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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.

The Mortgage Crisis same old , same old

This was started as a comment to Richard Day's excellent blog but I've decided to post it separately

Several  comments ,the first specific to this situation. The others  I've made here repeatedly. 

The Right is lying,

and the sun rises in the East.

Here's today's installment.


From Brad Delong quoting Kevin Drum  describing the misleading  Social Security “statistics” used by  Alan Simpson.

Drum points out that , since 1940 

 For men, life expectancy at age 65 has gone up   from 78   to 83 .. Since retirement age has gone up from 65 to 67, this means that over the past 60 years the expected payout period has increased by about three years. …….. Alan Simpson  …. has no clue about this.:

Fie on the FT


One of the advantages

 of reading TPM was  being exposed to people who actually knew what they were talking about..

The collapse of the housing market in 2008 was much less of a surprise to any of us who had for years been reading Dean Baker’s  repeated  explanations that housing had become a bubble which would go the way of all bubbles For example , in 2006.

Rajaratnam's down ,yawn.

Raj's conviction , will change nothing, is a waste of money and effort and is completely divorced from the  sub prime / CDO financial crisis. With respect to that  I agree with Des and others who complain about the fact no legal action has been taken against anyone- despite acknowledging Gillian Tett's (FT) theory that lhe brilliant people on Wall Street particularly use their billiance to find a way to just avoid acting illegally.

Meanwhile in the rest of the world

here's part of what bitterlemons was debating this week.     

 Members of the Hamas leadership also publicly mourned and eulogized assassinated al-Qaeda leader Osama Bin Laden, in sharp contrast to statements made by Palestinian Authority Prime Minister Salam Fayyad and others in the West Bank. 

Bring him back alive.

                                   Capture Team Stood

                                      By for Bin Laden

...............senior officials also said that two teams of specialists were on stand by:One to bury Bin Laden if he was killed, and a second composed of lawyers,interrogators and translaters in case he was captured alive. That team was set to meet aboard a Navy ship........



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