Just added to my radio archive (click on date for link): March 7, 2019 Richard Walker, geographer and director of the Living New Deal project, on what the original can teach the Green one • Aziz Rana, author of this article, on the need for a left internationalism
Economists Harold Cole and Lee Ohanian have a piece in the Wall Street Journal that deserves a prize for the devious use of statistics. They want to argue that fiscal stimulus is bad, and the New Deal only made the Depression worse. This is a familiar argument on the right—and I even heard it once from a Marxist economist—but it’s just not true. Here’s the prize-eligible statement: But boosting aggregate demand did not end the Great Depression. After the initial stock market crash of 1929 and subsequent economic plunge, a recovery began… Read More
Steve Perry interviews me about the green shoots of recovery, EFCA, liberal austerity, grading the stimulus/bailout, contrasts with the New Deal, etc.: “Stabilization is a good thing, but it doesn’t equal recovery.”
Housing market stabilizing? In the economic news, more signs of the stabilization I’ve been talking about for the last few weeks, especially in the housing market, following last week’s pickup in housing starts (the term of art for when builders begin constructing new houses). Sales of existing houses, which are the lion’s share of the market, rose by 5% in February, the strongest monthly gain in almost six years. The rate of decline in prices also slowed. But the way that’s phrased is a reminder that the market remains very depressed. Prices… Read More
Turn of the year observations. Eras end and begin. Do permanent crises exist?