Word: 1990s
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...other states, however, it's the extra volatility that comes from dependence on personal-income tax that is exacerbating the problem. Research by economists at the Chicago Fed show that by the late 1990s, the personal-income tax had emerged as the major source of state revenue - and that personal-income tax swings more wildly than other taxes, like sales tax. The typical state now gets 36% of its funding from personal-income tax, according to the Rockefeller Institute of Government. As unemployment continues to climb and investors offset their capital gains with losses, the effect is felt disproportionately...
...tell your dim friend that he has the potential of an Einstein, he won't think he's any smarter; he will probably just disbelieve your contradictory theory, hew more closely to his own self-assessment and, in the end, feel even dumber. In one fascinating 1990s experiment demonstrating this effect - called cognitive dissonance in official terms - a team including psychologist Joel Cooper of Princeton asked participants to write hard-hearted essays opposing funding for the disabled. When these participants were later told they were compassionate, they felt even worse about what they had written. (See how to prevent illness...
...like Mexico, may simply be experiencing the same democratic growing pains that hit Eastern Europe a decade ago. In countries such as Poland, democracy's early disappointments brought former communists back to power in the 1990s. But they couldn't bring back communism; and it's just as unlikely that the PRI, even if it does recapture the presidency three years from now, could ever revive the authoritarian monolith that once suffocated Mexico...
Christopher Foote, a senior economist at the Federal Reserve Bank of Boston, who studied negative equity in Massachusetts during the late 1980s and early 1990s when home prices dropped 23%, argues that most walk-aways are likely driven by the combination of two things: both negative equity and an economic hardship, such as job loss. (See 10 ways your job will change...
Larry Summers, now the top economic adviser in the Obama White House, was a proponent of such taxes in the 1980s and early 1990s. There's no hint of them in the Administration's 88-page white paper on financial regulation. There is talk of higher capital requirements, tougher consumer-protection standards and new rules for derivatives. But taken as a whole, the document sketches a regulatory approach that still relies heavily on judgment and smarts. Maybe it's time for some dumbing down...