Word: feds
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...plus new Democratic registrations in Mississippi, many of them African Americans inspired by Barack Obama. And the collapse of the GOP brand--a party leader has said that if House Republicans were a dog food, they'd be pulled off the shelves--has gotten Childers some second looks from fed-up voters. Jim Lyons, a Republican whose trucking business is on the brink of failure, said after meeting Childers at a diner in tiny Mathiston that he's done with straight-ticket voting. "People are sick to death of all the incompetence and corruption in Washington," he said...
Easy money was another remedy proposed by Keynes, although he didn't think it alone was enough to end a deep slump. Bernanke's Fed is giving us that too, with short-term interest rates at 1.5% and program after new program to keep cash flowing to banks and businesses...
...more than creative bystanders - and one prominent Republican told me that McCain was "the least creative person in the room at the President's White House meeting. He simply had no ideas. He didn't even have any good questions." Obama had questions for the Treasury Secretary and the Fed chairman, but he was under no illusions: he didn't have the power to influence the final outcome, so it was best to stay calm and not oversell his role. It was an easy call, his natural bias. But, Obama acknowledged, "There are going to be some times where...
...truck drivers, Jan Mohammad, 45, was ready to quit, even though his family desperately needed his $100 monthly salary. "I am so fed up," he said. "[Taliban leader] Mullah Omar says if you transport goods for the Americans, I will kill you. But the government security agencies take off their uniforms at sunset and rob me. There is no salvation...
...face were caused largely by the combination of deregulation and low interest rates. After the collapse of the tech bubble, the economy needed a stimulus. But the Bush tax cuts didn't provide much stimulus to the economy. This put the burden of keeping the economy going on the Fed, and it responded by flooding the economy with liquidity. Under normal circumstances, it's fine to have money sloshing around in the system, since that helps the economy grow. But the economy had already overinvested, and so the extra money wasn't put to productive use. Low interest rates...