As the United States heads into its grim pandemic winter, Congress remains deadlocked on passing a new stimulus bill.
Read moreHow Biden Could Wind Down the Imperial Presidency
Once Biden undoes some of what Trump has done, he could leave his most indelible and important mark by rolling back that trend in American governance, ceding presidential powers back to Congress and the states, making it harder for any subsequent president to abuse the power of the office.
Read moreFor Once, Wall Street is Optimistic. That Might Not Be Crazy.
Any look at the news suggests that we’re in the early stages of a society-changing response to an unpredictable virus that will have vastly negative consequences for the economy, not just in the U.S., but around the world.
Read moreThe Fed's Unprecedented Bailout of Everyone and Everything Could Prevent Total Collapse
The Fed understood even before Congress that the health-crisis of the pandemic and the subsequent economic crisis caused by the shelter-in-place orders and shuttering of businesses, travel and events would easily morph into a financial crisis that could be magnitudes greater than what happened in 2008-2009.
Read moreThe Coronavirus Will End Conservative Dogma About Big Government Forever
The sheer urgency of the new coronavirus and its damage are overpowering free markets, shuttering businesses and triggering responses that only four weeks ago looked impractical, naive and socialist. Now, they are essential.
Read moreHow the GOP Made Obama one of America’s Most Powerful Presidents
Republicans have come to view Barack Obama not just as an ideological enemy but as a “dictator” — a president who has unconstitutionally abused his executive power with an array of unilateral actions.
Read moreHey, Donald: Washington Is Working!
The view of Washington as a dysfunctional system is deeply entrenched—and of course it’s the most popular meme on the GOP campaign trail. “Nothing works in our country,” Donald Trump said again at Tuesday night’s debate, repeating his favorite (and seemingly most effective) appeal to a base that’s disgusted with politics as usual. Yet the past week has been a blow to cynics everywhere, because lo and behold, Congress, the White House, and the Federal Reserve all acted on vital economic policy and did so with minimal drama.
Read moreA Dynamic World Demands Dynamic Scoring
One of the first things the new Republican Congress voted on this week was to mandate a change in how the Congressional Budget Office analyzes (“scores”) spending bills. A technocratic change in how Congress assesses the impact of its proposed bills is not typically the stuff of great drama. This time is different.
Read moreDon’t Fight Powerful Stock-Market Trends
Unless you have been living under a proverbial rock for the past few weeks (though unlikely if you are reading this), you know that the midterm elections in the United States saw a Republican sweep, with enough senatorial seats gained to take control of the Senate, more seats added to their majority in the House, and a few extra governorships picked up along the way.
Read moreWhy Washington's growing irrelevance is good for the country
After three years of sclerosis, Congress is poised to at last pass an actual budget. We’ve been so consumed with the dysfunction of the parties on Capitol Hill that this feat appears significant. In fact, it should be routine. Yet in the context of the past few years, it is anything but.
Read moreCheers to Ben Bernanke & Central Bankers
The Fed will keep interest rates low for several years and aggressively buy up bonds, Ben Bernanke announced today. When will elected officials catch up to the unsung heroics of central bankers?
Read moreDebt-Limit Debate: Wall Street Might Freak Out Today
For the past few weeks, as the debt-ceiling crisis has intensified in Washington, financial markets have been acting on the assumption that a deal will be done. This weekend, that changed.
Read moreBernanke and the Fed: Reading Between the Lines
Today we were treated to the second installment of the Federal Reserve’s new policy of openness with Chairman Ben Bernanke’s press conference. That followed on the heels of the statement by the Fed Open Market Committee about interest rates and the economy.
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