I must admit that I am already tired of the shrill nonsense being poured into the blogosphere over executive pay. Given the level of shouting and indignation one could be forgiven for thinking that America was not the home of the highest paid athletes, movie actors and doctors amonst other massively remunerated groups, and that […]

To have a healthy economy we need healthy banks. We need the credit markets to work. We need loans to be available so that businesses can expand and hire more workers. It’s that simple. The current extraordinary and totally unproductive hyperventilation about banks and the supposed evils of the moneyed classes doesn’t get us very […]

The current crisis is not one that has shallow roots. The economy has had a series of imbalances for a long time. The deficit on foreign trade has been persistent for over a decade. The Federal deficit has ballooned during the last eight years. Domestic savings have fallen to unsustainable levels. And then, of course, […]