Michael Greenberger joined Ian Masters’ podcast to discuss evidence regarding the insurgent attacks on January 6th.
Greenberger is quoted in the NY Times on whether Michael Barr is a good fit for Comptroller.
“Michael Barr is a very bright, well-informed, expert on financial markets, but he and Geithner were not aggressive pushers of Dodd-Frank as it moved through Congress,” Mr. Greenberger said. “In the last few days, the sudden hesitancy about Barr is focused on what he did with Volcker.”
And in Mr. Greenberger’s view, the difference between the two choices is not between good and evil. Rather, he said, it is akin to whether the office’s leader will be an activist, striking out in a new direction, or whether the agency will hew closer to the status quo. “He will not be a bad regulator,” Mr. Greenberger said. “But he will not be a leading reform regulator.”
The UN DESA announced the creation of a High-level Advisory Board on Economic & Social Affairs. Of the 20 new board member, 5 are INET scholars; Corsetti, Ghosh, Mazzucato, Rodrik, and Stiglitz
Stiglitz appeared on Bloomberg to discuss the stimulus package.
David Michaels joined NPR to discuss Biden’s executive order on workplace safety.
“In many industries, workers are simply replaceable. If a worker got sick, they would disappear. Another worker would appear at the door. And workers just aren't paid that much, and so employers didn't have any financial incentive to protect those workers. That will change because now they're risking monetary fines and actually potentially quite large ones, where during the past administration, OSHA did no more than slapping a few wrists. You know, they fined corporate meatpacking giants like Smithfield Foods a few thousand dollars for exposures that sickened hundreds of workers.”
Fazzari is quoted in the National Post on Donald Harris.
“As for Donald Harris himself, Fazzari said he was “very engaging” as a teacher. Despite an analytical, almost mathematical approach to economics, “he had a kind of informality you associate with Jamaican culture,” said the economist. “I remember him being a friendly mentor without being your buddy-buddy …You weren’t going to go out and spend all night at the bar with him.” A “Post-Keynesian” theorist, Harris was a leading figure in the small group of economists who posited alternative visions to neo-classical mainstream thinking about markets, and focused on the importance of income distribution long before income inequality became a widespread concern, said Fazzari.”
Fazzari is quoted in the St. Louis Post-Dispatch on Biden’s spending plan.
“Steven Fazzari, a professor of economics at Washington University, argues that the government tightened its purse strings too quickly after the 2008-09 recession, leading to a slow and subpar recovery.
A bold spending plan now, he believes, could help make up for that error. “This is a large response by historical standards, no doubt about it, but the problem is historic too,” Fazzari said. “I don’t find the total number excessive. For anyone who worries about the ballooning federal debt, Fazzari suggests paying attention to the bond market. With 10-year Treasury notes yielding just 1.1%, investors clearly aren’t worried about runaway inflation or Uncle Sam’s solvency.”
Hans-Joachim Voth’s new research paper was featured in The Economist.
“A new paper by Sebastian Doerr of the Bank for International Settlements, Stefan Gissler of the Federal Reserve, José-Luis Peydró of Imperial College London and Hans-Joachim Voth of the University of Zurich examines one of history’s darkest chapters. The Depression enabled the Nazis’ rise to power; the party went from receiving just 2.6% of the vote in 1928 to 37.3% in 1932. But economic pain was not the only factor that sent voters into the Nazis’ arms. The authors note the critical historical importance of the banking crisis that erupted in 1931 and felled two of Germany’s largest lenders, Danatbank and Dresdner Bank. Cities dependent on the banks experienced sharp declines in income as a result of the failures—of more than 20% over the course of the crisis, or about eight percentage points more than the German average. But while the crisis boosted support for the Nazis in places with deep ties to Danatbank, it had little effect on Nazi voting in those with closer links to Dresdner.”
Mohamed El-Erian has an article in Bloomberg on the Fed meeting this week.
“Given existing financial conditions and multiplying evidence of excessive risk-taking in markets, the Fed could be expected to tilt its policy guidance toward an earlier gradual taper of its ultra-loose monetary policy stance as the economy gets through the short-term difficulties and the new fiscal stimulus kicks in. The case for such a tilt is strengthened by legitimate concern that markets have been distorted by too many years of ample and predictable liquidity injections, causing them to disconnect excessively from fundamentals while also fueling the already considerable concerns about inequality. Yet the Fed is unlikely to do so at this week’s FOMC meeting, worried that a premature change in forwarding guidance could cause financial market dislocations that would undermine an economy facing that dimmer short-term outlook.”
Morris has an article in Business Insider on Argentina’s millionaire's tax.
“This is the state of our economy: the rich are richer than they've ever been, and everyone else is struggling. It doesn't take a Ph.D. in economics to see how we fix this. Tax the rich, and offer support to everyone else.
We've asked so many Americans, from medical workers to retail workers to business owners, to sacrifice this year for the sake of others - it's only right that those of us with so much more to give be asked to do the same. If Argentina can do it, why can't the United States?”