNRtv: What Obama Must Do To Pass Regulatory Reform
Simon Johnson, professor at MIT's Sloan School of Management, senior fellow at the Peterson Institute for International Economics, and co-founder of BaselineScenario.com, argues that if Obama does not sell his plan to overhaul financial regulations to the public, all of our futures will be at risk. READ MORE >>
The Real Reason China Will Surpass Us
The usual concern about the U.S.-China balance of economic and political power is couched in terms of our relative international payments positions. We've run a large current account deficit in recent years (imports above exports); they still have--by some measures--the largest current account surplus (exports above imports) even seen in a major country. They accumulate foreign assets, i.e., claims on other countries, such as the U.S. We issue a great deal of debt that is bought by foreigners, including China. READ MORE >>
