December 16, 2011 | 8 comments
December 15, 2011 | 3 comments
December 15, 2011 | 0 comments
December 14, 2011 | 39 comments
December 14, 2011 | 4 comments
Alex Tabarrok points out that the Fed’s new promise to keep short-term interest rates at zero for two years will, through arbitrage, lower longer-term bond rates as well. QE2 is, basically, nothing more than lowering interest rates on longer-term Treasury bonds, so the Fed’s communication is more or less another way of performing quantitative easing.
In fact, as Tabarrok mentions, the forecasting firm Macroeconomic Advisers has estimated that the Fed’s communication was equivalent to about $760 billion of quantitative easing along the lines of what the Fed did with QE2. For reference, QE2 was roughly $600 billion in bond purchases.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?