Commentary March was a bad month for the Dodd-Frank Act. We now know that Dodd-Frank, passed in the wake of the 2007–2008 banking crisis, doesn’t prevent bank runs. Neither do post–2008 arrangements tell depositors whether large deposits are safe or should be withdrawn with a swipe on a smartphone. This time, uninsured deposits were bailed…
Mervyn King’s Proposal for Preventing Bank Runs Deserves Another Hearing
Biden Puts Economy in ‘Jeopardy’ By Not Negotiating Debt Ceiling: McCarthy
House Speaker Kevin McCarthy (R-Calif.) is criticizing Biden for endangering the American economy by failing to negotiate the debt ceiling, with Sen. Joe Manchin (D-W.Va.) also asking for negotiations. “The Senate’s done nothing,” McCarthy said in an April 27 interview with Bloomberg. “They haven’t done anything on the debt ceiling, and the president’s ignored this…
Productivity Slows to a Crawl as Recession Sets In
Commentary For reasons I cannot explain, there was widespread shock at the new GDP numbers for the first quarter. They revealed a 1.1 percent growth rate, which is a crawl and much lower than the experts anticipated. And the new data points to an inexorable reality. Certainly the recession will be obvious by the summer…
Biden Sleeps Tight While Nation Drowns in Debt
Commentary Hillary Clinton writes in The New York Times that Republican insistence to link any increase in the nation’s debt ceiling to spending control and cuts threatens our national security. “It’s a sad irony that Mr. McCarthy and many of the same congressional Republicans seemingly intent on sabotaging America’s global leadership by refusing to pay…
The Growing Consumer Revolt Against Woke Ideology
April 24, 2023
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Alissa HeinerscheidAnheuser BuschBud LightBusiness & MarketsBusiness ColumnistsdeiESGinflationOpinionrecessionTikToktransgendertransgenderismU.S. economyViewpointswoke ideology
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Commentary It’s likely true: no executives at Anheuser-Busch knew what the Bud Light marketing people were planning when they decided to deploy an absurdist and deeply offensive transgender TikTok influencer to sell their beer. But soon after it happened, public disgust became rather obvious. The crisis began but for weeks, the company was in denial….
Now It’s Housing Again
April 21, 2023
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AnalysisBusiness & MarketsBusiness Columnistsfinancial crisishousing marketinflationinterest ratesmortgage loansOpinionreal estateU.S. economy
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Commentary Fifteen years ago, the entire housing sector sunk from its highs. Because so much debt is involved in this market, carried by banks but then bundled without regard to risk and resold in financial markets, this turn of events precipitated a financial crisis that spread around the world. Government and central banks undertook unprecedented…
2-Year Anniversary of Declining Real Wages for American Workers
Commentary This week marks the two-year anniversary of declining real wages for ordinary American workers due to ongoing high inflation. The latest Consumer Price Index (CPI), released this week, shows prices grew 20 percent faster than wages over the last 12 months. This sad anniversary is the result of President Biden and Congressional Democrats’ reckless spending that has diluted the value…
Prepare for Full-Blown Recession to Hit in the Summer
April 19, 2023
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AnalysisBusiness & MarketsBusiness Columnistshousehold incomeinflationlabor participationOpinionrecessionU.S. economy
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Commentary My private theory is that we never really left the recession that began March 2020 with lockdowns. Real household income and labor participation still haven’t recovered. Productivity has crawled along but within the range of statistical error. No question that the U.S. economy has downshifted. Whatever pathetic growth we experience now barely registers as…
The Biden Economy and How It Could Be Fixed
Commentary The following is adapted from a talk delivered on Feb. 22, 2023, at a Hillsdale College National Leadership Seminar in Indian Wells, California. Just about everybody on Wall Street knows, despite what you read in the financial press, that the Biden administration’s economic policies are driving our economy into a recessionary ditch. In a…
Is This Finally Some Tolerable Inflation News?
April 13, 2023
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AnalysisBusiness & MarketsBusiness ColumnistsCPIinflationmoney supplyOpinionPPIrecessionU.S. economy
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Commentary For reasons I don’t get, the whole of financial markets is obsessed with the Consumer Price Index (CPI) but the Producer Price Index (PPI) is largely ignored. It hardly makes the headlines. That makes no sense because everything we consume (except maybe bugs) has to be produced. The consumer experience of inflation is downstream…
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