Harvard economist and blogging newbie Jeffrey Frankel makes an excellent point about Republican political rhetoric of the past quarter century. Most Republican presidential candidates say on the campaign trail that (a) they favor smaller government and (b) cutting tax rates increases revenue. Put these two together and the only possible conclusion, Frankel writes, is that: [...]
My new column is in the issue of Time with a star-spangled pope on the cover and online here. It begins: Financial regulation is usually born of financial disaster. The Panic of 1907–during which several big New York City banks actually did fail–led to the creation of the Federal Reserve. The Great Depression, unleashed by [...]
