Romney Proved He Is a Decent Man, but GOP Policies Remain Dreadful
Source: www.slate.com - Friday, August 31, 2012
Every trial lawyer knows what it is like to sit patiently while the other side puts on its case. Inevitably they make a few points that appeal to the jury, and waiting for the opportunity to respond can be painful. The desire to jump up immediately—to point out the flaws in logic or the factual distortions—is often overpowering. So it has been watching the Republican convention. Let's acknowledge the convention’s compelling moments. Ann Romney was a fine and sensitive voice, speaking from the heart about the hard work done by spouses and the tough times that every family goes through. Paul Ryan was evocative on the loss of faith we have suffered, the reality that sunk in after the euphoria of Obama's 2008 victory. The testimonials about Mitt Romney were passionate. Let’s concede that Mitt Romney has a good heart and has worked hard, consistently with his faith, to help folks in need. And Romney himself seemed almost approachable in his speech, truly desirous of a better life for those who are not at his income level. But none of that matters to the bottom-line issue: Who can lead us out of the economic quagmire to a better future? We still have a serious jobs crisis, an equity crisis, and a growth crisis. The broad array of policies fought for and implemented by President Obama is moving us in the right direction, while the Republican Party has been nothing but an impediment to change and clear thinking. Moreover, the answers prov
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Fed Watch: Bernanke at Jackson Hole
Source: economistsview.typepad.com - Friday, August 31, 2012
Tim Duy (my quick reaction to the speech is here -- I agree with Tim that, despite today's speech, "additional easing is not a no-brainer"): Bernanke at Jackson Hole, by Tim Duy : A current acute awareness of forecast bias leaves me almost hesitant to comment on today's speech by Federal Reserve Chairman Ben Bernanke . What is forecast bias? Here I am thinking of the bias of Fed watchers struggling to interpret every bit of data and ever comment from policymakers in the context of their own views of the economy. One version of such bias is thinking the Federal Reserve will do what you think they should do. Because you view the economy as weak, you assume the Fed will do so as well, and react appropriately. Such a bias, of course, will lead to an erroneous interpretation of the data and Fedspeak as it relates to monetary policy. I fear falling into a variation of this bias. For months, the flow of data and the Federal Reserve's own forecasts indicate the Fed will continue to fall short of both its employment and price stability mandates. This has been confirmed by numerous Fed speakers including Bernanke himself. Indeed, Bernanke has often stated disappointment with the pace of the recovery and, in particular, the costs of high levels of long-term unemployment. He has also said that nontraditional policy tools continue to be effective, indicating that the Fed could do more to boost the recovery. Yet such action has been fairly lim
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