Kevin Drum Writes
"the bank's marketing budget — which no one in their right mind thinks should be shut down during a recession"
Guess I'm not in my right mind. I'd say it would be a good idea to impose a temporary regulation that no entity with a banking license is allowed to spend money on marketing. I will stipulate that banks have chosen profit maximizing marketing budgets. This does not mean that the Citibank marketing budget maximizes Bank of America profits. I'd guess that banks' marketing mainly serves to win clients from each other not to increase total demand for banking services.
Consider the ban on TV advertizing of cigarettes. This was followed by a huge increase in the profits of cigarette companies. They were no longer spending money to steal customers from each other.
Now, I don't want to ban marketing and adverstising in general. Hell no, then I'd have to pay to read Kevin Drum's blog. But banks need cash right now. I think it would be good if other sectors picked up the budget for free to the user content.
So I think a good way to prop up banks is to ban marketing by banks (also lobbying of course).
Just to make my proposal clear. I do not propose banning marketing only by troubled banks which have received public money. I think it would be a bad thing if banks with strong balance sheets were allowed to market and banks with weak balance sheets were not allowed to market. I propose a (temporary) regulation which applies to all banks. Oh except maybe for the temporary part.
So that we know, because knowing is ever so useful, President Obama has just set down his first signing statement, this after just telling his appointees they can ignore the signing statements of President Bush.
ReplyDeleteOMG, I am more impressed with our new President who is really our old President each day.
http://delong.typepad.com/sdj/2009/03/re-enthusiasm-for-ross-douthat-brad-delong-smackdown-watch.html
ReplyDeleteMarch 12, 2009
Enthusiasm for Ross Douthat: Brad DeLong Smackdown Watch
The lurkers attack me via email and instant messaging.
It appears that my enthusiasm for Ross Douthat as the best choice for the conservative op-ed slot on the New York Times is not repeat not repeat NOT shared by those of the XX genome.
[Having spent months attacking Hillary Clinton, then Sarah Palin, imagine my surprise at such condescending tripe. Of course, there was the defense of the bullying of Lawrence Summers so the pattern was already there.]
What is interesting is that Brad DeLong has come to the point where women can be stereotyped and insulted for any possible political purpose, with not the least understanding of what is being done.
ReplyDeletehttp://rossdouthat.theatlantic.com/archives/2009/01/the_church_and_the_morning_aft.php
ReplyDeleteJanuary 6, 2009
An orthodox Catholic is required to believe that the Church teaches truly in matters of faith and morals. He is not required to believe that the Church teaches truly in matters of science; indeed, the Church does not have "teachings," properly understood, on scientific questions. Where the two intersect - well, there things get a bit dicey. My sense of that matter is that I am bound to accept the Church's moral judgment that the taking of innocent human life at any stage from conception to natural death is a grave evil (and would not have become a Catholic if I did not), but that I am not bound to accept a Vatican document's summary of where the science stands regarding whether the morning-after pill does in fact take a life, by preventing implantation of a fertilized embryo. And therefore, to take up Rod's hypothetical, if someone contemplating taking the morning-after pill asked for my opinion on the matter, I would tell them that I've seen no persuasive evidence that suggests that emergency contraception is anything save, well, contraception - whose use is sinful according to Catholic teaching, obviously, but not nearly so gravely sinful as abortion. That doesn't mean I would urge them to go take it: It just means that if they asked me if I thought it was an abortifacent, I'd feel obliged to say no.
-- Ross Douthat
[Brad DeLong's hero, imagine my surprise.]
http://delong.typepad.com/sdj/2009/03/re-enthusiasm-for-ross-douthat-brad-delong-smackdown-watch.html
ReplyDeleteMarch 12, 2009
It appears that my enthusiasm for Ross Douthat as the best choice for the conservative op-ed slot on the New York Times is not repeat not repeat NOT shared by those of the XX genome.
Brad DeLong
[The yowl of the supposed or self-styled liberal.]