MUCH ADO ABOUT NO CHANGE. As predicted, those wild and crazy members of the Federal Open Market Committee (FOMC) decided to keep their feet off both the brake and the accelerator, holding interest rates steady at 5.25%, where it has been stuck since June last year. That was widely expected. The important thing is that, despite new evidence that the economy is slowing, their accompanying statement was virtually unchanged from that of their last meeting.
I think they're falling behind the curve, and that could have serious negative consequences for economic growth.
NEW SITE. As I promised just a "short" while ago (prior to a configuration error that held up the changeover), the new site is now up. There are some kinks -- blog commenting kinks, log-in kinks, url redirecting kinks, etc. We're working on 'em. Kinks aside, this is what the place looks like now. Hope you like it.
BLINDERS ON. If you're interested in reading more from economist Alan Blinder concerning the work that's apparently garnering him weird looks and accusations of apostasy from colleagues, see his article from the November print issue of the Prospect, "Outsourcing: Bigger Than You Thought."
WOLFOWITZ IN SHEEP'S CLOTHING. Reuters makes it pretty clear that Paul Wolfowitz is not long for his job:
The bank's board of shareholder nations will meet as soon as Tuesday, possibly followed by a second meeting, to decide whether Paul Wolfowitz will be forced out or given the chance to negotiate his departure, according to board sources who declined to be identified.
As you may have noticed, things look a lot different around here.
It had been several years since The American Prospect Online upgraded its website and, well, it showed. The design was outdated, the functionality problematic, the structure pretty static. As we expanded the amount and variety of our content, it became increasingly clear that the time had come to revamp, both in terms of design and (just as importantly) the back-end.