• Economic rhetoric

Bernanke will be proposing sweeping new increases in the power of the Fed to regulate finance on Monday. I keep trying to interest people in these things, but never quite succeed.
Here's a useful discussion of the contradictions in the Bush Regime's approach to executive power in relation to the economy. Article I, Section 8 of the Constitution, enumerating the powers of Congress, includes its power to "coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures."

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• Economic rhetoric

As Publius over at Obsidian Wings says, "It's too bad we didn't invest one-third of the Social Security system in the market."

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• Economic rhetoric

If the Fed's bailout of Bear Stearns means anything, it means that no one wants to live in an unregulated free market. As EJ Dionne wisely argues, it is the best talking point against any future conservative contention that "market discipline" is the solution to everything.

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• Economic rhetoric

Matt Yglesias has a good roundup of web-places to look for analysis of the current troubles. Meanwhile, if you were hoping for a little "liquidity injection" of your own, you can't mess up your finances nearly well enough to deserve the protection Bear Stearns has gotten. But, if you dare think of going to Capitol Hill to testify against credit card companies, the Republicans have got your number(s), literally.

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• Economic rhetoric

A very clear (stick-figure) introduction to the current mess. In addition to torture and Iraq, it seems as though we're all in denial about economic melt-down. . . . (Thanks for the tip to Lisa Meid.)

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• Economic rhetoric

Bernanke pushes the panic button (in an effort to protect the traders who got us into this mess). It's astonishing to me how Republicans abandon free market principles and embrace Keynesianism under stress. One question for discussion: Why should the Democrats make nice with the administration on this, since it's the lack of regulation of the "New Economy" that places this recession clearly Bush's responsibility?

I do love Fed Rhetoric:

The Federal Open Market Committee has decided to lower its target for the federal funds rate 75 basis points to 3-1/2 percent.

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