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Reconciliation

There's no net governmental stimulus, Lisa Murkowski has not learned the lessons of the BP oil spill, and an energy-only bill might be worse than no climate bill at all. Oh, and here's what else:

1) Chinese wage increases could lead to global inflation.

2) If sociologists wrote the news.

3) Home sales collapse without government support.

4) I think journalists can be friendly with their sources, but beach bashes really don't look good to readers.

Recipe of the day: Endives in "p**lla"?

By Ezra Klein  |  June 7, 2010; 5:25 PM ET
 
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Next: Wonkbook: Harry's Reid's busy summer; BP bankruptcy?; Bernanke's outlook

Comments

1. Inflation is only a problem if money supply increases by more than money demand. This isn't something we can blame on China. If we see inflation, blame the Fed, ECB, BoE, etc.

3. Well of course home sales are falling without government support. Technically government support is still there (as far as I know, 3.5% FHA loans are still around), but yes, the tax credit brought a whole lot of current/future demand for homes into the recent past. The housing credit did little but make 2009/early 2010 sales look better at the expense of mid-late 2010/2011/2012.

The homebuyer tax credit was like having a few drinks at a party. It was good while it lasted, but the next morning is a bit rough.

Posted by: justin84 | June 7, 2010 6:13 PM | Report abuse

justin,

agreed on the HBTC. Hopefully they don't ressurect that fiasco. Listen if people can't afford a house then $8000 isn't going to put them over the edge. Or worse yet what if it puts them over the edge to buy one but in the long run they can't afford to keep it. Who's that helping? These mirages of recovery need to stop and they need to do long term sustainable steps towards recovery like a payroll tax reduction of some sort. Something that won't cost a lot but will stimulate private sector growth long term. Something that will give industries the belief that the government is not anti-business.

Posted by: visionbrkr | June 7, 2010 8:44 PM | Report abuse

Murkowski isn't the only American who hasn't learned the lessons about the BP oil spill.

I'd say most Americans haven't learned the lessons.

I personally know people who are attacking musicians and celebrities who are sitting on their butts instead of having concerts and who "never" have concerts for Americans, though it does not occur to them many of these same people were against drilling and do in fact have American aide concerts quite often and even drive bio-diesel buses.

These same people are also attacking Paul McCartney for insulting GWB, and not once have I ever heard any of them criticize any GOP politician for either doubling the national debt in 8 years or decimating agencies like FERC or MMS. Indeed, I have never heard them criticize any GOP politician or policy.

Posted by: Lomillialor | June 7, 2010 10:12 PM | Report abuse

Here's hoping more "If _______ Wrote the News" pieces show up in the coming days. They've been hilarious so far!

Posted by: aarhead | June 7, 2010 10:31 PM | Report abuse

So given the obvious lies by BP, and the inability (or refusal) of the fed gvmt to shed light on the true flow rate of the gusher, does ANYONE seriously believe that the nuclear power industry (either in the past, or in the future) has, or would tell us the truth about any radiation leaks/meltdowns that may have, or might happen?

OF COURSE NOT

Posted by: Lomillialor | June 7, 2010 10:32 PM | Report abuse

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