Word: krugman
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...long-awaited plan for buying up toxic mortgage loans and securities on March 23, reaction was split. Financial markets cheered, with the Dow Jones industrial average rocketing 497 points, or 6.8%, on the day. The chattering classes mostly grumbled, with Princeton economist and New York Times columnist Paul Krugman gloomily leading the way: "It fills me with a sense of despair," he wrote of the plan before it was released but after many details had leaked...
...once we get to the actual buying of what Treasury is gingerly calling "legacy assets" (I'm hoping for a public-service ad campaign with the slogan "It's not toxic, it's a legacy"), things may shake out much differently from what Wall Street hopes and Krugman & Co. fear. Both sides in the debate seem to expect that the asset purchases will provide nothing but benefits to the banks that sell. That's not a safe assumption. We don't yet know what private investors will be willing to pay for those once-thought-to-be-valuable legacies. With...
Things I would never think to write a song about: tax software programs, White House cabinet members, Paul Krugman. Now, I might write a song about Maureen Dowd (tentative title: "I Wish You Would Disappear"), but Krugman? Yes, the Nobel Prize-winning economist and New York Times columnist has a gift for breaking down complicated economic situations into easily digestible concepts, but he rarely inspires within me a sense of passion. Apparently songwriter Jonathan Mann disagrees...
...Johnathan Mann were Sting, "Hey Paul Krugman" would be his "Roxanne." His "Layla." His "Hey Jude." Sure, Mann writes a new song every day - on everything from the decline of print media to Battlestar Galactica - but those tunes are just fluff. "Paul Krugman" is his Pet Sounds...
...that will fund the purchase of toxic assets from banks using federal money, and then allowing private money managers to purchase and trade this paper. There has only been speculation about the outcome, and that has been over a broad range. Prominent economists, led by James Galbraith and Paul Krugman, have said that the plan may actually do more harm than good. In the Treasury's corner, Pimco, the largest fixed income management firm in the U.S., endorsed the Administration's plan. "This is perhaps the first win/win/win policy to be put on the table and it should be welcomed...