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Fiscal Austerity Does Not Work in a Liquidity Trap

Does this influence what you think about today’s deficit spending? This is not to say that the private sector should not deleverage. It has to. It is a part of the economy’s healing process and a necessary first step toward a self-sustaining economic recovery....
The National Balance Sheet of the United States

The National Balance Sheet of the United States

Is the United States Broke? Not Even Close. With all the hand wringing going on over the housing and financial crisis I decided to see if I could put some of the massive numbers being thrown about in a little bit of perspective. Asset or Liability Timeframe Amount...

Obama’s 2009 Stimulus Bill Enacted

Final Details of Obama’s 2009 Stimulus Bill The 1,071-page American Recovery and Reinvestment Act cleared the House Friday 246-183, without any Republican support, and received final passage in the Senate later that night on a 61-37 vote with three Republicans...

Details of Obama’s Stimulus Package

Update: See Final Details of Obama’s 2009 Stimulus Bill, as enacted on February 17, 2009. The exact details of the Obama 2009 Stimulus Package are still being hashed out. On this page and in the comments below, I am attempting to collect details of what’s...

Fact-Checking the Auto Industry

I’m not really sure what to say about the whole GM/auto industry mess. I’m working on some thoughts but I’m not sure it’ll amount to much. In the mean time, I thought I’d post a few random thoughts and facts. Some things to help you frame...

Does Chapter 11 Bankruptcy Work?

Name One Successful Chapter 11 Case About five years into my practice as a bankruptcy lawyer I got into an interesting discussion with my colleagues. The subject? Name one case that you’ve been involved with where the chapter 11 process had resulted in a...