Guest Author: Takatoshi Ito, University of Tokyo Just a couple of years ago, very few people expected that the US-based problem in housing and finance would grow to a full-scale financial crisis and global recession which seems almost certain today. There are four, mutually reinforcing channels through which the economic crisis can be transmitted from the US to the world economy: (1) the global linkage of stock prices, (2) fluctuations in foreign exchanges, (3) increases in risk sensitivity,

If you happen to tell an Obama voter that there’s media bias they look at you like you’re a stark raving lunatic. I’m not kidding. People who watch the Obama Media really believe Barack Obama has a lot of experience and Sarah Palin is a complete dunce. They’re baffled when they hear that Sarah Palin is the Governor of one of only 9 states with a budget surplus, and so what if she is. Apparently, these people believe that when Republicans are in charge a budget surplus just happens. Yet when th