Former Treasury Secretary and Obama’s head of the White House National Economic Council advisors, Larry Summers, has become something of a darling of the right-wing media, solely for the reason that he was critical of the American Rescue Plan for being too large, and warning that it could lead to inflation. Note: The Rescue Plan that … Read more
The Federal Reserve Board is tasked with two objectives: (1) keep inflation at or below 2% annual growth, and (2) try to achieve full employment. Christopher Leonard, author of “The Lords of Easy Money” and “Kochland” writes, If You Must Point Fingers on Inflation, Here’s Where to Point Them (excerpt): As the midterm elections draw … Read more
Last Friday’s Consumer Price Index report showed consumer prices rose 8.6 percent from a year earlier and 1 percent from April — a monthly increase that was more rapid than economists had predicted and about triple the previous pace. Inflation Sped Up Again in May, Dashing Hopes for Relief : Friday’s Consumer Price Index report … Read more
The investor class aka the predator class in the casino capitalism of Wall Street drove the stock market to unprecedented levels, despite a global pandemic and the recession it created. They bought into the irrational exuberance that the stock market always goes up. There were those experts who have been warning that Wall Street was … Read more
Lydia DePillis in an op-ed at the New York Times explains, Is ‘Greedflation’ Rewriting Economics, or Do Old Rules Still Apply? There are few good things about living through a period with the highest inflation in four decades, but here’s one: It’s a chance to re-examine what happens in an economy that’s gone haywire. Since … Read more