History and Heart

I thought this column on learning from history was trivial, is it possible to engage analytically with the world without referencing history?  To do otherwise is an exercise in mythmaking or religion.  But he ends with a provocative question:  America came out of the Great Depression stronger and more unified, but does anyone think that will happen this time?

Sticky Wage Suicide

A police union in a high crime district prefers laying off a third of its staff rather then accept a pay cut.  Not only is it self destructive in the sense that the union is choosing to have far fewer union members, it is literally self destructive in that the remaining officers face increased risk of injury or death as a result of less backup.  Who says wages aren't sticky?

Book Notes: Maxed Out

I finished reading Maxed Out the other day.  Extended thoughts are here.  I remember watching the documentary maybe a year ago and not thinking much of it, reading the book today has more (a lot more) salience.  Recommended reading for those who think the finance companies should not have been bailed out.

Good Krugman column

Paul Krugman has a good op-ed in the NY Times describing in broad terms the problems in the financial sector. The money quote:

We were partying like it was 1929 - and now it's 1930.

Recession Now

per Krugman.

For those who like to keep track of dates.