What did they know?

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Finger-pointing about the economic crisis won’t get us out of it, but Congressional hearings aim to provide some clarity around the latest analysis of the Lehman Brothers collapse and the SEC fraud charges against Goldman Sachs.

The NewsHour’s Rundown blog polled leading economists on what they would ask Treasury Secretary Tim Geithner and Federal Reserve chair Ben Bernanke ahead of the hearings.

Some of their responses:

Mark Calabria – director of financial regulation studies at the Cato Institute
Chairman Bernanke: If Lehman had been rescued what would be different today? Would employment be any higher or credit more widely available?
Russ Roberts – J. Fish and Lillian F. Smith Professor of Economics Chair, Mercatus Center, George Mason University
I would ask Ben Bernanke: What would have happened had you let Bear Stearns go bankrupt? How would that have changed Lehman’s behavior between March and September of 2008? What evidence is there that the bankruptcy of Bear Stearns would have had systemic effects?

WNYC’s The Takeaway had New York Times reporter Louise Story explain the Goldman Sachs fraud suit.

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In December, Story reported on how Goldman and other banks bet against collateralized debt organizations (CDOs), which may have worsened the housing crisis.

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What questions would you ask the Geithner and Bernanke about the financial crisis and bank regulation?

Art and taxes

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The forms we get from the IRS aren’t what anyone would call inspiring works of art. But the concept of taxes inspires all kinds of artistic expression around the world.

In the U.K. this week, a new street art campaign was launched by a group called Mutate Britain, in support of a “Robin Hood” tax, charging large corporations more than small ones.

IRS forms may be simple in design, but they provide hours of entertainment as parody. In The New York Times last week, graphic designer Sam Potts shared his rendition of the freelancer’s write-off list.

My personal favorite in Potts’ design?: “If you do not twitter, you do not qualify as a freelancer and may not use this form” (follow us @economystory).

Here’s another link between art and taxes: In Mexico, artists can even pay their taxes with works of art. USA Today reported on a project that’s been around since 1957:

There’s a sliding scale: If you sell five artworks in a year, you must give the government one. Sell 21 pieces, the government gets six. A 10-member jury of artists ensures that no one tries to unload junk.

Under the program, the Ministry of Finance and Public Credit now owns 4,248 paintings, sculptures, engravings and photographs by Diego Rivera, Rufino Tamayo, Leonora Carrington and other masters.

Follow the (tax) money

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Now that you’ve paid your taxes, where is all that money going?

KQED’s YouDecide tool lets you answer a poll about whether your money is being well spent, and shares data about where the money really goes.

It turns out that in three major categories – defense, health care and education – we direct more of our budget than the average member of the Organization for Economic Co-operation and Development (OECD).

So far, 55% of respondents have said that tax dollars aren’t being spent well by the federal government. Add your voice at YouDecide.

YouthRadio’s Making Cents series tackles taxes and gets young people sharing what comes to mind when they hear those letters: I.R.S.

And to lighten up Tax Day a bit, Nightly Business Report has a piece on the pressures of filing taxes. Watch tax experts go head-to-balance sheet in: Iron Accountant.

Eating on a budget

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Meatloaf dinner

Meatloaf dinner

Just the idea of meatloaf conjures an image of TV dinners, Depression-era cookbooks, and eating for cheap. It’s not an inspiring image for a foodie, but I figured there must be a way to make a slightly more modern, healthier version of those dinners and still save money. So last night for my weekly Tuesday dinner club, I decided to make a gourmet version of meatloaf and green peas and add up the total cost.

Here’s what I made with the cost of ingredients:

Last year, The New York Times featured a piece called Fancy Meatloaf in the food section – the author was having Nora Ephron over for dinner—so I knew this was not going to be my mom’s meatloaf with the ketchup and the smiley face made of olives and gherkins. I’m a pretty amateur bread maker, but I wanted to do this whole meal as cheaply and as homemade as possible, so I threw together a loaf of whole wheat bread the night before and let it rise. And how can you have a meatloaf dinner without green peas on the side?

I had the basics already in the fridge (leftover bread, flour, milk, oil, butter, eggs, vinegar, salt and pepper), so adding to that I spent:

For the meatloaf:
1 pound ground chuck (I bought local, non-hormone treated beef): $7.77
1 pound ground veal: $5.64
1 link, hot pork sausage: $1.00
1 cup white wine: $10/bottle (and you can drink it with dinner!)

For the peas:
1 package green peas: $1.19
2 slabs house-cured bacon from the local deli: $2.50
1/2 pound mushrooms: $1.50

For the bread, in addition to the flour, I needed:
1 packet dry yeast: $.75
1 can beer $1.50

TOTAL: $31.85, for a meal that serves about six people. That averages out to just over $5 per serving, including a glass of wine. Not bad!