Marcy Kaptur Busting Geithner’s Balls
I approve of this questioning by the Rep from Ohio:
On a related note, I’m almost done with Too Big to Fail
I”ll have a full review of TBTF shortly. It’s the first book I’m reading on my Kindle
Durable Goods: More Guns Than Butter
Haver Analytics gives us this chart/data:
Military should be the first in line for budget slashing, but the opposite is taking place. While “defense” spending does boost GDP, and preserve (politically important) jobs, it’s still a huge drag on the real economy.
America’s military is bloated, and much like the FIRE sector, it needs shrinking. Both are incredibly inefficient ways to grow/stimulate an economy. In their current state, both are a drain on American resources. And with their armies of lobbyists, this isn’t likely to change soon.
America faces a funding crisis like we have never seen. The U.S. remains the world’s lone superpower. That would still be the case if we cut military spending 30%. Reducing the budget and shifting those jobs to more productive areas, like energy and manufacturing, would have immensely positive effects on the economy.
The question is – do our political leaders have the courage to cut spending before things get out of control? Based on what we’ve seen so far – the answer is clearly no.
Fear The Boom and Bust
E-boy battle: Hayek v. Keynes
The first of a series by Econstories.tv. Looking forward to more stuff like this.
December’s Plunge In Existing Home Sales
Home sales often dip in December, but 2009′s finish was especially nasty. The first-time homebuyer credit was scheduled to expire at the end of November (almost nobody believed that was gonna happen). That explains some of the drop — as demand was pulled forward — but 16% is ugly no matter how you spin it.
Here’s the NAR’s spin-job for any who are interested. I honestly feel for them, tasked with finding the silver lining in this dismal RE market.
Chart via Rolfe Winkler.
