fiscal policy

Tax Fog

by on September 28, 2017

Whenever we are told about a Trump plan we have to use the word "plan" very carefully. Thus far Trump's various plans have been more [more…]

Budget Fog and Budget Clarity

by on May 23, 2017

On a clear day we can dream of being free from the farce and incompetence that is Trump. Meanhwile back in reality ...

The Trump [more…]

Tax Reform, Relief, Whatever

by on April 24, 2017

Moving on, White House style, we are now confronting the prospect of tax reform. I suppose that those of us who cringe whenever we hear [more…]

Budget Topline

by on March 16, 2017

We all ought calm down about the Trump budget. Presidential budgets never, ever, get put into practice. They are simply exercises in politics. They simply [more…]

Republican Debt Builders

by on November 12, 2015

Just to make the point, here is a chart I grabbed, back in 2012, from Atlantic magazine:










Trump’s Tax Plan

by on September 30, 2015

I wasn't going to mention it, but someone asked, so here's what I think of Trump's tax plan.

Well, I can't write that here.

In [more…]

Interest Rates

by on September 22, 2015

The Fed's decision last week not to raise interest rates has produced a predictable burst of apoplexy in the banking industry.

So what?

Banks would [more…]

The Fed Acts

by on September 13, 2012

Well it had to sometime. No one else is doing anything.

Only a few days ago I expressed a certain dismay that Ben Bernanke said [more…]

Winding Down The Year

by on December 23, 2011

We have had a flurry of news this week causing the stock market to bounce around in near frenetic glee. If you to believe that [more…]

My Density Factor

by on November 21, 2011

I must be dense. There is something really odd about today's activity in the US bond market. Treasury prices rose. The 10 year bond now [more…]