Monday, May 09, 2005

Crowding Out During the Industrial Revolution. Peter Temin and Hans-Joachim Voth (2005), "Credit Rationing and Crowding Out during the Industrial Revolution: Evidence from Hoare's Bank, 1702-1862": Qualitative evidence reinforces the view that quantity rationing was frequent. Hoare's bank told one of its clients who sought to take out a loan that... it could not extend credit: At present we do not advance Money to anyone on any security.... The uncommon supply of millions and millions granted and now raised [to pay for the Seven Years' War] obliges all of our Profession to be prepared for the Payments [to customers moving their money from the bank into government stock] coming on, so that instead of lending out money, we have called it in on this occasion......  [Brad DeLong's Semi-Daily Journal] 7:34:07 PM     Reid Offers Up Griffith In Good Will Minority Leader Reid has extended an "olive branch" (that's how the media is reporting it), offering to give Thomas Griffith an up-or-down vote for the D.C. Circuit. In his remarks on the Senate floor today, we saw Reid's new mantra of "cooperation rather than confrontation." "We know the difference between opposing nominees and blocking nominees. We will oppose bad nominees, but we will only block unacceptable nominees," Reid said. Reid, just days after calling Bush a loser, is making sure all his ducks are in a row for the filibuster fight; he knows if it does come to the nuclear option, the Democrats will slow down the Senate and the RWCM will be crying out "obstructionist" Democrat tactics. Reid has offered more than a few compromises thus far, giving him great ammo for how we were the rational ones. Of course, no matter how compromising and statesmanlike Reid is, the media gives us this: Unwilling to Budge So far, neither side has been willing to budge. A Democratic offer to allow some pending nominations to go forward if Frist dropped the nuclear option was swiftly rejected. Um, that sure sounds like "budging" to me. Look, more budging! via politicalwire: A "bipartisan coalition of Senators" is "close to a deal that would avert the looming showdown between Republicans and Democrats over judicial filibusters," Roll Call reports. The deal "would involve at least a half-dozen Senators from each party signing a letter or memorandum of understanding that signals how they would proceed to vote on all matters related to judicial nominations." The rumored deal would save the filibuster for the most controversial nominees (Owen, Boyle, and Pryor) and bring the others to the floor for a vote. It also would take the drama out of the hands of the Majority and Minority leaders (supposedly) since 12 Senators could sign on. Either way, this is great for us because, as you'll recall, Frist has repeatedly said that any "compromise" must allow for an up-or-down vote on all nominees. Will he cave and be a flip-flopper? Will six moderate GOPers go behind his back and make a deal? Will he not have the votes, regardless of a compromise? Any way you cut it, it looks like Frist is fristed. Meanwhile, Gonzales has joined the fray to say, "you know the smack I said about Owen back when we were on court together...yeah, nevermind, let her go to the floor and be confirmed." - Georgia [akou: a blog by georgia] 5:12:16 PM     I Care for Health Care. QandO shows us what being a libertarian is all about: Let's talk about health care for a minute. Health care is certainly a need, but it is not a right. And all the high sounding rhetoric in the world... [Ezra Klein] 5:09:39 PM     One-six-zero-zero . Dear George, You don't mind if I call you George do you? When you sent me a letter offering your condolences on the death of my son, Spc. Casey Austin Sheehan, in the illegal and unjust war on Iraq, you called me Cindy, so I naturally assume we are on a first name basis... [The Sideshow] 7:46:13 AM     Persecution (cont'd.). In comments to this post below, Todd points us to this George Will column, in which the bespectacled one bemoans that "The state of America's political discourse is such that the president has felt it necessary to declare that unbelievers... [slacktivist] 5:32:27 AM     The Dyslexic War on Terror. As you all probably know by now, our new catch, al-Qaeda's #3, may simply have had a similar name to their #3. We wanted Anas al-Liby, we caught Abu Faraj al-Libbi. But hey, this is the story of the... [Ezra Klein] 5:29:49 AM

© Copyright 2005 Michael Mussington. Last update: 6/1/2005; 1:34:11 AM.