Federal Reserve Chairwoman Janet Yellen told us recently that the target for the federal funds rate will be raised slightly later this year. But after that, future rate hikes will be small and gradual over the next several years. In fact, we may never have true normalization (4 percent). In my view, Yellen is offering a back-to-the-'50s ...Read more
One of the interesting nuggets coming out of the conservative sweep in the British elections was the failure of bank-bashing by the Labour Party. Labour leader Miliband, who has since resigned, was anti-bank, anti-rich and anti-business. It failed. And while conservative leader David Cameron didn't necessarily defend banks, he didn't attack ...Read more
If the GOP doesn't put together a sensible immigration policy, it will lose the 2016 presidential election.
When Obama beat Romney in 2012, with the former Massachusetts governor attracting only 27 percent of the Hispanic vote with his self-deportation argument, Republicans across the map decided they must develop an immigration-reform policy ...Read more
Don't expect any miracles from the economy. But don't expect a collapse, either.
In political terms, it's kind of a Mexican standoff. Team Obama says they saved us from another Great Depression. And they point out that 3.1 million jobs have been created in the last 12 months. Republicans counter that this is the slowest post-WWII recovery on ...Read more
A number of GOP candidates are engaging in Hillary-bashing over allegations that she used her office as secretary of state to help her husband's business dealings, prop up speech-making fees and grease the path for foreign governments to donate massive amounts of money to the Clinton Foundation. But here's a warning to my friends on the ...Read more
When John F. Kennedy was elected president he surprised both Democrats and Republicans with a bold tax-cutting plan to solve the problem of a moribund economy. He had campaigned on "getting the country moving again," and had set a 5 percent economic-growth target, but he never specified how he was going to do it. Then he opened everyone's eyes...Read more
If recent news accounts are to be believed, the framework of agreement between the U.S. and Iran is on the rocks. Iran's top officials, Supreme Leader Ali Khamenei and President Hassan Rouhani, are saying economic sanctions must end immediately and that U.N. inspectors will not be granted unfettered access to military installations and nuclear...Read more
The economy has been in a tepid, soft, slow recovery for the past five-and-a-half years. It's the weakest rebound in generations. The Commerce Department's revision of fourth-quarter GDP shows that nothing much has changed. Over the past year, real economic growth registered 2.4 percent, slightly higher than the recovery average. It ain't much...Read more
Show TimePhil Harvey
Starvation & freezing temperatures aren't as deadly as profit-hungry producers and fellow competitors. Future viewing audiences have become entirely dependent on sensation to escape their workaday lives. Now, TV execs have created the ultimate reality show: Seven misfits, each bearing the...
Don't just rely on Benjamin Netanyahu's passionate advice to Congress on his way to reelection that Iran is our archenemy. Now we have the counsel of retired general David Petraeus, who gave a remarkable interview this week to the Washington Post. Petraeus agrees with Netanhayhu: Iran, not ISIS, is the real enemy.
His message: "I would argue ...Read more
Despite the conventional criticisms of the financial commentariat, both theory and evidence argue for a strong, stable and reliable currency as a crucial channel to prosperity. Just think of the reverse: If you could devalue your way into prosperity, Argentina would be the center of the world economy.
But lately, a loud and growing chorus is ...Read more
Hillary acknowledging that it would have been better to use two email accounts is about as close to an apology from the Clintons you'll ever get. But the matter of "convenience" is just nonsense, as everyone knows. Even a tech dinosaur like myself has two email accounts, which I now access on my spiffy new iPhone 6 Plus. (By the way, instead ...Read more
"More than any election since 1980," ace pollster Kellyanne Conway tells me, "2016 will be a national-security contest." And she says former Gov. Rick Perry may have the best chance to convince voters that he can be commander-in-chief.
Let's think on that. With the world in turmoil, who do you really want sitting across the negotiating table ...Read more
Fed chair Janet Yellen testified this week on the state of the economy. The only interesting thing to come of it was some sharp-edged criticism by Republican members of the House Financial Services Committee. That includes committee chair Jeb Hensarling, who said, "Fed reforms are needed ... Fed reforms are coming."
Senator Rand Paul, for one...Read more