Stimulating Stimulus Coverage

Desperate times call for desperate measures and, hopefully, desperately good reporting. But when it comes to the stimulus package—the crucial tonic, we’re told, for our ailing economy—are we getting it?

I’ve been on the prowl for solid, digestible treatments of the strengths and weaknesses of the multi-billion dollar plan, because frankly, I need some help wrapping my head around it. But the stories that seem to be everywhere—those detailing the demise of Obama’s honeymoon (starts around 3:15), accounts of partisan gamesmanship, and analyses of who’s winning the spin wars—make good fodder for gossip sessions, but do little to help us understand how we got into this mess and form educated opinions about the best way out of it.

Here are a few things we found helpful (and have enjoyed) so far:

From the New York Times, lessons the U.S. can learn from Japan’s stimulus spending in the ‘90s, which included heavy infrastructure investments.

Two stories from This American Life and Morning Edition describe the Keynesian approach of the stimulus package (starts around 36:15) and evaluate its merits. TAL has also done great, compelling reporting on the housing and financial crises.

NPR’s Planet Money blog has some handy maps that act as visual guides to the stimulus plan’s expected state-by-state impact.

Marketplace’s “decoder” series translates econ-speak into language normal people can understand.

Keep it coming, people: If you’ve come across particularly good stimulus coverage, let us know about it in the comments section below.

Sources: New York Times, This American Life, Morning Edition, Planet Money, Marketplace

Humans Are Bad With Money

Cash MoneyPeople can do their own taxes, control their spending, contribute to retirement funds, and psychologists will still think they’re irrational about money. And more than likely, they're are right.

In many situations, people think more about the size of numbers than what they represent, according to an article in Science Daily. Using studies on risk aversion, psychologists at Ohio State University showed that people think of 300 cents as greater than $3, even though they hold the same value.

People also think of money “in terms of percentages, not in terms of absolute numbers,” behavioral economist Dan Ariely told Marketplace. He gave an example: If a person found out that they could save $7 on a $15 pen by walking five blocks, many people would do it. If they were told they could save  $7 on a suit that cost $1,015, most people wouldn’t bother.

Both examples show how people can be entirely irrational, even when working with small numbers. When it comes to $700 billion bail out plans, I shudder to think.

The Bible Gets Hip

Bible_The BookThe fact that the Bible is the best selling book of all time hasn’t stopped publishers from cooking up creative, new ways to market the good book. In its latest rendering, the Bible gets all dressed up, with glossy, fashion-forward photos you'd expect to find in Vogue, not the Gospel of Mark.

The Book , from Bible Illuminated, is peppered with famous faces and targeted at the hearts and image-conscious minds of the “iPod-toting, compulsive texting, Facebook crowd,” Stacey Vanek-Smith reports for Marketplace. Marketing guru Marissa Gluck tells Vanek-Smith, “This is the Bible wrapped up as Us Weekly."

“It is sexy,” Reverend Jeremy Smith writes of The Book on his blog, Hacking Christianity. “Not in a 'rock me sexy Jesus' way, but in a sleek sophisticated way.” Smith outlines how powerful imagery paired with Bible verses lends The Book a political edge, at least in parts. For instance, the line “the whole earth was amazed and followed the beast” is set against an image of a man at the gas pump. And the book of Revelation is illustrated by photos of New Orleans after Hurricane Katrina. Smith also points out some less progressive aspects of the book, like the highlighted pull quote, “wives must submit to their husbands,” from Ephesians, irritated him “greatly.”

Financial End Times

Wall Street BullAre Americans living in a recession or a financial apocalypse? Is now a time for prudent financial choices or a time to pray? Sean Cole reports for Marketplace that some economists are embracing the gloomy financial indicators as a sign that Armageddon is upon us. Cole talked to an “end times economist” who said that the current recession is God “saying that this world's financial system is built upon an unrighteous foundation.” 

The financial system has become a religious cult of its own, Peter Laarman writes for Religion Dispatches. The financial crisis was caused in part by an adherence to “economism,” a creed that Laarman describes as “the notion that every part of human life is governed by economic considerations and that everything that happens—or at least everything that matters—is reducible to human monads pursuing their rational self-interest.” 

Questions about financial regulation in the current presidential race should be treated with the same importance as religious questions, since the two have become so closely related. Laarman writes, “we are now in actual danger of losing what remains of democracy itself in our unseemly desire to enshrine the money-changing cult at the very center of the temple.”

“Whether you're a believer or not, maybe now is a good time to ask ourselves what we worship,” Cole said for Marketplace.  That simple sentiment was applauded by Amy Frykholm, writing for Theoblog. Even if he didn’t mean to, Frykholm writes that Cole echoed Matthew 6:2, which reads, “Where your treasure is there your heart will be also”

Image by  David Paul Ohmer , licensed under  Creative Commons .




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