Hi, everyone--
Sorry not to be up to speed with this yet. It seems to be a reasonable interface, but it's all new to me! I appreciate your patience as I figure this out and incorporate it into my routine.
In national economic news, there are two big questions as I see it: first, not whether the banks in the U.S. will be "nationalized" but rather when, how and for how long. Personally, I suspect that it will happen pretty soon and last for quite a while. But as I am not an economist nor a prognosticator, I could be way off. At any rate, here's some interesting commentary on that developing situation.
Second, how prolonged and severe will this depression get? Again, I am not an expert, so I don't know whether the "d" word is accurate--but it sure is feeling that way to me. (I know, there are disagreements about the levels of unemployment, but most progressive economists seem to think that the U6 measure is probably more accurate than the U3, the figure most often circulated. And the U6 rate, including discouraged workers and those who want full-time work but can't find it, is around 16% already.) I don't recall the track record of Paul Volcker in detail; some people still hold him responsible for the painful economic policies of the Carter Administration. However, I'm glad to see him in the Obama Administration as chair of the Economic Recovery Advisory Board; he seems to have more sense (and humility) than Larry Summers or Tim Geithner. Yesterday, Volcker continued to sound the general alarm.
This little blog entry by Dean Baker is worth noting in part because I want to spread the word about Baker, one of the subset of economists who have been calling attention to the perils of various financial "bubbles" for a while. (He's also a U-M grad; anyone in town now know him?) The financialization of the economy, and the associated de-emphasis on manufacturing and other kinds of production, have literally cost us dearly. It's worth following Baker on a regular basis.
As long as I am promoting economists, let me give a shout-out to Jared Bernstein, now one of VP Biden's top economic advisors. His organization, the Economic Policy Institute, is one of the best clearinghouses on progressive economics around. It publishes an annual report on "the state of working America" which is a terrific general resource.
I don't know about you, but I am pleased that the idea Ray LaHood floated of taxing people by the miles they drive has been shot down by the White House. (Isn't LaHood a Republican? Hmmm. So much for "bi-partisanship" /snark) I know, commuting as a way of life is not ecologically sustainable, but that's a regressive remedy all the same.
On the health-care/insurance front, this is an interesting article, with a somewhat misleading headline. It would appear that single-payer insurance is not on this table, for obvious reasons I guess, but there may be some progress toward universal coverage, and perhaps that's the best we'll be able to do. (Not that we shouldn't keep pushing for all we want!)
By the way, I think most would agree that Sen. Teddy Kennedy has been vitally important in advancing the cause of universal health care in this country for decades. His 77th birthday is tomorrow, the 22nd; if you're inclined to send him birthday greetings, you can do so here.
On a lighter note, let me promote Leonard Cohen's upcoming U.S. tour with posting today's (Saturday's) NYT review of a recent performance. I saw Cohen live in Detroit during his last tour, in 1994. It was among the very, very best concerts I have ever attended--in my top 3 easily--because he, and his backup musicians, were not only very highly skilled but also obviously loving their engagement with the audience. It was sublime. I am excited enough about his upcoming tour that I gave a moment's thought to skipping my nephew's wedding to attend his show in Detroit this May. (Instead, I'm heading to London, ONT, assuming I can get tickets!) If you're not familiar with his music, I encourage you to check him out. He is an astute political observer as well as a fabulous songwriter, and these far outweigh the limitations of his instrument.
Happy surfing, everyone.
Catherine
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