Now that the stimulus package has taken shape, and the Senate has acted on it, we can give a better assessment of its likely impact. My first reaction is huge disappointment. The debate that we all followed last week ended with a small group of Senators, the so-called ‘centrists’, cutting away some of the spending […]

Today’s New York Times hyperventilates about financial industry bonuses. There are no fewer than three articles, each with an angle on what appears to be a major topic. So I think we need to take a deep breath and approach things more calmly. First: we should not conflate the entire financial industry with Wall Street. […]

For a variety of reasons I cannot let this pass. Today’s Wall Street Journal has an interesting story about the tension between the Federal Reserve Board and Bank of America. Unfortunately the story is hidden behind their subscription service wall so I won’t pass on the link to you. A summary of the story is […]