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☆ ‘Deeply concerned.’ 16 Nobel economists sound the alarm on Trump and inflation
  + stars: | 2024-06-26 | by ( Matt Egan | ) edition.cnn.com   time to read: +6 min
Yet 16 Nobel Prize-winning economists are warning that Trump’s proposals wouldn’t just fail to fix inflation — they would make matters worse. “We the undersigned are deeply concerned about the risks of a second Trump administration for the US economy,” the economists wrote in the Tuesday letter, which was first reported by Axios. The letter, organized by famed economist Joseph Stiglitz, argued there are valid reasons to worry the Trump agenda will “reignite” inflation. Republican presidential candidate former President Donald Trump speaks at the Road to Majority conference in Washington, Saturday, June 22, 2024. Jae C. Hong/Pool/APIn the letter, the 16 Nobel economists expressed concern about the rule of law and stability if Trump wins the White House again.
Persons: Donald Trump, Trump, Axios, Joseph Stiglitz, Trump’s, Manuel Balce Ceneta, Joe Biden, ”, Stiglitz, —, Biden, Jae C, “ Donald Trump, Robert Shiller, Paul Romer, George Akerlof, Janet Yellen, Biden’s, Joe, Donald Trump’s, ” Karoline Leavitt, don’t, Harry Enten, Moody’s Organizations: CNN, Peterson Institute, Oxford Economics, Allianz, Republican, AP Trump, Congressional, Federal Reserve, Trump, World Bank, Biden, ABC, Voters Locations: Washington, China, U.S, Mexico, Nogales, Ariz
☆ Sixteen Nobel Prize-winning economists warn a second Trump term would 'reignite' inflation
  + stars: | 2024-06-25 | by ( Rebecca Picciotto | ) www.cnbc.com   time to read: +1 min
Sixteen Nobel Prize-winning economists signed a joint letter Tuesday warning of what they see as economic risks if former President Donald Trump were to serve a second term, including reheated inflation. "While each of us has different views on the particulars of various economic policies, we all agree that Joe Biden's economic agenda is vastly superior to Donald Trump's," the economists wrote. "There is rightly a worry that Donald Trump will reignite this inflation, with his fiscally irresponsible budgets," wrote the group of politically progressive academics. Joseph Stiglitz, who won the Nobel Prize in 2001, led the effort to publish Tuesday's letter. "Nonpartisan researchers, including at Evercore, Allianz, Oxford Economics, and the Peterson Institute, predict that if Donald Trump successfully enacts his agenda, it will increase inflation," the economists wrote.
Persons: Donald Trump, Joe, Donald Trump's, Axios, Trump, Joseph Stiglitz, George Akerlof, Sir Angus Deaton, Claudia Goldin, Sir Oliver Hart, Eric Maskin, Daniel McFadden, Paul Milgrom, Roger Myerson, Edmund Phelps, Paul Romer, Alvin Roth, William Sharpe, Robert Shiller, Christopher Sims, Robert Wilson Organizations: Federal Reserve Board, Wall Street, Evercore, Allianz, Oxford Economics, Peterson Institute Locations: China
☆ Why our brains are hard-wired for bank runs like those that toppled SVB, Signature
  + stars: | 2023-03-17 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +5 min
Rebecca Noble | AFP | Getty ImagesCustomer fear became a self-fulfilling prophecyOur brains are hard-wired for a bank run. Last week, bank customers saw their peers run for the exits; sensing danger, that herd mentality meant they also rushed to withdraw their cash. More from Personal Finance:What small businesses should look for when choosing a bankWhat Signature Bank, Silicon Valley Bank failures mean for consumers and investorsWhat to know about FDIC insuranceWhy the bank run on SVB seemed 'rational' for someThere are firewalls against this kind of behavior. The Federal Deposit Insurance Corporation, or FDIC, backstops bank customers' savings up to $250,000. "If you don't rationally understand the way the market interprets signals, you can make a mistake like Silicon Valley Bank," Shefrin said.
☆ U.S. Treasury's Yellen says IRS needs to be 'completely redone'
  + stars: | 2023-01-22 | by ( Andrea Shalal | ) www.reuters.com   time to read: +2 min
She said she decided to stay on as Treasury secretary in large part to oversee implementation of legislation like the Inflation Reduction Act, which included the IRS funding and passed on party lines last year. "That agency needs to be completely redone, and it’s a big task." Republicans sought unsuccessfully to slash tens of billions in IRS funding from the law. Yellen, 76, conceded that the split Congress reduced the chances of passing legislation to advance Biden's agenda, but said she still enjoyed the job. Asked about the debate with Congress over raising the debt ceiling, Yellen simply puts her hand to her forehead and sighs.
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