21 July, 2011

Our Ongoing Economic Disaster

* Government intervention is killing job growth, according to Stanford Economist John B. Taylor (Wall Street Journal).

* Job market is weak, and unemployment is about to go above 10%, according to Jeff Reeves (Wall Street Journal Market Watch). 

* As an addendum to the above, Borders Books will officially close in September, sending 10,000 more into the unemployment lines.  Amazon is partially to blame, but poor customer service probably also played a part (Wall Street Journal).

* Alan Greenspan: "No evidence Federal Reserve stimulus worked" (NPR).  So according to the former chairman of the Federal Reserve, we spent trillions of dollars for nothing except to be beholden to the Chinese for the next several generations.  Wonderful.

* 17 reasons why the Gang of Six Debt plan sucks, by Keith Hennessey (Keithhennessey.com).  NOTE: While I agree with many of these points -- especially that the plan doesn't cut nearly enough into the deficit as it should -- I do think we're better off with the plan than not, in order to calm the markets if for no other reason.

* Unsustainable Spending Threatens America's Future, Paul Ryan (Real Clear Politics).

* Home Depot Co-Founder: Obama is Choking Recovery, by John Merline (Investors Business Daily).

* Casino Magnate Steve Wynn Slams Obama, by Shira Ovide (Wall Street Journal).

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