From Forbes, Charles Kadlec explains how the market
disciplined JP Morgan.
At Forbes, Ralph Benko argues sound money is needed for the economy to boom.
On Face the Nation, Mitt Romney advocates balancing the
budget through tax cuts and growth:
In a later segment, Romney discusses monetary policy:
BOB SCHIEFFER: The Federal Reserve, as I understand, is going to meet this week to weigh the possibility of a new economic stimulus for our economy. Now, you didn't think much of the last stimulus. What do you think they should do now--is it time for another?
MITT ROMNEY: Well, the QE2, as it's called, which was a monetary stimulus,
did not have the desired effect. It was not extraordinarily harmful, but it
does put in question, the future value of the dollar, and will, obviously,
encourage some inflation down the road. A QE3 would do the same thing. I know
how it is. Politicians in office want to do everything they can just before an
election to try and temporarily boost something, but the potential threat down
the road of inflation is something which we have to be aware of, and at the
last QE2, the last monetary stimulus, did not put Americans back to work, did
not raise our home values, did not bring jobs back to this country or encourage
small businesses to open their doors. What's wrong with our economy is that our
government has been warring against small, middle, and large businesses. And
people in the business world are afraid to make investments and to hire people.
I want to make it very clear that in my administration, government will see it as
the friend of enterprise and job creators, and we'll start building jobs again.
On Bloomberg, Ramesh Ponnuru profiles Grover Norquist.
At The American, James Pethokoukis defends Grover for opposing a hypothetical spending cut/tax increase deal.
From Alhambra Partners, Joe Calhoun analyzes Greece and
the Eurozone.
From The Money Illusion, Scott Sumner argues monetary policy is at its tightest since Herbert Hoover.
On TGSN, Ralph Benko recounts the Democratic Party split
of 1896 over gold.
At International Liberty, Dan Mitchell notes the President’s
wise economic advice… to other nations.
From The WSJ, Stephen Moore discusses the possibility
that the House could go Democrat:
CNBC reports Goldman Sachs predicts monetary easing from
the Fed (h/t: Drudge).
In The NYT, Bruce Bartlett examines income changes at the
top and bottom of the spectrum.
From Cato, Alan Reynolds responds to Larry Summers’ call
for more government spending.
At Alhambra Partners, Joe Calhoun sees the dollar bouncing
back and forth between inflation and deflation. For the record, here’s my
column of last year on Robert Mundell’s similar view.
On Forbes, Brian Domitrovic critiques the President for
doing nothing that would improve the economy.
The Daily Callerinterviews Steve Forbes on Mitt Romney’s
record at Bain Capital:
At RCM, John Tamny suggests fear of QE3, not bad
unemployment numbers, is responsible for the market’s decline.
From The Atlas Sound Money Project, Devin Roundtree
argues QE3 is already underway.
At Forbes, Charles Kadlec critiques the President’s economic
policies.
In The WSJ, Robert Barro analyzes the economy’s malaise.
From The Washington Times, Richard Rahn covers efforts to
impose global taxes.
In The WSJ, Roger Lowenstein reviews a book on the
depression of 1837.
From Forbes, Brian Domitrovic highlights Herman Cain’s
sound money advocacy. On TGSN, Lew Lehrman advocates a modern gold standard. In The WSJ, Austan Goolsbee argues without flexible exchange
rates to adjust balance of payments, the Eurozone must rely on fiscal transfers
or immigration. At The Daily Beast, Bruce Bartlett applauds President
Reagan’s tax and monetary achievements but argues today’s problems require
different remedies:
In The WSJ, Stephen Moore reports Ted Cruz’s run-off
chances in the Senate GOP primary.
From Alhambra Partners, Joe Calhoun highlights worrisome
market conditions. In The Washington Post, Robert Samuelson wonders why
Greece hasn’t experienced a bank run yet. At National Review, Kevin Williamson doubts that tax
rates drives state to state migration.
From Forbes, Brian Domitrovic advises Europe to learn from its past exchange rate chaos.
At Globe Asia, Steve Hanke argues contracting money growth, not fiscal austerity, is causing today’s economic difficulties.
On The Kudlow Report, Sen. Ron Johnson (WI) discusses bi-partisan tax and budget compromise:
At RCM, John Tamny suggests the dollar should rise to return the gold price to its ten-year average of $800/oz.
From Alhambra Partners, Joe Calhoun supports spending austerity and low tax rates. In The Washington Times, Richard Rahn advocates less government spending.
From The WSJ, Alan Reynolds demolishes arguments for 70% tax rates on the rich (full text from Cato).
In The WSJ, Amar Bhide provides an excellent defense of the euro:
But here's the catch. Devaluation works its magic to the extent it doesn't trigger demands for wage hikes, even though a depreciating currency increases the price of imports and reduces the purchasing power of workers' incomes.
Now, individual employees might be susceptible to a money illusion and worry only about their nominal wages. But it isn't the demands of individual workers that make labor markets excessively rigid—it's unions and other such institutionalized players. Unions that won't negotiate pay cuts with employers are unlikely to allow devaluations to erode real wages through the back door. Indeed union contracts often contain protections against inflation....
Worse, devaluations clip the real incomes of those least able to afford the loss—the elderly who depend on their meager savings and pensions, low-wage employees who aren't unionized and lack valuable skills, and small businesses scraping along that don't get even a temporary boost to profit margins because they ply a purely local trade.
At Forbes, Brian Domitrovic explains the folly of investing in GM. In Human Events, John Hayward suggests a shift in the Left’s view of the Laffer Curve. On The Kudlow Report, US Rep. Ron Paul (TX) discusses the dollar and the economy:
At International Liberty, Dan Mitchell argues European austerity hasn’t been as severe as Paul Krugman suggests. The NY Sunrebuts Berkshire Hathaway’s Charles Munger on gold. In The Washington Times, Richard Rahn argues spending in Europe still increased during the recent debt crisis. From Alhambra Partners, Joe Calhoun sees some positive trends in the economy. On Fox Business News, Stephen Moore discusses state tax rates:
In The American Interest, Barry Eichengreen foresees declining use of the dollar in world commerce. From The WSJ, Justin Lahart suggests unemployment would be down to 7.1% without government spending cuts. At The NYT, Bruce Bartlett doubts rich people will relocate from the US if taxes go up.
From Forbes, Charles Kadlec notes the failure of Europe’s tax-increase austerity.
At TGSN, Ralph Benko highlights Jacques Rueff’s critique of the post-war gold exchange standard.
On C-SPAN, Steve Forbes supports US Rep. Ron Paul (TX) for Fed Chairman:
At The American, Alex Brill examines tax fairness. In The Washington Times, Richard Rahn lambasts the Obama Administration’s new foreign reporting requirement for US banks. From Alhambra Partners, Joe Calhoun investors stay in cash. On NRO, Larry Kudlow analyzes the weak recovery. At The WSJ, James Swanson discusses Bill Clinton’s claim that President Obama is ahead of the curve pulling the US out of the financial crisis:
In The WSJ, Stephen Moore reports a congressional debate over highway spending. From The Washington Post, Ezra Klein notes the return of many GW Bush economists on the Romney campaign. At The WSJ, Cass Sunstein highlights an executive order to harmonize US and foreign regulation.
On Salon, Michael Lind argues the era of globalization is over. The coal industry highlights the financial strain of rising energy costs:
In The NYT, Bruce Bartlett argues current tax rates aren’t blocking economic growth. From Bloomberg, Rich Miller argues higher tax rates won’t discourage the wealthy from working harder.
From Forbes, Charles Kadlec highlights Obama economist Christina Romer’s scholarly writing on the negative impact of tax increases.
The WSJnotes a rising threat to Europe’s borderless trade policy.
In Forbes, Ralph Benko profiles Art Laffer and Stephen Moore’s Rich States, Poor States.
At The WSJ, Paul Gigot and Dan Henninger discuss the Netherland’s proposed tax increases and declining growth:
At RCM, John Tamny explains that economic fairness makes everyone poorer. From Alhambra Partners, Joe Calhoun remains moderately bearish on the world economy.
At Forbes, Grove City Prof. Mark Hendrickson highlights the Obama Administration’s interest in a global corporate tax (h/t: Future of Capitalism).
In Barrons, Stanford's John Taylor critiques Keynesian tax stimulus and advocates rules-based monetary policy. At TGSN, Ralph Benko argues gold offers the best rule for monetary stability. In The WSJ, Stephen Moore reports Republicans may not win retiring Sen. Kent Conrad’s (ND) seat. On The Kudlow Report, Tamar Jacoby debates Arizona’s immigration policy:
In The NYT Magazine, Paul Krugman urges Fed Chairman Bernanke to increase inflation. At The WSJ, Peter Diamond and Emmanuel Saez argue higher top tax rates will generate more federal revenue and not harm growth. USA Todaydredges up hoary misconceptions about the gold standard.
From The WSJ, Grover Norquist argues tax increases on the rich trickle down to the middle class.
In The NY Sun, Ira Stoll suggests President Obama’s tax increase policy leaves him politically vulnerable.
At The WSJ, Stephen Moore reports the Buffett Rule’s defeat in the Senate but notes Democratic pledges to keep pushing it.
In The American, Steve Conover explains the Buffett Tax would hit older people disproportionately.
On The Kudlow Report, Mitt Romney discusses tax policy, the Fed, and oil:
At RCM, John Tamny criticizes Romney’s tax and monetary positions. In IBD, Art Laffer highlights the failure of California’s soak-the-rich approach. At The Washington Times, Richard Rahn explains the wealthy have great capacity to determine how much tax to pay. From Alhambra Partners, Joe Calhoun sees the market moderating in response to modest economic growth. The San Francisco Chroniclefeatures an Investopedia article that notes that as tax rates rise the rich may not work less but do find ways to offset their taxable income. From The Victory Corp, John Tamny discusses Herman Cain’s tax plan and Rick Santorum. At Reason, Shikha Dalmia suggests John Maynard Keynes may have been a closet supply-sider. In The NYT, Bruce Bartlett notes that businesses startups do create most new jobs but suggests tax cuts won’t do much to help.
The WSJhighlights the positive revenue effects of cutting the capital gains tax.
In The WSJ, Amity Shlaes cites FDR and Coolidge to argue tax policy should focus on competition not fairness.
On The Kudlow Report, Larry opposes raising tax rates:
On RCM, financier Eric Fine argues Ben Bernanke reduces confidence in the dollar by dismissing the gold standard. From Alhambra Partners, Joseph Calhoun fears economic weakness will spur QE3. In The Washington Times, Richard Rahn complains about the byzantine tax code. From ISI, George Gilder debates technology and the prospects for growth:
In The NYT, Bruce Bartlett suggests eliminating income taxes for the lower 75% of earners and replacing the revenue with a 12.5% VAT.
From Forbes, Brian Domitrovic applauds Ben Bernanke for repudiating the Phillips Curve.
In Forbes, Charles Kadlec highlights the systemic risk created by the unstable dollar.
On The Kudlow Report, Larry Kudlow debates the dollar:
The NY Sunapplauds James Grant’s recent speech at the NY Fed. At Forbes, Ralph Benko wonders why politicians don’t learn from President Reagan. On International Liberty, Dan Mitchell speculates whether the President believes Bill Clinton was a social Darwinist. From Alhambra Partners, Joe Calhoun sees economic weakness ahead. At The WSJ, Ed Lazear notes the recovery’s unusually slow pace. From The Atlas Sound Money Project, George Selgin recounts the Federal Reserve’s history:
In The NYT, Bruce Bartlett analyzes budget gimmicks.
From The WSJ, US Rep. Paul Ryan (WI) rolls out his budget and tax plan.
At The Washington Post, Chris Cillizza suggests the Ryan budget is bad politics for the GOP. In The WSJ, Stephen Moore calls the Ryan plan a gamble:
What is sure to be controversial in the plan are the cuts to sensitive entitlement programs. This budget saves on Medicare through "premium supports," which allow seniors to go out and purchase health insurance in the market, or stick with traditional Medicare, but at a lesser price. This is the plan co-authored by Democratic Sen. Ron Wyden of Oregon and Mr. Ryan. The House plan would also block grant all federal welfare entitlements to the states. And one of the biggest savings comes from repealing ObamaCare spending and mandates.
In The NYT, Bruce Bartlett recounts (ruefully) Jude Wanniski’s continued influence on Republican fiscal policy. At The WSJ, Mary Anastasia O’Grady suggests the President may be damaged by the Misery Index. On Forbes, Ralph Benko applauds the coalition pushing the National Debt Relief Amendment, to require a majority of states to endorse federal debt limit increases:
From TGSN, Benko highlights the debt bomb pending when interest rates rise. On The Kudlow Report, Sen. Jim DeMint (SC) discusses Republican efforts to help small business:
From Alhambra Partners, Joe Calhoun analyzes Greg Smith’s Goldman Sachs critique. On his blog, Scott Grannis suggests companies still have lots of cash on hand. At The Daily Beast, Zachary Karabell defends China’s trade practices.
From Forbes, Brian Domitrovic explains the weak dollar caused the real estate bubble.
In The NY Sun, Ira Stoll notes the problems for savers with zero interest rates.
At RCM, John Tamny suggests there’s nothing wrong with China’s new trade deficit.
On The Kudlow Report, John Rutledge discusses the US’s tough trade stance towards China:
At TGSN, Ralph Benko highlights Jacques Rueff’s analysis of the monetary errors that led to the Great Depression. In The Washington Times, Richard Rahn argues the world economy’s future is bearish. From Alhambra Partners, Joe Calhoun expresses pessimism about the economy. At Hindu Business Line, G. Ramachandran links Robert Mundell’s euro to the Roman Empire. On The WSJ, Paul Gigot discusses Newt Gingrich’s prospects in the southern primary states:
On Econlog, David Henderson disputes Louis Woodhill’s analysis of gold and oil.
In The NYT, Bruce Bartlett advocates higher tax rates to raise more revenues.
From The WSJ, Bill McGurn argues Ronald Reagan looked like a sure-loser at this point in the 1980 campaign.
In The WSJ, Stephen Moore reports Rick Santorum’s argument that he is stronger than Mitt Romney in purple states. In Forbes, Charles Kadlec suggests government policy, not lack of regulation, caused the housing bubble. On The Kudlow Report, progressive Jared Bernstein argues Romney will repeat the trickle-down policies that led to recent years’ economic problems:
From Alhambra Partners, Joe Calhoun rebuts Ben Bernanke’s claim that the economy’s performance is not his fault. On The Street, Ralph Benko defends the gold standard from columnist Gary Weiss. At TGSN, Ralph Benko features Alan Greenspan’s never-published testimony from the 1981 US Gold Commission. Stateline reports Art Laffer’s success convincing states to reduce tax rates.
From the C-SPAN archive, US Rep. Jack Kemp (NY) announces his 1987 bid for President. Alan Reynolds comments, “Watch it and compare the current candidates to see what we have lost.”
In The NYT, Bruce Bartlett argues (correctly, IMO) that class warfare sentiment rises when, in recession, conservatives argue for cutting programs for the poor while refusing to raise tax rates on the wealthy. (Of course, the right answer isn’t raising taxes.)
The WSJsuggests Mitt Romney won in Michigan by focusing on the economy.
In The WSJ, Larry Lindsey rebuts Tim Geithner’s claim that the wealthy should pay more taxes for the privilege of living in America:
If you go further back to the pre-Reagan days, when the top tax rate was 70%, the story becomes even more dramatic. Under the four presidents of that era, the income share of the top 5% was 16.8% and their share of the income tax was 36%. In other words, the share of income received by the top 5% has risen 28% and their share of income taxes has risen 64%.
Stated differently, based on the data provided by the Census Bureau and the Internal Revenue Service, the relative tax burden of the top 5% of American earners compared with the remaining 95% has grown from roughly three-to-one prior to 1980 to almost six-to-one today.
At Forbes, Brian Domitrovic notes the half-heartedness of Tim Geithner’s corporate tax reform plan. In Congress, US Rep. Ron Paul (TX) grills Ben Bernanke on the true inflation rate:
From Alhambra Partners, Joe Calhoun sees inflation undermining the recovery. At The American, James Pethokoukis introduces the Krugman Curve to compete with the Laffer Curve. On Zero Hedge, Tyler Durden confirms Iran’s move to accept gold in place of dollars for oil. The Huffington Post reports the poor struggling with rising food prices. At RCP, Debra Saunders notes Newt Gingrich’s low gas price advocacy. On TGSN, Ralph Benko recounts creation of the First Bank of the US. At Grant’s Interest Rate Observer, James Grant suggests the price of gold for convertibility should be $2,500 (h/t: TGSN). On The Kudlow Report, former Fed Governor Kevin Warsh critiques Fed policy:
From The American, James Pethokoukis defends the Reagan economic miracle. In US News, Jeff Bell advocates social conservatism. At Forbes, Steve Forbes predicts war with Iran.
At NRO, Larry Kudlow reports Mitt Romney will propose a bolder tax cut plan.
On The Kudlow Report, Glenn Hubbard discusses the Romney tax plan, including “cutting the corporate tax to 25%; eliminating the added tax burden on firms to bring overseas profits home; eliminating the corporate AMT and making the R&D credit permanent. On the individual side, a 20% cut across the board in marginal tax rates; eliminate the alternative minimum tax as well.”
At NRO, Doug Holtz-Eakin finds problems with the President’s proposal to cut the corporate tax rates.
From Forbes, Brian Domitrovic notes the rosy economic growth assumptions underlying the President’s budget.
The WSJcritiques the President’s plan to triple the tax on dividends.
In The WSJ, Benn Steil notes the Fed’s poor record of forecasting inflation.
From Alhambra Partners, Joe Calhoun worries inflation will undermine the recovery.
At First Trust, Brian Wesbury suggests stocks are still cheap.
From Newt.org, Newt Gingrich provides an interesting analysis of the US energy potential, but omits the dollar from his analysis:
On NRO, Reihan Salam examines declining labor force participation.
At The NY Sun, Ira Stoll reviews Allan Meltzer’s new book defending capitalism.
In The WSJ, Austan Goolsbee notes some of America’s uncounted trade surplus items.
