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There are some sane economists

and  Brad DeLong’s does a daily summary , Here are a few ....


From Brad Delong

Peter Diamond unqualifed to be a Federal Reserve Governor: Peter Diamond: "Last October, I won the Nobel Prize in economics for my work on unemployment and the labor market. But I am unqualified to serve on the board of the Federal Reserve — at least according to the Republican senators who have blocked my nomination.

Deficit, what deficit?

Indeed in 2007 the chief executives of the Too Big to Fail  Banks made on an average $26 million.

     Joe Nocera , today's Times

And they paid 35% income tax on most of that

             Flavius, dagblog 2 days ago.


Just for fun here's some of the 1960  tax rate brackets They started at

0        to     $4000       20%, Then continued

The imaginary Tyler Cowen

For my sins reading  Tyler Cowen  today brought to mind Marianne Moore's hankering for an Imaginary Garden with real toads in  it.

Cowen (no he's not a toad, real or imaginary. Flavius does not do insults. That's  the next office) imagines a driverless auto. Or a lot of them doing various imaginary  good things. One unfortunately has an imaginary accident and kills an imaginary child. I'll  drop imaginary from here on because it's getting tedious ( I know , I know that never stopped me before). 

Anyway following this accident the

Who's entitled to a 35% tax rate?

The top tax rate since 1945 has been 

Years                 %                  On income

                         Rate                 Over              President_

______            ________         _______            ________


48-49                82                      400,000            Truman        

 50-63               91                      400,000             Ike/JFK

 64                    77                     400,000             JFK/ LBJ

Even Bitterlemons couldn't make lemonade

.out of Obama's Middle East initiative .

Saree Makdisi is a professor of English and comparative literature at UCLA. wrote, among other books, “Palestine Inside Out: An everyday Occupation

Brad Delong's tour of the horizon.


 This is a bad time to be an economist. If you were fresh from the womb and had no past opinions to defend……………………………… it might be a fine time to be an economist……………………………….. But for the rest of us--looking back at our……… pronouncements of the past 15 years  it is a bad time to be economist? 

Four years ago we economists were writing learned papers about…………………. how ……….(we) had finally learned… control…if not completely eliminate the business cycle 

Yes to Obama on Israel

It boiled down to the inevitable  but innocuous statement that we don't support the IDF being stationed on the Jordan

Inevitable because endorsing  that position would have been= to publically washing our hands of the situation. Which was/is  politically , and geopolitically, unacceptable: Jewish American voters don't want us to do that,The Saudis ,ditto. Ergo we won't.



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