James Pethokoukis

Is the amazing American jobs machine broken?

October 21, 2009

This chart, constructed by the Vice President’s office via BLS data, would seem to indicate just that:

Study: Blame China, not Wall Street, for Great Recession

October 21, 2009

This paper make a great case for blaming the Great Recession on the massive influx of cheap labor (and the continued weak yuan) into the global economy. Bad decisions on Wall Street didn’t help, but they are not the root cause:

Tryanny of the status quo: homebuyer tax credit edition

October 21, 2009

A great point made by the Tax Foundation about the National Association of Realtors and its support of the homebuyer tax credit:

Thanks Washington! Why dollar weakness will continue

October 21, 2009

The great Andy Busch of BMO Capital Markets effortlessly explains the link between the current anemic state of the dollar and America’s terrible fiscal situation:

America’s Blade Runner economy

October 21, 2009

In the 1982 sci-fi film “Blade Runner,” it appears as if Japan is the world’s leading economy and culture. It is a cinematic portrayal of the future sketched by many economists in the 1980s who wanted America to adopt Japanese-style industrial policy. But America may yet have an economy that resembles Japan’s. This NY Times story looks at how Japan amassed such a huge national debt, twice the size of its economy:

Winning the fight for the financial crisis narrative

October 21, 2009

In an FT piece, Daniel Yergin lists the many competing explanations for the financial crisis: 1) too much leverage; 2) rapid financial innovation; 3) wrongheaded or incomplete regulation; 4) government home ownership policies; 5) high US indebtedness; 6) too much greediness, not enough fear; 7) bubblicious easy credit; 8) hubris from years of global growth; 9) global securitization as a transmitter of crisis; 10) the oil spike; 11) intrinsic evil of capitalism.

Paul Volcker: Obama’s forgotten man

October 21, 2009

The most devastating part of the NYTimes piece on Paul Volcker’s lack of influence on WH economic policy comes into the very last sentence of the piece: