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Notes from the Midwest This Week

September 30th, 2008 . by economistmom

I am on the road this week, doing a big “Midwest sweep.”  Today I gave a speech on the outlook for the economy and the candidates’ economic proposals in Chicago for the U. of Illinois’ Institute of Government and Public Affairs.  Tomorrow morning, I’ll give the same speech here in Urbana.  Later this week I’ll meet up with the Fiscal Wake-Up Tour in Cleveland, after passing through Detroit to visit old friends.  So this week’s posts might seem a bit of a “potpourri.”

It’s kind of fun being back in the Midwest where I talk like everyone else.  (I was born in the Chicago area and moved to the Detroit area when I was 7, where I stayed until I went off to grad school.)  I made it to Chicago just fine on a nonstop flight from DC, but it turns out my suitcase decided to go onto San Francisco without me.  (I’m not going to San Francisco at all this week.)  Now I will be waiting up for it all night after it makes the flight back to O’Hare and the drive down to Urbana (2.5 hours away).  (UPDATE:  nope, never made it down to me…our reunion awaits this afternoon back in Chicago.)  That’s a lot of travel my suitcase got for that $15 checked bag fee.  (Gee, guess it wasn’t worth checking the small-enough-to-carry-on bag just to bring along my nail polish remover…)

Guess I didn’t miss much in DC today.  Everyone’s hoping a couple days off for the members of the House will bring them some much-needed maturity when they get back.  I think Barney Frank explained what happened on Monday best.

And here’s a nice Time magazine article explaining why the credit crunch is not just a Wall Street phenomenon, and why we should maybe stop calling it a “Wall Street bailout” and start thinking of it as a “rescue” of the entire U.S. economy.

One Response to “Notes from the Midwest This Week”

  1. comment number 1 by: Jeffrey

    Unbelievable!!! Quoting Barney Frank??? The man most responsible for protecting Fannie and Freddie? Some (not all, enough blame to go around) in the GOP and Bush raised warning bells for the last several years; Paul Gigot of the WSJ wrote damning editorials highlighting the train wreck about to happen and Chris Dodd and Barney Frank deflected all criticism to keep Fannie and Freddie going. They actually pushed to have those GSEs lend more (and more leniently) which is at the epicenter of the mess we find ourselves in. Maybe the economic guru Barack will save us…oh, yeah, he got the second most donations from obbyists from the GSEs. Well, at least his economic team includes Jack Johnson and Franlin Raines (the man who got 90mil for fixing the books through accouting fraud at Fannie!). Sigh….apparently economic analysis is continually trumped by partisan power grabs. This link is shameful cheerleading for the very folks responsible for the mess. Nothing like getting the foxes to guard the henhouses.