Submitted by CARPE DIEM
SAN FRANCISCO–Buffett indirectly blamed the Bush administration for a tax code he said is out of whack.
“In the last seven-eight years what has happened is that the super-rich have gotten a huge break,” said Buffett, one of the world’s richest people with a net worth of $52 billion, according to Forbes magazine. […]

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Submitted by unsettling economics
My home, Chico, California, is not often seen as the center of the world, but we do have some distinctions. For example, the first airline hijacking on US soil occurred here. It may also be the only time that anyone ever hijacked a plane to Arkansas.
http://blogs.ocweekly.com/navelgazing/main/another-california-first-hijac/
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Submitted by Businomics Blog
I stole that headline from the Wall Street Journal (subscription required). I’ll repeat their reasons, but first give some perspective and then a sixth reason added on top of theirs.
Perspective on recession: Recession is not the norm; growth is the norm. So the burden of proof is on those who forecast a […]

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Submitted by The Capital Spectator
Last week’s troubling news on inflation (as detailed in the November reports for consumer and wholesale prices) should come as no shock to readers of these digital pages (assuming, of course, you’ve agreed with our thesis). For some time now, we’ve been expecting that pricing pressures were set to rise. The […]

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Submitted by CARPE DIEM

Based on the latest available tax data, no Administration in modern history has done more to pry tax revenue from the wealthy than the current one, says the Wall Street Journal today. Consider:
For 2005, the richest 1% paid about 39% of all income taxes that year.
The richest 5% paid a little […]

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Submitted by CARPE DIEM

According to the BLS labor report on December 7, “Nonfarm payroll employment continued to trend up in November (94,000), and the unemployment rate held at 4.7%.”
What didn’t get reported anywhere in the media (that I could find), and was only reported by the White House, is that November 2007 marked the […]

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Submitted by CARPE DIEM

The World Is Flat, and Chocolatiers Want to Coat It

NY Times: Swiss chocolatiers, having long ago conquered markets in Europe and North America, are now aiming at the vast expanses of Russia, India and China, making Swiss chocolate a case study in globalization.
Reminder: Trade works both ways. As economies like […]

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Submitted by unsettling economics
I was interviewed today on KPFK Los Angles on Ian Masters’ Background Briefing for the last 20 minutes of his show. I did not get to discuss the Confiscation of American Prosperity very much because the publisher neglected to send him a copy.
http://64.27.15.184/parchive/mp3/kpfk_071216_110100bbriefing.mp3
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Submitted by A Dash of Insight
Paul Kedrosky’s Infectious Greed has long been one of our favorite daily reads and a recommended site on our blogroll. In a recent column, Paul wonders “Why Bears Always Have the Best Arguments.” He introduces the idea with the following statement:

Even though the stock market has rightly been […]

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