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 …
Matthew Yglesias / Myglesias: What Caused the Budget Deficit?Manu Raju / The Politico: GOP: Debt will bring Obama downMegan McArdle / The Atlantic Business Channel: The Deficit Blame GameLori Montgomery / Washington Post: Some Democrats Warn of Loophole in Obama's Pay-As-You-Go RulesLance Burri / The TrogloPundit: Obama's overspending is Bush's faultSheryl Gay Stolberg / New York Times: Obama Aims to Revive ‘Pay as You Go’Free exchange: The deficit in context — AMERICA'S budget deficits …Conor Friedersdorf / The American Scene: What's Blame Got to Do With It?Caren Bohan / Reuters: Obama seeks fiscal responsibility mantleJehuda / The Rhetorican: See No Evil — At MyDD, it's Bush's deficit.Joel Achenbach / Achenblog: Obama's Scary 3 p.m. Phone Callneo-neocon: Deficit wars and common senseAndrew Sullivan / The Daily Dish: Who's Responsible For The Debt?Ron Chusid / Liberal Values: Placing Blame For The DeficitKevin Drum / MoJo Blog Posts: Whose Deficit? — Who's really responsible for the massive …Dan Froomkin / White House Watch: Bush's Red Ink, Obama's ProblemVon / Obsidian Wings: Many years later, as he faced the firing squad, Colonel Aureliano …Steve Benen / Washington Monthly: BLAME WHERE BLAME IS DUE.... David Leonhardt has a good NYT item today …Brad DeLong / Grasping Reality with Both Hands: A Pretty Good but Not Excellent Story from David Leonhardt on the 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
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. . .
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. . .
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...
Larry Kudlow / The Corner: King Dollar + Drill, Drill, DrillHenry Blodget / Clusterstock: Here Comes Hyperinflation — Arthur Laffer joins the chorus …Tim Cavanaugh / Reason: The Libertarians' Bogart MomentIzabella Kaminska / FT Alphaville: Time to pull back liquidity? — Wednesday has so far proved …Philip Klein / AmSpecBlog: Obamaflation WatchZac Bissonnette / DailyFinance: Art Laffer: Inflation is on the horizonHenry Blodget / The Huffington Post: Here Comes Hyperinflation — Arthur Laffer joins the chorus …
Pat G. / Wonk Room: CNBC: TARP ‘Slush Fund’ …Deborah Solomon / Wall Street Journal: Salaries Safe, Bonuses HitMatthew Yglesias / Myglesias: What to Make of TARP Profits?DownWithTyranny!: Should All Members Of Congress Who Accept Bankster PAC Money …
Lee E. Ohanian / Forbes: The $787 Billion Mistake
Mary Katharine Ham / Weekly Standard: Poll: 45 Percent Say Cancel Stimulus SpendingAJStrata / The Strata-Sphere: Obamanomics - Utter Failure - UPDATED!Midnight Rider / Infidel Bloggers Alliance: 44% Believe Constitution Doesn't Restrict Government EnoughSammy Benoit / YID With LID: Rasmussen - America Says CANCEL THE STIMULUS!!!!
Soot & Ashes: Peter Schiff on the Daily Show
- Contra Obama, I Deserve a $10 Million Bonus - David Reilly, Bloomberg
- Market Beauty Is Best Judged by the Beholder - John Kay, Financial Times
- Bullion & Bandits: The Improbable Rise & Fall of E-Gold - K. Zetter, Wired
- The Federal Reserve's Mortgage Muddle - David Bogoslaw, BusinessWeek
- No More Kumbaya Among Health Care Reformers - David Whelan, Forbes
- The Next Game-Changers in Business - Paul Larson, Morningstar
- The Closing of the American (Investor) Mind - Randall Forsyth, Barron's
- Take The 'Vice' Out of Financial Advice - Chuck Jaffe, MarketWatch
- Fortune 40: The Best Stocks to Retire On - Benner/Kimes/Levenson, Fortune
- Bernanke Stares Down Interest-Rate Bears - Caroline Baum, Bloomberg
- It's in Beijing’s Interest to Give U.S. a Hand - Martin Wolf, Financial Times
- Out from Under the TARP - Warner & Yeomans, Slate
- We're Wasting Our Chance to Fix the Banks - Rex Nutting, MarketWatch
- Britain, America & Global Economic Recovery - Sir Nigel Sheinwald, RCM
- British Banks Are Worth Something - Tim Congdon, City Journal
- Not Quite a Right Turn in Europe - Harold Meyerson, Washington Post
- Is the Almighty Dollar Dead? - Dan Burrows, SmartMoney
- The Fight Between the Buy Side and the Sell Side - Felix Salmon, Reuters
- Sidelined Cash Is Huge, But Is It Antsy To Go Somewhere? - Money & Co.
- Fed's Lacker: No Rate Increases Until Growth Signals Clearer - WSJ
- Oil Bull Market Is One of Its Strongest Ever - Bespoke Investment Group
- Not Again: We Are Facing Another Jobless Recovery - Calculated Risk