Collender is better know for his "budget battles" column for the National Journal and for being the most quotable budget guy around. Should be a good read.
Capital Gains and Games | Washington, Wall Street and Everything in BetweenPolicymakers and the financial services community think about each other all [...]
Last year, a historian weighed in on Bush's potential legacy as well. Here's the bit on the economic record....
The Worst President in History? : Rolling StoneThe heart of Bush's domestic policy has turned out to be nothing more than a series of massively regressive tax cuts -- a return, [...]
The "make-work bias" meets energy policy:
Last week I attended an Environmental and Energy Study Institute (EESI) event at the Hart building on “Green Collar Jobs”. The event was co-sponsored by the American Solar Energy Society, which was presenting its study on how many jobs energy efficiency and renewables [...]
Murdoch Sees End to Journal Web Fees
“… we expect to make [wsj.com] free, and instead of having one million [subscribers], having at least 10 million to 15 million [visitors] in every corner of the earth, keeping up-to-date minute by minute with all business and economic news from around the [...]
The largest study on the financial returns of angel investors in North America, released in a new report today by the Ewing Marion Kauffman Foundation and the Angel Capital Education Foundation, [...]
A passage from John Bates Clark's book, The Philosophy of Wealth: Economic Principles Newly Formulated published in 1894. Clark, an American neoclassical economist famous for developing the marginal productivity theory of distribution, was "one of one of the leading figures of the Marginalist Revolution":
CHAPTER XII. THE ECONOMIC FUNCTION [...]
From the Raleigh News and Observer (Report weighs impact of black population):
African-Americans in North Carolina contribute more than $44.7 billion a year to the state's economy through purchases and taxes while costing the state $4.5 billion for health care, education and corrections, researchers said today.
The report was prepared [...]
Here’s a longer term look at Washington Mutual’s dividend yield. I’ve been widely reviled for having recommended WM in the mid-$30s, where I thought it was a bargain and represented good value. Assuming they don’t cut the dividend, Washington Mutual yielding over 10% is, cue Crazy Eddie, an INSANE [...]
Wow!
That was one helluva day:
DJIA: 13,307.09 up 319.54 for 2.46%
Nasdaq: 2,673.65 up 89.52 for 3.46%
S&P 500: 1481.05 up 41.87 for 2.91%
What was this today? A massive over-sold Bear market rally, or is all the bad stuff now out and behind us?
What say [...]
Can we capture the error of "scientism" in a single reminder? Let's give it a try. Here's the reminder: the error of "scientism" arises when a scientist practices "explanation" by the elimination or the forgetting of non-eliminable components of the problem which gave rise to the theoretical constructions of his [...]
Joe Stiglitz nominates Bush for worst president ever on the economy.
The Economic Consequences of Mr. Bush: Politics & Power: vanityfair.comThe Economic Consequences of Mr. Bush The next president will have to deal with yet another crippling legacy of George W. Bush: the economy. A Nobel laureate, Joseph E. Stiglitz, sees [...]
He is certainly my favorite inside-the-beltway budget analyst:
Capital Gains and Games | Washington, Wall Street and Everything in Between: Policymakers and the financial services community think about each other all the time, but neither really understands what the other is doing. This blog, written by Stan Collender, is [...]
What are the respective contributions of national and local factors to recent changes in house prices?
[...]If you spend much of your day trawling through the latest SEC filings, as I do, you'll find a lot of interesting looking companies trading on the pink sheets of the OTC BB exchange.
Here's the latest filing for Dale Jarret Racing Adventure, which is described by Yahoo Finance [...]
I'm not usually one for touchy-feely stuff. I'm an economist, after all. Still, I found this photo of Missouri Tiger head coach Gary Pinkel and his injured star Pig Brown taken on senior day last Saturday moving (from the Maneater via Tigerboard).
A special [...]
As the government and opposition compete to see who can add the most complexity to the federal tax-spending churn, Rupert Murdoch suggests an alternative approach:
Mr Murdoch, the chairman and chief executive of News Corporation, owner of The Australian, said: “We are very lucky in Australia, there are [...]
Bloomberg is running a story headlined "A $45 Billion Writedown Won't Stop Wall Street Profit", saying that Wall Street is poised to have its second-most-profitable year on record, despite those $45 billion in writedowns:
Amid the gloom, analysts estimate New York-based Goldman Sachs Group Inc., Merrill, [...]
Tim's post on the top environmental economist in the country, Rob Stavins, led me to comment:
Wow, that really opens up a can of worms.
Who is the best environmental economist in the country?
And I hate to comment on Tim's posts. It makes him think himself clever.
It also made [...]
Summary : writedowns $3 billion , writeups $ 16 billion
Calculated Risk :Bank of America sees $3 bln in CDO mark-downs.
TheStreet.com : BofA Braces for Big Hit (True… but not what you think)
The second-largest U.S. bank’s chief finance officer, Joe Price, said Tuesday that BofA could face [...]
Wearing black dress socks that have lost their elastic with one's best suit is not recommended unless one has much prettier ankles than I do.
UPDATE: Profgrrrl has more serious problems
Paul Krugman writing in Economic Policy estimates that at a real dollar depreciation rate of 2% per year the US is headed for a steady-state capital-account position of -15 months' GDP, and that at a rate of 4% per year is headed for -7 months' GDP. Yet foreigners--both private and [...]
Berkeley sentence of the day:
Let's go to Espresso Experience next to Musical Offering: Foucault always liked to go there...
Winston Churchill, May 11, 1943:
Never forget that there are 185 German divisions against the Russians.... We are not at present in contact with any.... We cannot afford to have idle armies while the Russians are bearing such a disproportionate weight...
From Rick Atkinson (2007), The Day of Battle
Via Greg Mankiw, an interesting paper by Harvard PhD student, Noam Kirson, that identifies a correlation between female labour force participation and poor health outcomes, especially, for death from heart disease, for both men and women. There are caveats but the result is strong enough to give us [...]
Several friends and journalists have been asking me lately about the fact that the headline betting odds have Labor a 70% chance to win, while the seat-by-seat markets have Labor as favourite in 77 out of 150 seats (see Simon Jackman’s site for current and past odds). As I see it, there are [...]
Gregg Easterbrook, ESPN.com's Tuesday Morning Quarterback and Brookings Institution visiting fellow, mentions "the top environmental economist in the United States" in his Tuesday ESPN column. Unfortunately, it's not John or me. But it is a past (and hopefully future?) Env-Econ contributor: Rob Stavins.
As debate heats up in the [...]
Paulson’s Credit Opportunities Fund
U.S. hedge fund manager Paulson & Co. has turned an investment of almost $500 million at the start of the year into almost $3.6 billion by taking out a form of insurance that started paying out as soon as subprime mortgage securities lost value, investors said.
The [...]
Still catching up (part 2c of my weeklong series, "hey, what did I miss around here"); from the October 23, New York Times, New to being dry, the South struggles to adapt:
The response to the worst drought on record in the Southeast has unfolded in ultra-slow motion. All summer, [...]
I spent more three hours this morning at a debate hosted by the New York City Bar Association which was narrowly focused on a single issue: whether the US government should implement a carbon tax or whether it should go with a cap-and-trade system. I went into [...]
The pure Coase Theorem states that assets (such as domain names) should go to those who value them the most. Thinking about this, Steve Levitt asks:
But there must also be some stark counterexamples in which the Coase Theorem fails. One example is the following: what do you think [...]
Some more chart porn for you Countrywide (CCF) fans: Note the outsized-risk Countrywide was taking as insiders were dumping shares worth $100s of millions of dollars . . .
Blackstone President and Chief Operating Officer Hamilton James said on Monday Blackstone is starting to "go long" the subprime market, after a successful bet against the sector that played out over the last 18 months.
Goldman Sachs maintains a short position in [...]
When it comes to Hillary Clinton, the national media have flagrantly abandoned their duty as a supposedly independent, dispassionate press. They have shamelessly served as cheerleaders for Mrs. Clinton from the moment she emerged on the national scene [...]
Part 2b of my weeklong series, "hey, what did I miss around here"; awhile back at the Daily Grist:
President Bush this weekend speechified and photo-op'ed for the environment, specifically courting the hunting and angling crowd through a fishing trip and wildlife refuge visit touting an executive order for sport [...]
Does Rupert Murdoch think he can double or even treble the number of visitors to WSJ.com if when he makes the site free? Don't be silly. He's much more ambitious than that:
Rupert Murdoch, the chairman of the News Corporation, said today that he intended [...]
United States | ||
Estimate | Margin of Error | |
Median value -- |
|
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Total: | 185,200 | +/-489 |
Median value for units with a mortgage | 208,000 | +/-379 |
Median value for units without [...] Posted: November 13, 2007, 12:29pm EST by CalculatedRiskTim Worstall
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