May 2009 Archives

Some commentators have been attributing the recent signs of economic "bottoming out" to be the effect of aggressive government policy.  The efforts of the Fed and Treasury to inject $1 trillion into the money supply and stabilize the banking sector--both well under way--probably have played at least a little role in this.  But don't let the Keynesian proponents of the Obama stimulus plan claim this as their victory.  At The Times reports, less than 6% of the stimulus money has actually been paid out.  One may be tempted to make the argument that the expectation of stimulus money to be spent is the real cause of stabilization.  But this argument is highly speculative at best.

While Portland's bad weather and excessive proportion of hipsters have undoubtedly contributed to its economic stagnation, they have also proliferated the good things in life: books, coffee, tea, excellent but cheap food, and fine beers and wines.

Despite the gloomy conviction to the contrary that this university has inspired in me, there may yet be hope for the rest of us in our intellectual endeavors.