Bush Has a Difficult Job?
Ezra Klein on the Incapacity of the Press (Why Oh WHy Can't We Have a Better Press Corps?)

Daniel Gross Reads the FT

He writes

Daniel Gross: June 26, 2005 - July 02, 2005 Archives: Christopher Brown-Humes and Gillian Tett of the FT report: "A big increase in corporate saving explains the current global savings glut and has been more important than emerging market savingsi n driving bond yields to ultra-low levels, a study by JPMorgan, the US investment bank, has found. Having gone on a spending spree in the late 1990s, companies have hoarded an extra $1,091 bn during the past four years -- a shift five times larger than the $208bn change in emerging market savings between 2001 and 2005, according to the study. In explaining the low bond yield conundrum, "higher corporate savings have had twice as much impact as high emerging market savings," said Jan Loeys, global markets strategist at JPMorgan.

I suspect there's some apples and oranges here: companies have been hoarding $250 bn a year, about the same order of magnitude as the growth in emerging-market savings.