Excerpted from the Detroit News this morning. . . .  Michigan‘s unemployment rate in August was the worst since since September 1993.  Massive automotive buyouts and a sharp decline in residential construction were cited as factors for the state’s jobless rate. Last month 28,000 jobs were lost in Michigan, bringing the total number lost since this time last year to 96,000. Since August 2006, employment in Michigan has dropped by 2 percent while nationally it has increased by…
Category: Current Events
You Never Could Tax Your Way to Prosperity
Lest you think that this is a diatribe related to politics, relax. Long, long ago I gave up letting the micro-brains in government (both elected and unelected) impact by disposition. No, this is a post about economics. And basic economics at that. I have long believed that the framers of our constitution should have included a minimum number of basic economics courses at the university level as requirement for holding any elected or unelected position…
They Did WHAT?!?
WOW. Again. I had written up a long follow-up post on this Federal Reserve intervention that I had planned to post yesterday, but I got hung up in meetings and couldn’t get to it. I wrote long (and eloquently, I might add) about how there was NO possible way that after their dump-and-run “liquidity injection†they could even THINK about lowering interest rates for AT LEAST the next two to three months. About how the…
The Sins of the Past
Wow. I never thought that I’d see it happen. The Federal Reserve, that mysterious, secretive, “quasi-governmental†entity that has made a regular habit of thumbing it’s nose at the general pubic and the day to day performance of the market, has succumbed. They have fallen. They have gone over to the dark side and made a wholly populist decision. And unfortunately it’s not just the Fed – it’s a number of other central banks around…