KeithHennessey.com

Many of you are new to this blog since I wrote extensively about autos six weeks ago.  As background, I coordinated the auto loan process for President Bush last fall as the Director of the White House National Economic Council (the position now held by Dr. Lawrence Summers).  I wrote a series of posts on [...]

(Editorial note:  I was doing so well moving to shorter posts.  I fail miserably in achieving that goal here.  I went the comprehensive route instead.  I promise to return to shorter posts in the future.  Buckle up – this is a long ride.  I hope you find it’s worth it.)
(Update:  There’s an important correction in [...]

Now that we have reviewed how big a bite the government has taken out of the economy over time, let’s examine the competing tax proposals for the near future.
Revenues are only one element of a budget proposal.  For a complete picture of the effect of a budget proposal on the rest of the economy, we [...]

Almost two months ago, President Obama set a specific employment goal for his Administration:
I think my initial measure of success is creating or saving 4 million jobs.

It is clear that this “create or save” phrase is now a standard and important part of the Administration’s economic message.
Greg Mankiw quickly identified both the quantitative ambiguity and [...]

At Tuesday evening’s press conference, Jake Tapper, Senior White House Correspondent at ABC News, asked the President:
Q      Thank you, Mr. President.  Right now on Capitol Hill Senate Democrats are writing a budget and, according to press accounts and their own statements, they’re not including the middle-class tax cut that you include in the stimulus; they’re [...]

President Bush spoke at the Manhattan Institute today on financial markets and the world economy.
This speech is a prelude to the financial summit the President will host this weekend.  I’ll write separately about the Summit, and about the elements of today’s speech that talk about principles for reform.
I want to draw your attention to two [...]

President Bush spoke today about the financial crisis to the U.S. Chamber of Commerce.
I’m going to use the President’s speech as an opportunity to explain to a non-financial audience what the Federal government did this week and why.  I will oversimplify in many cases, and will gloss over many details.  I don’t claim that the [...]

President Bush gave a major policy address on the State Floor of the White House this evening.
THE WHITE HOUSE
State Floor
9:01 P.M. EDT
THE PRESIDENT:  Good evening.  This is an extraordinary period for America’s economy.  Over the past few weeks, many Americans have felt anxiety about their finances and their future.  I understand their worry and their [...]

Here’s what President Bush said at 10:45 AM today in the Rose Garden.
This is really important.
Good morning.  I thank Treasury Secretary Hank Paulson, Federal Reserve Chairman Ben Bernanke, and SEC Chairman Chris Cox for joining me today.
This is a pivotal moment for America’s economy.  Problems that originated in the credit markets — and first showed [...]

The President will speak at 10:45 AM.  I’ll send his remarks soon after he has spoken.  Here’s what Secretary Paulson said shortly after 10 AM this morning.
Last night, Federal Reserve Chairman Ben Bernanke, SEC Chairman Chris Cox and I had a lengthy and productive working session with Congressional leaders.  We began a substantive discussion on [...]