Details

  • : Nantucket Mass
  • : 78
  • : left
  • : democratic
  • : US Army ,2nd Lt 1951-1954 Harvard Business School 1956 Lived and worked abroad for 15 years. 5 years as CEO of a Fortune 500 company
  • : Brad deLong
  • : Keynes's biography,Remembrance of Things Past
  • : If you believe that, you'll believe anything

Latest Posts

  • Obama needn't and shouldn't cut his spending plans

    Jim Lehrer's nearest thing to a gotcha question was what would they cut to make room for the Bail Out.Larry Summer's answer is that they needn't and probably shouldn't. In today's Brad deLong blog http://delong.typepad.com/in the section : How much...more »

    Posted on September 29, 2008 8:32 AM

  • If a candate dies, what then?

    A disturbing question but it's something the country should think through before the actual need occurs. And it would be a start for us to..Congress has  the authority to set the election date and possibly that implies  the authority to...more »

    Posted on September 28, 2008 6:33 AM

  • The egregiously invalid argument for a rush to bail out

    Along with Krugman, Dean Baker and others I support a bail out.Provided it's  the right bail out. And therefore suppport taking the time to get it right.And, surprise! The Administration argues  that the decision on this massive raid on the people's...more »

    Posted on September 25, 2008 9:39 AM

  • The Treasury should assume those delinquent mortgages

    at a anappropriate discount (hereafter ,haircut)  I suppose that would be something between 25 and 75%. In exchange it would take title to the houses which it would offer to rent to the current  home owners . .The moral hazard  would be...more »

    Posted on September 24, 2008 3:12 PM

  • Krugman's plan

    Like Sebastian Mallaby-with whom he probably doesn't agree that often-Krugman thinks the Bail Out is fatally flawed and should be replaced by investments directly in the failing firms.<a href="http://www.nytimes.com/2008/09/22/opinion/22krugman.html?_r=1&oref=slogin/">Krugman</a>As always his proposal is worth considering but before deciding that that's...more »

    Posted on September 24, 2008 7:19 AM

  • Here's Dodd's language on executive compensation

    To read you may have to check the first comment......................................................The Secretary of Treasury is supposed to make sure that<blankquote> all entities seeking 20 to sell assets through a program established under this 21 Act meet appropriate standards for executive compensa- 22...more »

    Posted on September 23, 2008 6:19 PM

  • Alan Blinder: Paulson should be fired

    On the Diane Rehm show ,this morning, about 10:15 EDT, Blinder said that if it were up to him Paulson should be fired. Not for his inattention which prevented this crisis to  develop but for the Treasury's Bail Out proposal .Specifically...more »

    Posted on September 22, 2008 11:26 AM

  • Executive Compensation in a horse/rabbit stew

    Among the concessions   which the democrats want  in supporting the Bail Out  are reduction of executive compensation and some sort of help  for home owners.That seems like  horse/rabbit stew-made from cooking one horse and one rabbit One matters a lot , the other...more »

    Posted on September 22, 2008 5:43 AM

  • The bail out has to be co managed by Congress and Paulson

     Please go to the first comment for the text . I posted this earlier today and it seems to have disappeared. If you actually saw it earlier just pass on,it's the same old same old..................................................................................more »

    Posted on September 21, 2008 7:12 PM

  • A hydra headed Bailer

    No matter what the problem there's always a solution that is simple, direct, and understandable.And wrong.Paulson's bailout proposal meets all 4 criteria.Neither he, nor Bernanke  nor anyone can be entrusted with the unilateral authority he has requested.Neither, I'm afraid ,...more »

    Posted on September 21, 2008 10:34 AM

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Latest Comments


  • The test is not who gave money but what the recipients then did .

    You can't run without $s so the dems take contributions. Would we be better off if they refused? We'd certainly have fewer dishonest democratic legislators. In fact we'd probably have none of any degree of honesty whatsoever.

    Certainly the DLC position is too credulous about the market. And the repeal of Glass Steagal was passed under Clinton. But Senator Gramm's amendment on the last day of 2000 prohibiting any regulation of futures trading must rank near the top of the list of legislation fostering the current financial crisis.

    And don't get me started on Wendy Gramm's period as Chair of the CFTC. The Times managed to run an an analysis of Senator Gramm's position as idealogical godfather of the deregulation fiasco without ever mentioning her, or her sponsorship of the so-called Enron Amendment, after which she joined the Enron board- and , wait for it, its Audit Committee.

    Posted at October 7, 2008 8:53 PM in response to Corrupt on Both Sides

  • Als die Nazis die Kommunisten holten,
    habe ich geschwiegen;
    ich war ja kein Kommunist.
    Als sie die Sozialdemokraten einsperrten,
    habe ich geschwiegen;
    ich war ja kein Sozialdemokrat

    Let him post.

    Posted at October 6, 2008 7:30 PM in response to Public Service: Ban Robert Hewson, please!

  • Show me a good loser and I'll show you a loser.
    Vince Lombardi

    Who won a lot a games.

    Obama must respond to McCain's use of Ayers by using Keating. It happens to be useful that Keating can be linked to McCain's economic views. But if that weren't true he should have done it anyway.

    As for Mr. Seaton. We'd welcome his vote. But if the price is letting Sarah throw mooseburgers from a priviledged sanctuary, that's too high.

    Been there. Done that. Show me a good loser etd.

    Posted at October 6, 2008 7:04 PM in response to Hold on to your hats... here we go.

  • I assume you're part of Obama's campaign with the assignment of making
    his detractors seem as unappealing as possible.

    I hope I haven't blown your cover but I did want to congratulate you on a job well done.

    Posted at October 6, 2008 11:38 AM in response to For Obama, the Truth is a Smear Campaign!

  • I vote no. I defend the right of people to say things with which I disagree.

    Posted at October 6, 2008 11:28 AM in response to Public Service: Ban Robert Hewson, please!

  • I can imagine pure nervousness causing her to choke. Possibly another indication that she's not ready to be president.

    It's off the thread but Kerry was enough of hero to justify his attempting to use that in his campaign. The guys from his boat wouldn't have stuck by him as they did if that weren't true. And the swiftboaters claim that he had not rescued another officer under fire in the water was confirmed by the guy himself - a Republican who had intended to remain silent but surfaced to rebut the lies.

    I've always assumed that Kerry's use of that part of his history was an attempt to head off the expected attacks on his War Resistor period. "Not Fonda Kerry".

    And of course the fact that he first volunteered for service and then volunteered for Vietnam is in pretty stark contrast to ,say, Hank Paulson
    whose service to his country was as an assistant to Ehrlichman.

    And I'll amend that to say "only service" since I deeply resent his being praised for trying to manage of the recovery from a crisis which he could have,but failed to , prevent.

    Posted at October 4, 2008 10:25 PM in response to Sarah Is Hot, You Betcha

  • Hang in there.

    When Hillary ran in 2000 I had at least two and probably three lawn signs vandalized .Put up another one, went to the police and complained and this one was left alone. I wondered what sort of reception my complaint would receive assuming that the police probably supported her opponent- particularly since I live on Long Island which he represented as a populur local congressman.

    But I was treated correctly.

    Assuming you have at least reasonable confidence in your local police I'd suggest telling them , citing the "broken window" theory which Guiliani invoked in getting rid of the obnoxious but harmless "window cleaners" at NYC traffic lights.

    Kids who get away with something that's minor are then tempted to go one step further. Then another.Sadly that was true of me at that age.

    You'd actually be doing them a favor if you could get the police to send them a message to knock it off. Chances are the one or another of the cops has a kid who knows those kids and that route could be used.

    I'm sorry you were subjected to that. It must be upsetting.

    Posted at October 4, 2008 10:11 PM in response to Just got called a N***** lover. Have I arrived?

  • Thanks, I don't think I've seen that idea elsewhere. Maybe you're right. I'd like to think so.

    OTH for someone who is struggling with a racist perspective Ayers and Rezko may be the feather on the scale tipping them towards McCain . Or just a self deluding alibi letting them indulge their racists beliefs without admitting to themselves what they're doing.

    We'll see.

    I remain terrified about the "Bradley effect". A little less so as the campaign continues and Barak continues to maintain a "statemanlike" pose which many here would like him to abandon.

    Posted at October 4, 2008 9:54 PM in response to Sarah Is Hot, You Betcha

  • Not sure that today's market was doing anything
    more arcane than "Buy on the rumor , sell on the news." Monday's market will be a better test.

    Posted at October 3, 2008 5:00 PM in response to Stock Market Closes Below Monday Low: Come On Let's Have Some Hysteria!

  • This may seem outrageeous but let me personlize the discussion.

    Goldman Sachs was one of the major beneficiaries of the rescue of AIG. Could that have influenced Paulson? In two words "of course".

    I can personally attest to an occasion when a Chairman of the SEC called the CEO of a company about to do a financing and requested that his- the SEC Chair's - former bank be made co-manager.

    Which was then done.

    The event was widely known , surprised no one on the Street, and never reported.

    You go to the Street because you want to make a lot of money.Not just have a comfortable life- much more than that-the homes in the Hampton and Vail, a yacht in the Caribbean or the Med, travel almost exclusively by private jet.

    You quickly find that there are a myriad of dishonest ways to achieve that- insider trading is only the easiest to describe. And no honest way.I consider it highly unlikely that anyone, repeat anyone-including well known liberals-, can reach Paulson's level of authority of income without having behaving in ways that are least immoral and often illegal.

    Either Paulson, or whoever succeeds him as Secretary of Treasury , needs to have every one of his decisions examined in advance. We'd be doing him a favor by saving him from himself.


    Posted at October 3, 2008 11:46 AM in response to Letting the Bank Robber Fix the Bank's Books

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