The Real Deflategate

The Fed has intensely debated
When interest-rate hikes should be slated.
Like a team I won't name,
They're playing the game
With balls that are underinflated.

With a mandate to find the right measure
Of balancing jobs versus treasure,
They're Patriots all,
But the Hawks want the ball
To be at the usual pressure.

The rate of the jobholding share
Is less than appears to be there,
As if it were tested
And then one suggested
To secretly let out some air.

In spite of the fear of inflation,
Wages display moderation,
Since it's hard to inflate
With a tumbling rate
Of labor force participation.

Says Yellen: "It starts to annoy,
In discussing the rate of employ,
The analogy calls
For playing with balls;
Is it something the fellows enjoy?"

"It seems to me, based on my role,
The economy's just like the Bowl:
The material might
Be flaccid or tight,
But the point is to get to the goal."

Good Employment Numbers, But…

"A DC elite that obstructs
More stimulus misses the crux
That, despite fewer jobless,"
Said Krugman, "It's obvious
The US economy sucks."

The Giants won the Super Bowl and last Friday's employment report shows the most jobs created since the 2008 crash, so everything's fine, right? Not so fast, says Paul Krugman. Although "for once, falling unemployment was the real thing, reflecting growing availability of jobs rather than workers dropping out of the labor force," any recovery cannot be self-sustaining while we have "a sharp fall in household formation — econospeak for lots of young adults living with their parents because they can’t afford to move out." This is one of the chief impediments to a housing recovery. Unfortunately, Krugman maintains, many in the economic elite are quick to call for austerity at the first sign of positive news, and seem to direct their vigilance against an inflation that has failed to materialize for the last three years. So, a little good news could become bad news if it leads to more such economically retrograde behavior.

None of this, however, should spoil the Giants' victory celebration - congratulations to Coach Tom Coughlin, Eli Manning & company!

The Real Super Bowl XLVI

Said a Patriot, flanked by his lady:
"Though my Giant opponent is shady,
And I may lack for planning
Or adequate Manning,
I've a trophy wife, just like Tom Brady."

Days before the kickoff of Super Bowl XLVI, US Presidential contender Newt Gingrich tried to rally his supporters for the next 46 primaries in the race for the Republican nomination. Though out-organized and outspent by the frontrunner Mitt Romney, Mr. Gingrich hopes that his persuasive powers will win the day. On the evidence of another commanding Romney win in this weekend's Nevada primary, however, money and organization appear likely to carry the election in the next XLV contests.
As for today's Super Bowl XLVI: Go Giants!

Super Bowl XLV

When the Steelers fans, cheering in Pittburghese, 
Meet the Packers fans' cheese-headed infantries, 
They'll hope, for the game's sake, 
Their team's the best namesake 
Of twentieth century industries.   

This year's Super Bowl contest between the Pittsburgh Steelers and the Green Bay Packers recalls the industrial, working class roots of American pro football, as the namesakes of the Indian Packing Company and US Steel Corporation step onto the fields of friendly strife.

Super Bawl

Said Hank Paulson, with trembling knees,
"Lehman's crisis blew in with the Brees
From the blue like a bolt -
Though I'm no Saint nor Colt,
'Twas un-Manning how credit might freeze."