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Economists

Did We Waste a Recession? – NYTimes.com

Five years ago this month, before Lehman Brothers imploded and the global economy lurched to a halt, Fannie Mae issued a report that encapsulated the financial system’s biggest problem. The mortgage-finance company, which was wobbling on account of rising defaults, tried to reassure investors that it had $47 billion in …

Stranded by Sprawl – NYTimes.com

Detroit is a symbol of the old economy’s decline. It’s not just the derelict center; the metropolitan area as a whole lost population between 2000 and 2010, the worst performance among major cities. Atlanta, by contrast, epitomizes the rise of the Sun Belt; it gained more than a million people …

Quote of the Day

“There is a technical term economists like to use for behavior like this. Unbelievable chutzpah.” EDWARD KLEINBARD, a law professor at the University of Southern California, on Apple’s efforts to avoid paying taxes. Quotation of the Day for Tuesday, May 21, 2013 – NYTimes.com.

How the recession turned middle-class jobs into low-wage jobs

The U.S. job market is slowly improving, and most economists expect that gradual recovery to continue this year. Yet one of the most disturbing trends of the recession is still very far from being reversed. America’s middle-class jobs have been decimated since 2007, replaced largely by low-wage jobs. A recent …