Nov 25 2008

Welker’s daily links 11/24/2008

Published by at 12:30 am under Daily Links

  • A student in my IB Econ Year 1 class found this cool search engine that aggregates articles from different new sources based on specific economics search terms. Enter “elasticity” and the engine asks you whether you’d like articles about price elasticity of demand or income elasticity of demand, then shows you recent articles relating to these topics. Pretty cool!

    LookAhead™… the revolutionary way to search

    1. Start entering your search term in the News Index box above.
    2. Words “in the News” that match what you type are listed here.
    3. Select a phrase/word from this list and click GO.
    4. Or keep typing to narrow the list of phrases/words.
    5. If the word list goes blank, Backspace and enter other words

    tags: economics

  • Earlier this month I attended an Economics Teachers Conference sponsored by the Richmond Federal Resrve Bank in Virginia. One of our keynote speakers was Federal Reserve Governor Kevin Warsh, one of the architects of Ben Bernane and Hank Paulson’s $700 billion bailout of the financial markets. So I was excited to see this story in the Economist’s Free Exchange blog this afternoon:

    “IF TIMOTHY GEITHNER becomes Barack Obama’s Treasury secretary, as is now being reported, there’s at least one big downside—it leaves a gigantic hole at the Federal Reserve Bank of New York, where he is now president. Mr Geithner has been a central player in all of the major rescues and aborted rescues since the crisis began.

    The New York Fed president is by tradition the financial system’s go-to crisis manager. Even in calm times the job places a premium on steady nerves, good judgment, stature, even temperament and an ability to learn quickly. That premium has been multiplied in the current environment.

    The Obama team and Ben Bernanke have almost certainly given the replacement a lot of thought. The leading candidate is probably Fed governor Kevin Warsh. Just 38 years old, Mr Warsh was one of the youngest governors in Fed history when named to the board in 2006. There was a lot of scepticism about his suitability given both his youth and his background (he was an investment banker before becoming an aide to George Bush). But his contacts in the financial world and closeness to Mr Bernanke, who puts great store in Mr Warsh’s political and market judgment, have made him an integral part of the crisis management team. He was a participant in many of the key bail-outs, including that of Bear Stearns and the failed effort to rescue Lehman, and he brokered the deal that saw Wells Fargo acquire Wachovia out from under Citigroup. Apart from his youth, the main strike against him is the fact that he is not an economist (he’s a lawyer by training). Still, in times like these, those issues may be secondary to his experience, his name recognition among the key players on Wall Street, and his widespread support from all the people who will have a say in the decision, including Mr Bernanke, Mr Geithner and, most important, Stephen Friedman, who is chairman of the board of the New York Fed (which makes the appointment, subject to the Fed board’s approval in Washington). Mr Friedman was once Mr Warsh’s boss, as director of Mr Bush’s National Economic Council.

    tags: Economics

Posted from Diigo. The rest of my favorite links are here.


About the author:  Jason Welker teaches International Baccalaureate and Advanced Placement Economics at Zurich International School in Switzerland. In addition to publishing various online resources for economics students and teachers, Jason developed the online version of the Economics course for the IB and is has authored two Economics textbooks: Pearson Baccalaureate’s Economics for the IB Diploma and REA’s AP Macroeconomics Crash Course. Jason is a native of the Pacific Northwest of the United States, and is a passionate adventurer, who considers himself a skier / mountain biker who teaches Economics in his free time. He and his wife keep a ski chalet in the mountains of Northern Idaho, which now that they live in the Swiss Alps gets far too little use. Read more posts by this author

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