The Daily Economy
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Dear CFPB: Your Cure Is Worse Than the Disease
“…Limiting access to credit through these regulations and reducing competition in credit markets would do far greater damage to Americans hoping to access credit.” ~Peter Earle and Thomas Savidge
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AIER Explainer Series Demystifies Public Debt
“The debt problem is a spending problem, not a revenue problem. Research shows that raising taxes covers barely a fraction of the outstanding debt.” ~Thomas Savidge and Ryan Yonk
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DOJ Ruling on Google Ignores the Reality of Exclusive Contracts
“Consumers clearly have options when it comes to search, but because they consistently choose one product over the other does not mean that the exclusive contracts indicate anticompetitive behavior.” ~Spence Purnell
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Industrial Policies Aren’t Working
“If other governments insist on harming their countries’ economies with such interventions, that’s their business. We can pity the citizens of those countries.” ~Donald J. Boudreaux
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Public Goods in a Free Society
“Even under this supposed solution to a market failure, we’re getting less public goods than we get shafted for. Like many other well-intentioned public finance policies, in time they turn into pure money grabs.” ~Joakim Book
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The Permanent Temptation of All Governments
“The math of 2 percent compound shrinkage demonstrates that the Fed wants to depreciate the dollar’s purchasing power by 80 percent in each average lifetime. Somehow the Fed never mentions this.” ~Alex Pollock
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People Without Meaningful Lives Seek Power Over Others
“Mass movements attract followers who fail to make meaning in their lives, and seek a borrowed meaning from a destructive leader.” ~Barry Brownstein
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A Recession the Yield Curve Predicted (Again)
“We get the signal that another recession will arrive within 12-18 months, then we get the signal that says recession is imminent. The door knocks are getting harder and louder. Something’s out there.” ~Richard M. Salsman
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How the Ukraine War Will End
“The United States should begin working with Ukraine to help it determine what its political future will be. Having Ukraine become a new Cold War-era Austria or Finland is probably the best outcome for a tragic situation.” ~Andrew Byers
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The Federal Reserve and Pandora’s Box
“In the name of preventing a second Great Depression, then-Fed Chairman Ben Bernanke opened a Pandora’s Box of monetary ills in 2008. And like the Greek myth, there may be no way of putting these ills back in the box.” ~Paul Mueller
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Loury’s ‘Late Admissions’ is Right on Time
“Economists often get lost in abstractions…By coming to terms with himself, Glenn Loury gains a deeper understanding of the challenges and opportunities facing the same communities in which he was raised.” ~Michael N. Peterson
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Moderate Inflation Returns in July
“To judge whether monetary policy is loose, it is not enough to show that monetary aggregates are growing at historically low rates. What matters is whether the money supply is growing faster than money demand.” ~Alexander W. Salter
