credit

Forgive Us Our Debts

ATHOM A FEW FACTS about our flipping national debt. LBJ's Great Society and a few other distractions—like the Vietnam war—stormed into 1969 and the Nixon era with buckets of deficit spending. Since then, the national debt has grown dramatically each decade, as shown below: • In the 1970’s, the national debt more than doubled, from $366 billion to $829 billion. • In the 1980’s, the national debt more than tripled, from $829 billion to $2.9 trillion. • In the 1990’s, the national debt almost doubled again, from $2.9 trillion to $5.6 trillion. • In the 2000’s, the national debt is...

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The Economic Boiling Point

E PRESUME THIS UNDULATING G20 meeting is stirring the pot to keep us all from the boiling point. The economic powers have gathered for Bretton Woods II. While my well-meaning but fiscally ignorant friends in the art world tell me I am grossly pessimistic in always seeing the glass as half empty, I simply shudder at the bubbling abyss into which I stare, and decide the toilet is not half clean it is dirty. Read on—for I and the keen observers who first clarified these facts for me can't reiterate enough: The original Bretton Woods system was destroyed in '71...


Senator Clinton Explains Her Vote

UR ECONOMY RUNS ON CREDIT, and underlying that credit is trust. Both the credit and the trust is running out. Essentially what we are doing here in an intangible way is restoring trust and confidence in a very tangible way: helping to restore credit. Banks will refuse to lend to businesses and even to one another. Investors continue to withdraw into the safest investments, treasury bills, even cash. Tens of thousands of jobs in New York have been lost and a study this morning projected that New York alone would lose at least 120,000 jobs. Now I think we are...