In February 2009, President Barack Obama issued his first budget, a budget that resulted in a federal deficit of $1.3 trillion. The title of the budget, “A New Era of Responsibility,” had partners in rhetorical exorbitance in its subheadings: “Inheriting a Legacy of Misplaced Priorities,” “Ignoring Our Long-term Challenges,” and “Failure to Invest in Our... Read More
Over the past several years of this Great Recession, the audacity of the Federal Reserve has been something to behold. In the face of recession and a financial sector in shock, the Fed has taken interest rates essentially to zero, added so much to bank assets that excess reserves have equaled pre-crisis levels of... Read More