In memoriam:





Ilan Ramon, Kalpana Chawla, Michael Anderson, and David Brown in a photo taken before the STS-107 re-entry flight.

 
Those who can,do; those who have no idea, become reporters: The NYT today argues in a news analysis that "[b]y voting unanimously to keep interest rates where they are [a funds rate of 1-1/4%], [the Fed] indicated yesterday that they were not overly concerned about the economy's current weakness," putting Greenspan "squarely at odds with American consumers, who are quite fearful about the economy."

As the economy has limped along without any support by corporate investment, Greenspan has made it clear that the Fed's role in the current recovery is primarily that of mitigating uncertainty and risk. Although the Times does note that monetary policy has been unsuccessful in stimulating the economy, and even includes a quick nod to Hayekian malinvestment, the analysis tacitly accuses Greenspan of basically laying down on the job without providing any useful advice as to what the Fed should do. Just another day at the Great Grey Lady.

 
Department politics go international: Insinuation, allegation, anti-Semitism and academic backbiting coalesced into twelve paragraphs: Edward Said attacks State Department advisor Kanan Makiya.

 
Blog o' the Day: Or "month,' given my infrequent postings lately. Cold Springs Shops, which has nothing to do with shopping (or engineering, for that matter), instead addressing economics and the ever intellectually-inbred Academy. Dr. Stephen H. Karlson, PhD, proprietor.