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Some quick points.. September 30, 2008

Posted by The Armchair Economist in Commentary, Economics, Politics.
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I’ve been studying for my board exams so haven’t been able to post.. but some quick points:

I’m glad to see the bailout fail in the house yesterday.  Unfortunately rather than scratching the current plan, they are merely adding more clauses to it to gain more votes.  While the stock market reaction was expected, I am also disgusted that politicians are using the market losses to justify passing the bailout.  In case people weren’t aware, investing in the stock market means inherent risk.  Using the bailout to prop up stock prices seems a tad short sighted, doesn’t it?  Perhaps our problem has nothing to do with decreasing housing prices.. and the root lies in our systemic aversion to accountability?

An Overlooked Solution: Some lessons from Sweden September 23, 2008

Posted by The Armchair Economist in Business, Commentary, Economics.
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It seems as if Paulson’s plans aren’t getting through Capitol Hill as easily as easily as Paulson and the Bush administration would like it to. Rather than blindly react to a calamity (as they did after 9/11), cooler heads are prevailing. In a way, the quick announcement by the Fed for a ‘Bailout’ last Friday fulfilled its main goal.. of stabilizing a market that was running on fear. While the Senate Banking Committee is busy fleshing out the details of the bailout, I wonder why no one has brought up a strategy that was utilized by the Swedish Government in the 1990s to stabilize their own economy after a similar housing bust. (more…)

Open Letter to Senator Charles Schumer September 20, 2008

Posted by The Armchair Economist in Business, Commentary, Economics, Politics.
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The Honorable Charles Schumer,

I am writing to you, as a constituent and resident of New York State, to share with you my thoughts and concerns regarding the Federal Reserve’s action in response to this week’s financial upheaval on Wall Street.

While I understand the necessity for swift and decisive action in order to stabilize financial markets, the actions outlined by the Federal Reserve do nothing to address the root cause of the sub-prime lending debacle. It is of my opinion that our problems derive from monetary policy driven by our exclusive reliance on continual economic expansion to fund increasingly large government programs (and an unpopular war), a policy that favors growth over stability. (more…)

Fed bailout of Wall Street: Reverse Redistribution of Wealth September 19, 2008

Posted by The Armchair Economist in Business, Commentary, Economics.
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Fiscal conservatives (and the rich) have always cried foul over progressive tax policies and socialist policies(or as they see it, the redistribution of wealth from the rich to the poor). Today, we are witnessing perhaps history’s greatest reverse redistribution of wealth.. from the lowly taxpayer/common man to those who gambled on risky bets (and lost).

While this bailout was necessary to stem the fear running in on the Street and risking catastrophic damage to the US/world economy (think: companies going bankrupt, people losing jobs, less tax revenue, less social services.. depression perhaps), there is no debate that this is basically a free ‘put’ option to gamblers who were caught holding the bag. (more…)

From a Feminist: Vote for Palin because shes a Woman! September 17, 2008

Posted by The Armchair Economist in Commentary, Politics.
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I came across an interesting post that seems to be a site for Ex-Hillary supporters who are going to vote for McCain/Palin. Rather than put forth any legitimate (am I being sexist since I’m a man?) reasons, this is what she is saying (I will extract the relevant points to save you from the wall of text):

…American women have NOT come a long way, baby… the overwhelming thing we all must do is to elect more women to local, state and federal government. Why? Because of the 30% Solution…. well-recognized fact that no significant progress is ever made on womens’ issues in any country unless the federal government is made up of at least 30% women. Our federal government is currently made up of 17% women, which explains why we have had such a difficult time moving forward… If 30% of the Senate and House were women, you can bet your increasingly-less-valuable paycheck that both parties would be feeling a lot more responsible to that constituency…. The Democrats have utterly failed to demonstrate their commitment to womens’ rights by refusing to nominate the woman who was the clear winner of the primaries this year… The main reason McCain picked Palin was to satisfy his conservative base, but he was also extremely aware of the pissed-off faction of the Democratic Party that has finally seen the impenetrably sexist nature of the Party we thought was our friend and advocate…. McCain and the Republicans are willing to elect a woman to the Executive Branch for the first time in the history of our country. They are advancing the 30% Solution. Obama and the Democrats are not, and are not. Do you get it now, Obamans?… It is time to acknowledge that, as Hillary said, Womens’ rights are human rights. And it is time to cast your vote for a woman this Election Day. I am casting my vote for two women, McKinney/Clemente, unless McCain comes close enough to win New York, in which case I will vote McCain/Palin at the top. And after this election, I am only casting my vote for women, unless I have no alternative.

Is it me or does anyone else find it highly ironic and hilarious that someone who is out to advance women’s right is going to vote for a woman SIMPLY because she is a woman (rather than based on her abilities/accomplishments)? In their short sighted desire to see a woman in office, they are willing to vote for a person that has acknowledged a woman doesn’t have rights to her own body. How far back does this set the women’s lib movement?