| Stephen Strasburg could be out until 2012 now. (AP Images) |
This Is Not a Recovery, by Paul Krugman, Commentary, NY Times: What will Ben Bernanke, the Fed chairman, say in his big speech Friday in Jackson Hole, Wyo.? Will he hint at new steps to boost the economy? Stay tuned. ...
Unfortunately,... this isn’t a recovery, in any sense that matters. ... The important question is whether growth is fast enough to bring down sky-high unemployment. We need about 2.5 percent growth just to keep unemployment from rising... Yet growth is currently running somewhere between 1 and 2 percent, with a good chance that it will slow even further in the months ahead. Will the economy actually enter a double dip, with G.D.P. shrinking? Who cares? If unemployment rises for the rest of this year, which seems likely, it won’t matter whether the G.D.P. numbers are slightly positive or slightly negative.
All of this is obvious. Yet policy makers are in denial.
After its last monetary policy meeting, the Fed released a statement declaring that it “anticipates a gradual return to higher levels of resource utilization” — Fedspeak for falling unemployment. Nothing in the data supports that kind of optimism. Meanwhile, Tim Geithner, the Treasury secretary, says that “we’re on the road to recovery.” No, we aren’t.
Why are people who know better sugar-coating economic reality? The answer, I’m sorry to say, is that it’s all about evading responsibility.
In the case of the Fed, admitting that the economy isn’t recovering would put the institution under pressure to do more. And so far, at least, the Fed seems more afraid of the possible loss of face if it tries to help the economy and fails than it is of the costs to the American people if it does nothing, and settles for a recovery that isn’t.
In the case of the Obama administration, officials seem loath to admit that the original stimulus was too small. True, it was enough to limit the depth of the slump..., but it wasn’t big enough to bring unemployment down significantly.
Now,... officials could, with considerable justification, place the onus for the non-recovery on Republican obstructionism. But they’ve chosen, instead, to draw smiley faces on a grim picture, convincing nobody. And the likely result in November — big gains for the obstructionists — will paralyze policy for years to come.
So what should officials be doing, aside from telling the truth about the economy?
The Fed has a number of options. ... Nobody can be sure how well these measures would work, but it’s better to try something that might not work than to make excuses while workers suffer.
The administration has less freedom of action, since it can’t get legislation past the Republican blockade. But it still has options. It can revamp its deeply unsuccessful attempt to aid troubled homeowners. It can use Fannie Mae and Freddie Mac ... to engineer mortgage refinancing that puts money in the hands of American families — yes, Republicans will howl, but they’re doing that anyway. It can finally get serious about confronting China over its currency manipulation...
Which of these options should policy makers pursue? If I had my way, all of them.
I know what some players both at the Fed and in the administration will say: they’ll warn about the risks of doing anything unconventional. But we’ve already seen the consequences of playing it safe, and waiting for recovery to happen all by itself: it’s landed us in what looks increasingly like a permanent state of stagnation and high unemployment. It’s time to admit that what we have now isn’t a recovery, and do whatever we can to change that situation.
Assistant U.S. Atty. Reid Schar said the government was dropping two counts of extortion conspiracy and one count each of wire fraud and extortion because of "the disparity in the roles" of the two brothers and "in the interests of justice."I'm glad the Government made the right call, see my post, Enough about Rod, Lets Talk About Robert.
0
Paramount has struggled to find the
right co-star to play the operative opposite Cruise. One factor was
selecting an actor who could potentially carry the series on his own
down the line, should Cruise's Ethan Hunt character not continue to be
the emphasis. While Cruise is expected to return for a fifth
installment, production chief Adam Goodman wanted a guy who could grow
into a leading man in his own right. The studio boss was interested in
actors like Tom Hardy and Chris Pine, but they were booked. So the
studio planned to test a group of young actors later this week,
and Deadline spent all Tuesday going back and forth with the studio over
candidates Kevin Zegers, Christopher Egan and Anthony Mackie (the
latter of whom starred with Renner in The Hurt Locker). But it
was clear that Paramount wasn't sure what it was going to do. Those
tests have been canceled now (Mackie, another seasoned actor poised for a
breakout, ultimately pulled himself out of the running and didn't sign a
test deal.) Goodman, sources said, felt Renner's "has a Daniel Craig
quality" and the heft to carry the franchise. Interesting that, rather
than trying to create a star by going with a young unknown, Paramount
instead has placed its bet on a 39-year old actor who has been around
for years.
Carmelo Anthony(notes) wants out of Denver, and Worldwide Wes delivered that message to the Nuggets with all the delicacy of a jackhammer at Sunday morning services. Do yourself a favor and trade him, the agent told the organization weeks ago.
Denver was furnished with a short list of teams and told to get to work. Yes, this is how William Wesley and Leon Rose of CAA work now, thick with threats and ultimatums and a swagger suggesting that the sport belongs to them. After Anthony told owner-in-waiting Josh Kroenke that he still wanted out of Denver during a Sunday meeting, the Nuggets appear done trying to sell their All-Star forward on a contract extension.
This wasn’t a productive, nor particularly pleasant, meeting and multiple sources said it could turn out to be the point of no return for Anthony and the organization. Sources insist it’s no longer a matter of if the Nuggets trade Anthony, but when, where and for whom he’s traded for.So, if the Yahoo! sources are valid, then it is likely that Carmelo Anthony might get his wish to be traded before the season even begins. It is highly likely that given recent events with J.R. Smith and the rumors he will be moved that a package deal could be worked out. Another possibility is even two or three separate trades involving Anthony, Smith, and possibly Kenyon Martin to try and rebuild the Nuggets line-up virtually from scratch.
