Daniel Gross

Stories by Daniel Gross

  • Canada's Quiet Economic Strength

    In the past year, distance from the U.S. has proved a great insulator from economic pain. China and Australia, literally on the other side of the globe, are humming along, while Mexico is suffering from a decline in U.S. imports. But our NAFTA neighbor to the north, Canada, has emerged from the morass in better shape than any developed economy. Since its brief recession ended this summer, Canada has been creating jobs (31,000 in September). The Canadian dollar--the loonie--is soaring against our dollar. "There is a buzz in Canada right now, which is as far apart as you could ever be from what's happening south of the border," said David Rosenberg, chief economist of Toronto-based asset manager Gluskin Sheff.  ...
  • A Penny Saved . . .

    Norman Podhoretz, one of the original neoconservatives, just wrote a 352-page book asking Why Are Jews Liberals? To Podhoretz, and to many others, it's a mystery why Jews remain loyal to the Democratic Party and continue to avoid aligning with today's Southern-based GOP. After all, many Jews fall into a demographic—higher income, suburban, professional—that has tended to align with the GOP. And recent Republican administrations have been aggressively pro-Israel (at least when Israel happens to be governed by a right-of-center coalition). Plus, Republicans have pretty much purged the folks who make unfortunate stereotypical comments about Christians' elder brothers in faith. Well, pretty much....
  • Banks May Bail Out the Bailout Bailing Out the Banks

    Say that three times fast. Reports today suggest senior regulators, including the FDIC's Sheila Bair, are thinking about tapping the nation’s healthy banks to lend billions of dollars to rescue the insurance fund that protects bank depositors. The fund, overseen by the FDIC, is rapidly running out of money because of a wave of bank failures, and Bair would rather go hit up the banks themselves than go hat in hand to Tim Geither--who is, by all accounts, not her favorite person. There are a few reasons why this could be smart--for Bair and for the administration:...
  • Obama to Wall Street: Don't Make Me Come Here Again

    The left has rapped Obama and his administration for being too cozy with Wall Street, for being too tight with the perpetrators of the debacle, and for being too unwilling to come down hard on the financial system that nearly bankrupted the nation through a combination of greed, arrogance, and incompetence. There’s some accuracy to that point of view, and to the general sense you’ll see in the analysis of the one-year anniversary of the Lehman Brothers debacle that not much has changed on Wall Street. Banks are still using leverage, paying big bonuses, and figuring out ways to game the system to profit.But President Obama, speaking at the heart of historic Wall Street in Federal Hall, is surveying an industry and financial system that has changed significantly in the past year. And his tone isn’t exactly conciliatory and fawning. In essence, he’s saying: don’t make me come back here again:“Unfortunately, there are some in the financial industry who are misreading this moment....
  • Are Media Reluctant to Discuss Race as Factor Driving Obama Opposition?

    Reading coverage of Wilsongate (Hecklegate?) and other recent coverage of conservative Southern politicians, it seems that articles like "What's the Matter With South Carolina" in Politico, or the New York Times piece about how the brothel-visiting Louisiana senator David Vitter manages to remain popular in Louisiana, "Obama Factors Plays to Vitter Advantage," are ignoring what strikes me as an obvious answer to the question they raise. ...