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Monday, June 06, 2011

Thinking About Singapore

I've been following their manufacturing this year, which has shown an interesting pattern of jerky steps into deceleration. In April, this seemed to be associated less with the Japanese problems than with other factors.

Austan Goolsbee is leaving the White House position.

One step forward , two steps backward.
Goolsbee used to be a fairly frequent guest on Kudlow's show. (I watch it while I'm riding my recumbent bike. Helps kill the boredom.) Anyhoo, good old Austan had a meme that everything that was wrong in the country was the result of Reagan's de-regulation of the economy. This administration has been hard at work writing new regulations from day one. I would guess poor Austan is frustrated that his medicine has not resulted in a dynamic economy. Just hope (it's a faint one) Obama's pick for a replacement doesn't have a similar tunnel vision.
Jimmy - frequently he makes no sense.

I think it is a fair argument that our current angst can be traced to banking deregulation in the 90s, which is was a bipartisan fuckup, but always a goal of the Clinton administration also. But maybe he did not want to say that.

Reagan lived through the Depression - he would not have been dumb enough to do it.
A lot of the de-regulation Gollsbee talk about was done during Carter's reign anyway.

Some of the financial de-reg was done at the end of Regan's term although most of it was to deal with the fallout of S&L's dying from the escalating interest rates. More financial de-reg happened during Clinton's time.

The change I have the most problem with was the demutualization of insurance companies and that was during Nixon's time.
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