Daily Archive: Friday, July 22, 2011

WSJ- Boehner pulls out of debt talks….

As previously discussed, the President is no longer involved, and if Congress does get a bill to his desk he’ll sign it. Grand Bargain Talks Collapse By Carol E Lee and Janet Hook July 22 (WSJ) — A high-stakes effort by President Barack Obama and House Speaker John Boehner to hatch a ...Read More

Debt ceiling dynamics: President Obama now irrelevant

It now seems to me the President will sign anything Congress sends to him for final approval. So the question is whether the Senate and House can agree to anything they can both pass and send to the President. And there is no point in further discussion with the President. It’s all ...Read More

Edit: Quote from Scott Sumner

I wasn’t able to fully grasp how MMTers (“modern monetary theorists”) think about monetary economics (despite a good-faith attempt), but a few things I read shed a bit of light on the subject. My theory is that they focus too much on the visible, the concrete, the accounting, the institutions, and not ...Read More