Kevin Hassett News
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It’s a quiet September morning outside the headquarters of the Federal Reserve Bank of New York on Liberty Street in downtown Manhattan.
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The Republican presidential candidates are starting to move on from attacking Barack Obama for his handling of the economy to drawing differences with each other on the best way to promote jobs and growth.
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Nations don’t compete with one another the way companies do. Pepsi’s gain is almost always Coca-Cola’s loss, but the same doesn’t always, or even often, hold true for national economies. Governments do compete in some respects: They want to attract capital investment to their countries, for example, to provide more jobs, higher wages and better products and services to their people.
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If AIG was too important to fail, can’t I be, too?
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Last week, Standard & Poor’s lowered Japan’s bond rating to AA-, the fourth-highest level. By that standard, the U.S. got away with a slap on the wrist from Moody’s Investors Service, which warned merely that “the probability of assigning a negative outlook in the coming two years is rising.”
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If a modern-day Aesop were to write a fable that illustrates the essential character of the American government, he could model it on the story of Peter Diamond .
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The 2012 presidential campaign is finally stirring to life, with would-be Republican candidates Haley Barbour and Mike Huckabee musing about whether Mitt Romney should be disqualified by similarities between Massachusetts’ Romneycare and Obamacare.
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The world’s economic policy makers have talked up a zero-tolerance attitude toward sovereign-debt defaults. For every troubled national borrower, there seem to be a dozen central bankers ready to hand out cash, always to avoid Armageddon.
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Last week in Washington, beneath a flock of pigs flying south in a majestic V formation, the co- chairmen of President Barack Obama ’s deficit commission released a plan that actually could solve the nation’s pending fiscal crisis.
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The Second Liberty Bond Act, which helped finance U.S. participation in World War I, established a cap on federal debt in 1917 at the now-quaint level of $8 billion. Today the limit is $14.3 trillion, and according to Treasury Secretary Timothy Geithner , the U.S. will need to exceed that around the end of March.
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