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October 24, 2005


The business community would have crucified him had he chosen an unqualified lacky.

Here's a link to an April 1005 speech Bernanke gave. I was prepared to make fun of it because of the title ("The Global Saving Glut and the U.S. Current Account Deficit"), but it's a pretty impressive and nuanced analysis.

Short version: all of those lender nations have really good reasons for investing surpluses in expanding economies, and maybe they should consider putting their savings in developing countries rather than in the US. Oh, and balancing the federal budget, while not a panacea for trade-imbalances, is probably a good idea, long-term.

Here's a link to an April 1005 speech Bernanke gave.

"On The Manye and Varyed Types of Metales and Jem-stones Which may Serve as a Meanes of Eckschanging Wealthe"

Phil is rocking and rolling on sundry threads today.

Thanks, Harriet.

And best wishes for your future career.

Man, I feel bad for Miers. Withdrawing from the nomination was the best course, but how humiliating. It's Bush and Rove's fault, of course.

Now, how much credit does Harry Reid deserve? How much of this could he possibly have predicted?

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