The Fed has performed numerous actions for the first time in its history, and others for the first time in half a century in reaction to the Great Recession. Though there is considerable debate about whether it acted correctly or not, there is little debate on the fact that it has exceeded several invisible boundaries by acting in the various ways that it did. Here is Bernanke on the role of the current crisis...
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Via The Big Picture: “There is a cult of ignorance in the United States, and there always has been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that “my ignorance is just as good as your knowledge.” -Isaac Asimov in Newsweek (January, 1980) Over thirty years later and nothing has changed. *Sigh*.
The CBO on the Budget Deficit
The federal government’s fiscal year 2011 has come to a close, and CBO estimates, in its latest Monthly Budget Review that the federal budget deficit for the year was about $1.30 trillion, approximately the same dollar amount as the shortfall recorded in 2010. I have blogged about this several times before and frankly, there is nothing new or surprising here. It bears repeating that the deficit started to increase in 2001 shortly after the Iraq...
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