Do Republicans think Milton Friedman was a big government liberal?
How much can you get wrong in just three sentences? A whole lot, it turns out.
Consider Mitt Romney's most recent fundraising email titled "Another Bailout?!?" -- not exactly a policy document, but still -- about the Fed's latest round of quantitative easing. See if you can spot anything that might correctly be called "correct".
Barack Obama is at it again -- spending your tax dollars to bail out his failed economic plan. It's more of the same from an out-of-touch president with no plan to fix our economy and put Americans back to work.
This past week, the Federal Reserve announced it would print $40 billion every month to prop up this administration's jobless recovery -- that's money we can't afford for jobs we will never see.
Okay, the Fed did announce that it would buy $40 billion of mortgage bonds a month until unemployment starts coming down -- which is, more or less, "printing" money -- but the rest is nonsense.
First, Barack Obama had nothing to do with the Fed's decision to do QE3. Only the Fed had anything to do with the Fed's decision to do QE3. It's independent.
Second, the Fed isn't spending tax dollars. As Team Romney acknowledges two sentences later, the Fed is printing money to buy bonds.
Third, this isn't a bailout. It's not even clear who is supposedly getting "bailed out". Is it the government? We can already borrow for basically nothing for 20 years. Is it the banks? The Fed is just swapping one interest-bearing asset for another when it buys long-term bonds and gives the banks more reserves.
Fourth, QE3 isn't more of the same, because it's a new kind of open-ended commitment from the Fed. That's why markets are excited.
Fifth, President Obama actually does have a plan to get the economy moving again. It was called the American Jobs Act -- remember it, from last year? -- and it died where all good ideas go to die: Congress. More specifically, Republicans on Capitol Hill killed it, and then they turned around and blamed Obama for the weak economy. It was a neat political trick, but it meant we didn't get the 2.1 million additional jobs that Macroeconomic Advisers estimated the bill would create.
Sixth, there's no way we can't afford printing money, because ... we're printing it. Taxes aren't going up. Neither are deficits -- the opposite, actually. As Ben Bernanke pointed out in his press conference, the Fed expects to make money from its bond-buying, which it is then legally required to remit to the Treasury. In other words, Fed policy is reducing the deficit -- by $76.9 billion in 2012 and $78.4 billion in 2011.
That's a lot of errors crammed into 73 words. But there's a bigger error here. That's Romney's approach to monetary policy. He's repudiating a generation of conservative economic thought. It used to be that conservatives championed monetary demand management as the superior alternative to fiscal demand management. It was an intellectual battle between Milton Friedman and John Maynard Keynes -- and Friedman very much seemed to carry the day. Economists from both sides of the aisle agreed that the Fed rather than Congress should manage the business cycle, unless short-term interest rates were stuck at zero, like they are now. As Paul Krugman has pointed out, this was the mainstream Republican position as recently as 2004 -- current Romney adviser and former Bush adviser Greg Mankiw wrote then that "aggressive monetary policy can reduce the depth of a recession". (To his credit, Mankiw has been a voice of reason on the right about the Fed in recent years). But that is an idea non grata among conservatives nowadays. Paul Ryan's hard money views have won the day instead. Inflation is always just around the corner -- never mind that it isn't -- jobs be damned.
Don't believe me? Here's something to remember: Bernanke himself is a Republican. He's become such a political punching bag for the right that it's easy to forget, but he hasn't done anything that Milton Friedman wouldn't have approved of.
The question is if Mitt Romney does too, or if he means what he says. A magic eight-ball might be a better guide there than an Etch A Sketch.
The Trump administration may be accelerating "Easternization," argues Gideon Rachman.
Next week, Chinese President Xi Jinping will travel to the United States to meet Donald Trump for the first time. But according to Gideon Rachman, the chief foreign affairs commentator for the Financial Times, power is flowing in the opposite direction. Rachman is far from the first analyst to argue that China and other Asian nations are rising while the Western world declines, nor is he the first to cite the now-familiar statistics about China’s ballooning economy and unparalleled manufacturing might. His contribution is to help explain some of the most confounding developments of the day—from the Middle East’s descent into anarchy to the ascent of populist politicians in the West to the emergence of nostalgia as a political force—through his theory of the “Easternization” of international affairs.
The Fox News host—like White House Press Secretary Sean Spicer—landed himself in hot water Tuesday for responding to how a woman of color looked, and not to what she said.
Tuesday was not a good day for America’s hard-charging white men. Fox News host Bill O’Reilly began his day on the set of Fox & Friends, where he was asked about remarks that Representative Maxine Waters made Monday evening on the floor of Congress about Trump supporters and patriotism. Instead of responding to Waters’s comments, O’Reilly opted to focus on something else. “I didn’t hear a word she said,” O’Reilly said, interrupting his hosts. “I was looking at the James Brown wig.”
In response, there were loud barks of (male) laughter on the set.
O’Reilly continued: “If we have a picture of James—it’s the same one.”
The laughter continued.
Host Ainsley Earhardt interjected, “No, I gotta defend her on that,” she said, “You can’t go after a woman’s looks. I think she’s very attractive.”
New reports question whether transactions by the former Trump campaign chair, who has been tied to Russia, indicate possible money laundering.
Washington attracts a certain type of person who loves attention—the thrill of the crowd, the glow of the camera. But it also attracts the kind of person who loves to operate in the shadows: the master of arcane rules, the backroom operator. When the second category of person ends up with the attention, things can get uncomfortable.
Take Paul Manafort, the former Trump campaign chairman whose ties to the Kremlin have come under new scrutiny as the Trump administration’s own ties do the same. Last week, the AP reported on alleged work Manafort did to burnish Vladimir Putin’s image abroad. As my colleague Julia Ioffe wrote, such work may appear distasteful to some, but it’s more often than not totally legal.
And they're pushing the rest of us toward a “Potemkin internet,” a mere shell of the web we know today.
I’m going to confess an occasional habit of mine, which is petty, and which I would still enthusiastically recommend to anyone who frequently encounters trolls, Twitter eggs, or other unpleasant characters online.
Sometimes, instead of just ignoring a mean-spirited comment like I know I should, I type in the most cathartic response I can think of, take a screenshot, and then file that screenshot away in a little folder that I only revisit when I want to make my coworkers laugh.
I don’t actually send the response. I delete my silly comeback and move on with my life. For all the troll knows, I never saw the original message in the first place. The original message being something like the suggestion, in response to a piece I once wrote, that there should be a special holocaust just for women.
A new poll suggests a majority back the president’s unsubstantiated accusations about former President Obama.
An overwhelming majority of Republicans—at 74 percent—believe it’s likely that Donald Trump was wiretapped or otherwise subject to government surveillance while he was running for president, according to a CBS News poll released on Wednesday.
The results suggest that Republican voters have largely accepted the president’s claim—which he first made earlier this month in a tweet—that President Obama ordered a wiretap of Trump Tower. That’s despite the fact that there is no evidence to substantiate his charge, which PolitiFact has labeled “false.” So why do so many Republicans appear to believe the president if there’s no concrete evidence to back him up? A few factors help explain the polling result.
Angela Merkel’s country can resist the rightward pull in European politics.
Amid fears of a rising populist tide in Europe, Germany seems to be resisting its rightward tug with unique success.The day after Donald Trump’s election, The New York Timeshailed German Chancellor Angela Merkel as the “Liberal West’s Last Defender.” And it was to Merkel, the new “leader of the free world,” that Barack Obama directed his final phone call as president.
Meanwhile, others around the world are embracing right-wing populism, from the Britons’ stunning decision to leave the European Union to Indian Prime Minister Narendra Modi’s Hindu nationalist agenda to Philippine President Rodrigo Duterte’s authoritarian policies. Trump’s election has appeared at times to inject fresh energy into the right-wing parties of Europe.As some countries there brace for national elections this year, the prospects for these parties look bright. In France, for example, far-right National Front party leader Marine Le Pen is expected to advance to the second round of balloting in April’s presidential elections; recent polls show her beating scandal-ridden conservative candidate Francois Fillon in the first round.
The program is based on the idea that habit-forming behaviors start in childhood.
At a Berlin day-care center, the children packed away all the toys: the cars, the tiny plastic animals, the blocks and Legos, even the board games and most of the art materials. They then stood in the empty classroom and looked at their two instructors.
“What should I do now?” my son, then 5, asked.
He did not get an answer to this question for a long time. His day-care center, or kita, was starting a toy-free kindergarten project. For several weeks, the toys would disappear, and the teachers wouldn’t tell the children what to play. While this practice may seem harsh, the project has an important pedagogic goal: to improve the children’s life skills to strengthen them against addictive behaviors in the future.
In the internet age, travel essays are shared far and wide—and they aren’t always well received back home.
The little transgressions are the forgivable ones. Local knowledge in any place is earned with time. So it’s understandable why someone who is only visiting Hawaii might think to describe poke as “sashimi salad,” for example, though that’s not quite right.
But then there are the big transgressions, the characterizations of a place that are so unmoored from a sense of history that it’s almost shocking.
Almost. But Hawaii has seen it all before.
“The Hawaii Cure,” a feature published March 21 by The New York Times Magazine, treads a well-worn path of colonialist tropes as a writer indulges his escapism fantasies with a trip to Hawaii. That’s nothing new. Yet in the internet age, a lighthearted essay can travel quickly back home and elicit a scathing response from the people who live in the place it depicts. Dozens of Hawaii people I know from when I lived on Oahu responded to the essay—in text messages, online chats, and Facebook comments, to me and to one another, with messages like: “Not today, Satan,” and “I like that you have the print version so you can BURN IT,” and a keyboard-smashing “owfi;ds'pfwePDKFMQE;LFSGKDFJ.” Let’s just say the emoji responses were not kind either.
The Sony World Photography Awards has announced the winners of its Open categories and National categories for 2017.
The Sony World Photography Awards, an annual competition hosted by the World Photography Organisation, has announced the winners of its Open categories and National categories for 2017. This year's contest attracted 227,596 entries from 183 countries. The organizers have again been kind enough to share some of the winners and runners-up with us, gathered below. All captions below come from the photographers.
The confirmation process has shed little light on the philosophy of President Trump’s nominee to the Supreme Court or on what kind of justice he will be.
Soon after his nomination to the U.S. Supreme Court, Judge Neil Gorsuch confided to a number of senators that President Trump’s attacks on federal judges are “disheartening and demoralizing.”
Is there a better description of the Gorsuch nomination itself, and the fundamentally dishonest process by which it is slouching toward confirmation?
Last week’s hearings, featuring two days of testimony by the nominee, seemed by design to shed little light on Gorsuch’s philosophy or on what kind of justice he will be. But in their determined reticence, they were not a happy portent. Indeed, for me at least, the nominee’s performance left me feeling worse about him than I previously had.
Both publicly and privately, people I admire and respect have assured me that Gorsuch is a fine human being and a conscientious judge. The most public example of this was the appearance by former acting solicitor general Neal Katyal, a former Obama official now leading the fight against the Trump travel ban, to assure the committee that he is “a first-rate intellect and a fair and decent man.” Also in evidence was a phalanx of former clerks willing to tell anyone who would listen of their judge’s wisdom and kindness. I stipulate—as I did from the outset—that Gorsuch is just a terrific guy.