Geithner's Stock Plummeting
Jeff Madrick is a contributor to the New York Review of Books and a former economics columnist for the New York Times. He is editor of Challenge Magazine, visiting professor of humanities at Cooper Union, and senior fellow at the New School's Schwartz Center for Economic Policy Analysis. He is the author of Taking America, The End of Affluence (Random House) and The Case for Big Government.
Tim Geithner hotly defended his job Thursday in front of angry Republican congressmen who asked him to step down. "What I can't take responsibility is for the legacy of crises you've bequeathed this country," he shot back.
The Looming Banking Battle
Jeff Madrick is a contributor to the New York Review of Books and a former economics columnist for the New York Times. He is editor of Challenge Magazine, visiting professor of humanities at Cooper Union, and senior fellow at the New School's Schwartz Center for Economic Policy Analysis. He is the author of Taking America, The End of Affluence (Random House) and The Case for Big Government.
Chris Dodd's proposal to reregulate Wall Street puts Obama's efforts to shame-but it doesn't go far enough, says Jeff Madrick. Still, the fight brewing over the senator's plan will at least force Washington to face the reality of the banking mess.
7 Signs You're a Shopaholic
Lee Eisenberg’s new book is Shoptimism: Why the American Consumer Will Keep on Buying No Matter What. Excerpts and the author’s blog can be found at LeeEisenberg.com.
As Black Friday approaches, American consumers are ready to shop again. Before you max out the credit card, see where you fall on the Compulsive Buying Scale.
This Week's Hot Reads
The Daily Beast is dedicated to news and commentary, culture, and entertainment. We carefully curate the web’s most essential stories and bring you original must-reads from our talented contributors.
This week: A hipster recounts his wild misadventures, a deep look at how and why we shop, a rollicking tale of spies and dilettantes in the American Revolution, an indictment of our economic theories, and a bold new novel of artistic corruption and redemption.
Why Washington Won't Prevent Another Meltdown
Jeff Madrick is a contributor to the New York Review of Books and a former economics columnist for the New York Times. He is editor of Challenge Magazine, visiting professor of humanities at Cooper Union, and senior fellow at the New School's Schwartz Center for Economic Policy Analysis. He is the author of Taking America, The End of Affluence (Random House) and The Case for Big Government.
The U.S. can't rely on the proposed House bill to protect the economy from another crash. Relying on regulators won't work, says Jeff Madrick-instead, the government should start by dividing banking activities.
The Supply-Side Pariah Returns
Bruce Bartlett helped develop supply-side economics while on the staff of Rep. Jack Kemp in the 1980s. In 2006 he was fired by a conservative think tank for writing a book critical of George W. Bush from a conservative point of view, Impostor: How George W. Bush Bankrupted America and Betrayed the Reagan Legacy. His new book, The New American Economy: The Failure of Reaganomics and a New Way Forward, was published Oct. 13.
Conservatives deride Bruce Bartlett, a supply-side economics inventor, as a Keynesian for criticizing their devotion to tax cuts. But circumstances, not his views, have changed, he says-and Republicans should take note.
Why Keynes Is King
Lord Robert Skidelsky, emeritus professor of political economy at the University of Warwick, is the acclaimed biographer of John Maynard Keynes. He was made a life peer in 1991, and was elected fellow of the British Academy in 1994. He lives in London.
Keynes biographer Robert Skidelsky explains why after decades of being ignored the economist is back-and why we ought to keep his warnings in mind, even as the economy restarts.
Paulson's Revealing Phone Records
Nomi Prins is author of It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street (Wiley, September, 2009). Before becoming a journalist, she worked on Wall Street as a managing director at Goldman Sachs, and running the international analytics group at Bear Stearns in London.
While the economy was crashing last year, exclusively analyzed telephone records reveal the ex-Treasury secretary was talking far more to Obama and Geithner than Bush and McCain.
Lloyd Grove is editor at large for The Daily Beast. He is also a frequent contributor to New York magazine and was a contributing editor for Condé Nast Portfolio. He wrote a gossip column for the New York Daily News from 2003 to 2006. Prior to that, he wrote the Reliable Source column for the Washington Post, where he spent 23 years covering politics, the media, and other subjects.
Martin Jacques is the cofounder of the UK think tank Demos, writes a regular column for The Guardian, and is a visiting research fellow at the London School of Economics Asia Research Centre. His new book, When China Rules the World, is available now.
Christopher Buckley's books include Supreme Courtship, The White House Mess, Thank You for Smoking, Little Green Men, and Florence of Arabia. He was chief speechwriter for Vice President George H.W. Bush, and is editor-at-large of ForbesLife magazine. His new book is Losing Mum and Pup, a memoir. Buckley's Daily Beast column is the winner of an Online Journalism Award in the category of Online Commentary.
The Daily Beast is dedicated to news and commentary, culture, and entertainment. We carefully curate the web’s most essential stories and bring you original must-reads from our talented contributors.
Peter Beinart, senior political writer for The Daily Beast, is a professor of journalism and political science at City University of New York and a senior fellow at the New America Foundation.
Jeffrey Koterba is an acclaimed syndicated political cartoonist. Since joining the Omaha World-Herald in 1989, he has been a finalist for Editorial Cartoonist of the Year from the National Cartoonists Society and has placed second in the National Headliner Awards. His work is distributed through King Features Syndicate to 400 newspapers nationwide, and has appeared in such publications as the New York Times, the Chicago Tribune, and the Washington Post, among others.
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