Thursday, 28 Nov 2024

In remembrance of Paul Volcker and his impact on the economy

PM Boris Johnson visits northern constituencies of UK

The UK’s new political reality presents the prime minister with a dilemma concerning what to do with all those who voted Conservatives for the first time.

    The United Kingdom’s new political reality presents Prime Minister Boris Johnson with a dilemma concerning what to do with all the people who voted Conservative Party for the first time.

    In Thursday’s election, his party cut a swath through the so-called red wall – constituencies in working-class parts of the country that traditionally voted Labour Party.

    Al Jazeera’s Rory Challands reports from London.

    Japanese masterclass for young footballers

    Hanan Hakimi (in yellow), 13, showing his tenacity while challenging for the ball during a practice match at Our Tampines Hub last week. The Tanjong Katong Secondary School student was a participant at a football clinic led by coaches from J-League side Matsumoto Yamaga. More than 50 young footballers, aged eight to 17, attended the two-day clinic helmed by the Japanese club academy’s technical director Shigeo Yamazaki, who ran drills testing the players’ ability on the ball. Jointly organised by Geylang International Football Club and Epson Singapore, youths from Lakeside Family Services were also invited to take to the pitch. 

    New Jersey Democrat Mulls Switch to Be a Republican: NYT

    In this article

    U.S. Representative Jeff Van Drew, a New Jersey Democrat who opposed opening an impeachment inquiry, may abandon his party as soon as next week to join the Republicans, the New York Times reported.

    Van Drew has talked with top advisers to Donald Trump about securing the president’s support for the switch to the GOP, which may help him avert a primary challenge next year, the Times reported, citing two Democrats and a Republican.

    Trump on Friday personally urged Van Drew to switch parties, the Washington Post reported, citing a administration official. MacKenzie Lucas, a Van Drew spokeswoman, had no immediate comment, the Post said.

    Drew has said he’s a “no” on impeachment, but predicted that only a few others will join him. “I wouldn’t expect a huge number,” added Van Drew, who supported censuring Trump instead.

    Conversations between Van Drew and senior Trump advisers intensified, according to a Republican familiar with the discussions, with the freshman lawmaker saying he is nervous about losing his seat, either in a Democratic primary or the general election, the Times said.

    Friday Ratings: Fox’s WWE Friday Night SmackDown Returns To The Demo Throne

    With no college football or Frosty The Snowman to contend with, Fox’s WWE Friday Night SmackDown returned to the top position in the demo wars this week.

    The two-hour wrestling showcase drew an 0.7 and 2.34 million viewers, just a tick ahead of the CBS drama lineup and ABC’s American Housewife, which closed out the first half of its season with a strong 0.6. The show will be back in mid-January.

    At CBS, Hawaii Five-O held steady at 0.6 and 6.45 million viewers, the night’s highest audience, with trailing Magnum P.I. also holding at an 0.6. A rerun of Blue Bloods capped the eye network’s night.

    NBC saw The Blacklist at 0.5 and 3.84 million total audience, with Dateline also in at an 0.5, both holding steady from last week.

    For ABC, the strong showing by American Housewife then saw a drop for Fresh Off The Boat, which clocked in with an 0.4. ABC rebounded slightly with 20/20, which came in at an 0.5 for its two hours, albeit down a tick from its previous level.

    The CW offered the 88th annual Hollywood Christmas Parade for two hours, scoring an 0.2, par for the segment’s showing from last year.

    Tom Jackson brings the ‘Huron Carol’ back to Winnipeg

    A well-known Winnipeg actor is returning home this weekend to perform a Canadian Christmas classic.

    Tom Jackson is back in Winnipeg to perform the Huron Carol for the 32nd-straight year.

    “What’s different about the tour when I come here, is that it feels like I’m coming home, and I cherish every second of it,” says Jackson.

    Since mid-November, he’s been touring across Canada with all the proceeds of each show going to a different charity in every city.

    Man,18, charged with murder after missing teen's body found on country lane

    An 18-year-old man has been charged with murder following the discovery of a teenage boy’s body in Cheshire.

    Matthew Mason, from Knutsford, was arrested on Friday in connection with the death of Alex Rodda, 15.

    The schoolboy’s body was discovered outside on a country lane in the Cheshire village of Ashley.

    Mason has been charged with murder and possession of a bladed article in a public place.

    He has been remanded in custody and is set to appear at Crewe Magistrates’ Court on Monday 16 December.

    This is a breaking news story. More updates to follow 

    In remembrance of Paul Volcker and his impact on the economy

    Dear John: While, of course, we should celebrate the life of the late public servant Paul Volcker [who died Dec. 8], I am having a very hard time understanding the media’s false viewpoint that he broke the back on inflation.

    In my view, during the time I was an economics major in college, there was and now is much evidence to show that it was (at the time, radical) “supply side” fiscal policies that lowered inflation much more.

    In short, the 1981 Kemp-Roth Tax Cut created “investment spending” incentives, like depreciation and tax credits, that allowed supply to grow and thus modify prices while allowing demand to continue to increase.

    Volcker had no choice but to make rates go up. It was not an option. The supply-side tax cut changed domestic spending and inflation.

    Professor Anthony Rivieccio, MBA PFA

    Dear Professor: Thanks for your view.

    All I know is this: I was buying a house at the time F was raising interest rates almost weekly. I believe my mortgage was 12 percent, and it was going to go up to 15 percent if my wife and I had waited another day.

    Those rates absolutely caused me to reduce my spending on other things. And when you put all the people together who were affected by this, prices had to decline.

    Ah, the good ol’ days. I don’t remember how many times I refinanced that loan as rates came down.

    Thanks for writing.

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