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Monetarism vs. Fiscalism Redux

Posted on: December 27th, 2011 by Mike Sax No Comments

      After writing my last piece, I read a little more from Lars and in his post "Monetary Policy Can't Solve All Problems" he elaborates a little on this.        When he says: "The professor has now introduced the AD-AS model (and the dynamic AD-AS model). Since AD is just (1)’ the professor has not started to talk about fiscal policy (what multiplier??). In his head the AD curve can be shifted by shocks to M or V, but that has nothing to...

Kim Kardashian: Man, There’s a Lot of Haters Out There

Posted on: December 27th, 2011 by Mike Sax No Comments

     I find the treatment of the Kardashians, Kim Kardashian particularly, pretty interesting. There is so much hate and bitterness towards her. As so many seem to want to insult her and denigrate her as much as possible, I see it as a sociological phenomenon.      As the feminist Nancy Friday once said, women don't wish other women well. Recently there was a piece in the Enquirer where Oprah Winfrey was censoring Kardashian for visiting Haiti in support of the victims of the earthquake.     Oprah was sure that it was just to...

US Economy Not Beyond Hope

Posted on: December 26th, 2011 by Mike Sax No Comments

     Which is more than we can say for Europe which is beyond hope unless Angela Merkel and Mario Draghii each get a lobotomy. As it is Germany is determined to bite the nose of Greece to spite it's own face.      In the US we have seen unemployment claims coming down along with the unemployment rate with signs that even the housing market may have bottomed. With the congressional Republicans to to finally letting a few hostage goes without even more ransom money there would seem to be some reason for optimism.      The negative...

Hope You had a Good Christmas-I have Redirect Issues

Posted on: December 26th, 2011 by Mike Sax No Comments

     I should add if your Jewish hope you had a good  Hanukkah-though Hanukkah is still going on I've learnt-this year it falls on our calender from the 20th to the 28th-it is different every year on our calendar but is on the same dates on the Hebrew calender.      I had a great weekend for sports-the Giants beat the big talking Jets, 29-14-yes Rex guess you were wrong-and the Knicks beat the Celtics for the first game of the new NBA season 106-104. There are few sweeter things as a Giants fan than beating the Jets-only thing sweeter is...

Rex Ryan Fails to Put Money Where Mouth is.

Posted on: December 25th, 2011 by Mike Sax No Comments

     All week nothing could dissuade him from going on and on. This game is a big deal he said, and the Jets are going to win it.       When people suggested he should talk less and let the game speak for itself he said, "That's your opinion. My opinion is what counts to me."        Now it is once again clear his opinion doesn't mean much as the Giants whipped the Jets yesterday 29-14. What is it about the Jets? It seems to be a characteristic of the franchise that they always have to talk a huge game. They...

Monetarism vs. Fiscalism

Posted on: December 24th, 2011 by Mike Sax No Comments

    This debate which is always out there has smoldered more to the surface lately with the Market Monetarists' visceral reaction to Stiglitz's Vanity Fair piece. It seems that there are three basic positions: you can say that fiscal policy is irrelevant and using it to fight a recession only distorts things as it is usurping the job of monetary policy.    The opposite extreme "fiscalist" view that monetary policy has little relevancy in fighting a recession-this is what many of the MM school thought Stiglitz said anyway. Then there is the view that neither are...

Ron Paul Further Muddying the GOP Field

Posted on: December 24th, 2011 by Mike Sax No Comments

     As if they need this. Fact is this one is totally getting away from them, and it just keeps getting worse. The more the Republican establishment tries to stop the bleeding the worse it gets.      Now as if things were not muddied enough and as if this primary season hasn't contained enough comic relief, we now have the tremendous specter of Ron Paul taking over the lead in Iowa.      I presume it is canonical that the Republican establishment-the RNC, Karl Rove, and thinking Republican who actually has a clue about...

The Limits of Monetarism

Posted on: December 23rd, 2011 by Mike Sax 2 Comments

     The more I read the monetarists-especially Scott Sumner-it begins clear to me that monetarism is something which does make some valuable insights but still you must be careful with as it's agenda never changes.      This is why Sumner keeps writing snarky posts about Keynesianism. The hope of monetarism is always the same-that we will be weaned from the illusions of "fiscalism." For deep problems in an economy to always being due to nominal shocks is what Sumner wants us to drink.     Therefore if we get monetary policy right...

Gingrich Wants to Rein in Judicial Independence

Posted on: December 23rd, 2011 by Mike Sax No Comments

     While the conservatives chafe at anything which might check "Fed independence"-read it Fed independence to serve the interests of banks rather than the American people-Newt Gingrich has a new idea that he calls "bringing the courts back under the Constitution."      "These include calling judges before Congress to explain their decisions, impeaching judges or eliminating courts that consistently get the Constitution wrong, and limiting the applicability of Supreme Court decisions that distort the Constitution." (pg. A19, today's Wall Street...

Sophie Clarke’s Home Town of Wilsoboro Celebrates Her Win

Posted on: December 23rd, 2011 by Mike Sax No Comments

     I had a conversation with a very nice guy by the name of Bryan Elder. Turns out he went to school with Sophie, actually graduated from the same class of 2007.      For the roster of their class please see      What struck me is the glowing terms he spoke of her in. He is now an Occupy Wall Street supporter, but his memories of her are particularly of the time they were both on the drama club. He was bullied in school but in the drama club she helped him.      He remembers...

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