Discussion of latest Jobs Report and the Fed “controlling inflaiton pressures” versus the pressures from the jobless

Adding their voices to Pete Peterson and the catfood commission, the Senate Special Committee on Aging is proposing benefit cuts and tax hikes as “tweaks” to fix social security. Ben Bernanke and Obama’s wish just may come true — entitlements are going under the knife.

“We should be grateful for what we still have and keep the bonuses flowing.”

I have no idea what kind of Justice Elana Kagan is going to be, and almost no one else does either. She might be a terrific progressive or she might move the Court to the right, as some fear. My problem with her isn’t her stated positions, as she doesn’t have very many.

Discussion of Ben Bernanke’s graduation speech at University of South Carolina

Sometimes I wonder why I even bother.

“The SEC and the Fed were privy to everything as it was happening,” Mr. Fuld plans to say, according to a copy of his prepared remarks. “I am not aware that any data was ever withheld from them, or that either of them ever asked for any information that was not promptly provided.”

The purpose of the President’s recently constituted National Commission on Fiscal Responsibility and Reform as stated in Section 4 of the President’s Executive Order establishing the Commission is:

Sec. 4. Mission. The Commission is charged with identifying policies to improve the fiscal situation in the medium term and to achieve fiscal sustainability over the long run. Specifically, the Commission shall propose recommendations designed to balance the budget, excluding interest payments on the debt, by 2015. This result is projected to stabilize the debt-to-GDP ratio at an acceptable level once the economy recovers. The magnitude and timing of the policy measures necessary to achieve this goal are subject to considerable uncertainty and will depend on the evolution of the economy. In addition, the Commission shall propose recommendations that meaningfully improve the long-run fiscal outlook, including changes to address the growth of entitlement spending and the gap between the projected revenues and expenditures of the Federal Government.

Key words/phrases in this statement are: “fiscal situation,” “fiscal sustainability,” “balance the budget, excluding interest payments on the debt, by 2015,” “stabilize the debt-to-GDP ratio at an acceptable level once the economy recovers,” policy measures subject to uncertainty depending on the evolution of the economy,” and changes “that meaningfully improve the long-run fiscal outlook,” and “the gap between the projected revenues and expenditures of the Federal Government.” How are these related to each other?

Financial reform may be turning into Healthcare II: The Sequel. The Administration seems to be signalling its willingness to cave on the two critical elements: Volcker Rules and the CFPA.

Who Ailed Roger Ailes?