Paul Krugman thinks that Obama should emulate F.D.R., except for the part where F.D.R. wasn’t socialist enough:
Suddenly, everything old is New Deal again. Reagan is out; F.D.R. is in. Still, how much guidance does the Roosevelt era really offer for today’s world?
The answer is, a lot. But Barack Obama should learn from F.D.R.’s failures as [...]
Using the latest polls, the folks at Red State, Blue State, Rich State, Poor State have calculated the probability that a single vote would decide the outcome of the presidential election, i.e.:
… the probability that your vote is decisive is equal to the probability that your state is necessary for an electoral college win, times [...]
Via Megan McArdle, a really nice explanation of derivatives, and specifically credit default swaps, written in a very basic way that even someone like me who knows nothing about economics can understand.
On a side note, the author of that piece is rather cynical about the integrity of the media’s reporting on the financial crisis:
For example, [...]
The date the last time the Nikkei was this low:
The last time Japan’s Nikkei 225 Stock Average was at today’s level, headbands and legwarmers were in, Steven Spielberg’s E.T. topped box offices, and Michael Jackson’s Thriller was about to be released.
That was 1982, the fifth year of a rally that pushed the Nikkei to nearly [...]
Greg Mankiw breaks down what the various marginal tax rates under the McCain and Obama plans really mean to people making money today.
If there were no taxes, so t1=t2=t3=t4=0, then $1 earned today would yield my kids $28. That is simply the miracle of compounding.
Under the McCain plan, t1=.35, t2=.25, t3=.15, and t4=.15. In this [...]
Excess reserves, from Greg Mankiw’s blog (data from here):
And going way back:
From The AP via EconomPic Data: The cost of lobster in Portland is down to $3.49/lb.
The primary factor, a drop-off in demand by penny-pinching diners, has been in place since summer. But a secondary problem recently surfaced: the global banking crisis left Canadian processors short on credit, trapping Maine lobstermen and dealers with too much [...]
Gallup shows the correlation between consumers’ views on the economy and their preference for presidential candidate:
The Kicking Tires blog on cars.com points out:
Turns out, 33 cents in one week is the biggest price drop in the history of anyone paying attention to the national average price of a gallon of gas. Currently, the national average price is $3.12, according to AAA. With the price of oil below $80 a barrel, [...]
Warren Buffett says now is the time to get into American equities:
A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors. To be sure, investors are right to be wary of highly leveraged entities or [...]
I now know more about the crisis than I ever wanted to, and this is still the best explanation there is.
The genius of Obama’s “tax” plan? If you institute new welfare programs, but let the IRS distribute them, you can call them “tax cuts.” (WSJ)
Here’s the political catch. All but the clean car credit would be “refundable,” which is Washington-speak for the fact that you can receive these checks even if you have no income-tax liability. [...]