Tag Archive

The Great Mystification

Bernanke said it first. Trichet followed suit. The OECD is already preparing banquets and workshops in June to look beyond the crisis. As if it were over. All this is ludicrous framing and wishful thinking, which goes like: “if we shift the attention from the unfolding effects of the crisis (such as skyrocketing unemployment) to [...]

Obama Skates on Thin Ice

THIN ICE FROM HERE TO THE HORIZON
By Alexander Cockburn, Counterpunch

On any rational assessment the popular new president is skating on thin ice. Pollyanna bulletins about the economy puff up from the White House and Federal Reserve, like auguries of a new Pope through the  Vatican chimney. “Habemus spem.” We have hope. We’ve just heard it [...]

The Glut and The Slump

BY PAUL KRUGMAN
March 2, 2009
Remember the good old days, when we used to talk about the “subprime crisis” — and some even thought that this crisis could be “contained”? Oh, the nostalgia!
Today we know that subprime lending was only a small fraction of the problem. Even bad home loans in general were only part of [...]