President Bush certainly is not afraid to rush into situations where angels might fear to tread. But it is unclear if this willingness to embrace seemingly contradictory policies is due to quiet confidence in his administration’s abilities or to simple…
Lost labor’s impact
“What is the difference between a depression and a recession? A recession is when your neighbor loses her job, a depression is when you lose yours!” Yes, an old joke, but it contains an important truth: Unemployment has very disparate…
This energy policy could’ve done Bush–and us–a lot more good
Poor President Bush is getting hammered as hard on his energy plan by conservatives as by liberals. The libertarian Cato Institute correctly termed the proposals “a smorgasbord of handouts and subsidies for virtually every energy lobby in Washington.” What could…
The Fed funds rate is not the prime, T-bill or mortgage rate
This past Tuesday was one of those days when we who teach economics just have to drop down on our knees and give thanks. The Federal Reserve Open Market Committee met promptly at 9:00 a.m. By 1:30 that afternoon the…