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Wednesday, June 10, 2009

Great Recession Roundup — June 10, 2009

Items of Interest:

David Leonhardt / New York Times:
America's Sea of Red Ink Was Years in the Making — There are two basic truths about the enormous deficits that the federal government will run in the coming years. — The first is that President Obama's agenda, ambitious as it may be, is responsible for only a sliver of the deficits …

discussion:
Matthew Yglesias / Myglesias: What Caused the Budget Deficit?
Weems & Sasse / Investor's Business Daily:
A Red (Ink) Letter Day For Gov't: $1,000,000,000,000 In 8 Months -- Just since Sept. 1, when the federal fiscal year began, our leaders have written $1,000,000,000,000 in new IOUs for our children and grandchildren to struggle under. It took two centuries from the nation's founding until the early 1980s for Washington to overspend by a cumulative total of a trillion dollars. We have just accomplished the same feat in eight months. . .

Steven Malanga / RealClearMarkets: Why Inflation Is So Scary
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The Economist:
America's Yawning Debt Is Obama's Biggest Weakness -- “PAYING for what you spend is basic common sense. Perhaps that’s why, here in Washington, it’s been so elusive,” said Barack Obama on Tuesday June 9th. He was urging Congress to pass a new “pay-as-you-go” (PAYGO) plan that would oblige it to pay for new spending either by raising taxes or by cutting outlays. By following the same principles that guide “responsible families managing a budget”, he said, Americans could dig the country out of the “very deep hole” that “the reckless fiscal policies of the past have left us in.”

Republicans marvel at his skill in stealing their clothes. . .
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von / Obsidian Wings:
Let it come down -- Anyhow: if you haven't heard of President Obama's looming budget crisis, you will. Obama and the Democratically-controlled Congress are creating debts and deficits larger than any other US government in the history of the Republic, under any measure, with the singular exceptions of the governments that got involved in a bet-the-country war. . .

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Arthur B. Laffer / Wall Street Journal:
Get Ready for Inflation and Higher Interest Rates -- The unprecedented expansion of the money supply could make the '70s look benign.

Rahm Emanuel was only giving voice to widespread political wisdom when he said that a crisis should never be "wasted." Crises enable vastly accelerated political agendas and initiatives scarcely conceivable under calmer circumstances. So it goes now.

Here we stand more than a year into a grave economic crisis with a projected budget deficit of 13% of GDP. That's more than twice the size of the next largest deficit since World War II. And this projected deficit is the culmination of a year when the federal government, at taxpayers' expense, acquired enormous stakes in the banking, auto, mortgage, health-care and insurance industries...
discussion:
Larry Kudlow / The Corner: King Dollar + Drill, Drill, Drill
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Kevin G. Hall / McClatchy Washington Bureau:
Bank bailout turns out to have been good business for U.S. — WASHINGTON — When Congress passed the $700 billion Wall Street bailout package last fall, critics said it'd be a money loser. But when 10 banks returned $68 billion of the money on Tuesday, President Barack Obama said the government had realized a small profit...
discussion:
Pat G. / Wonk Room: CNBC: TARP ‘Slush Fund’ …
Deborah Solomon / Wall Street Journal: Salaries Safe, Bonuses Hit
Matthew Yglesias / Myglesias: What to Make of TARP Profits?
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Rasmussen Reports:
45% Say Cancel Rest of Stimulus Spending — Forty-five percent (45%) of Americans say the rest of the new government spending authorized in the $787-billion economic stimulus plan should now be canceled. A new Rasmussen Reports national telephone survey found that just 36% disagree and 20% are not sure.
discussion:
Lee E. Ohanian / Forbes: The $787 Billion Mistake
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discussion:
Soot & Ashes: Peter Schiff on the Daily Show
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Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia