Sunday, November 30, 2008
Saturday, November 29, 2008
Friday, November 28, 2008
Thursday, November 27, 2008
Wednesday, November 26, 2008
If you don't know the answers then hire people that do, or at least the best folks you can get your hands on to at least ARTICULATE what you are trying to do. In this the Bush Administration has been a total failure.
"The Department of Economics is a jewel in the crown of the University of Massachusetts at Amherst...It has a highly distinguished faculty working within several different traditions in economics: Marxian, post-Keynesian, institutionalist, historical, non-Marxian radical political economy, and feminist economics. Many members of the faculty enjoy national and international reputations for the quality, originality, and relevance of their work. " Relevance of their work?
Tuesday, November 25, 2008
Here are two guys trying to plant an improvised explosive device underneath the road in Iraq. Trouble is, a U.S. military drone has spotted them in the still of the night. I remember Mother always telling me never to play in the road. Some boys just won't listen to Mama.
Monday, November 24, 2008
And this is what is coming...more and more of bureaucrats spending other people's money on somebody else. The video is not great but the audio drives home the point.
Sunday, November 23, 2008
Saturday, November 22, 2008
Friday, November 21, 2008
Thursday, November 20, 2008
Wednesday, November 19, 2008
Six minutes to make you much smarter...I'll drink to that. (Be mildly patient...it takes a few seconds to load the video...not too long)
Crisis explainer: Uncorking CDOs Marketplace Off Air Marketplace from Americ
In general this is a fabulous resource for the current financial mess (from guess who? Phil Rothman) http://baselinescenario.com/financial-crisis-for-beginners/ .
Tuesday, November 18, 2008
Monday, November 17, 2008
Here is a very good presentation of the issues involved in this matter (thanks again to W. Douglas McMillin)
Sunday, November 16, 2008
Cool eh? We'll get back to work tomorrow.
Saturday, November 15, 2008
Friday, November 14, 2008
Thursday, November 13, 2008
This ladies and Gentlemen is John Cochrane. They don't come any better than this guy. Read this and you will know what to think.
Wednesday, November 12, 2008
Robert Samuelson is now sounding the alarm regarding deflation. That is total and utter economic rot. Deflation is the easiest thing in the world to fix. Don't believe it? Then tell me the Fed could buy up all the assets in the world and not cause inflation and then you'd be right. Of course, it is utter nonsense. I have a lot of respect for the writings of Robert Samuelson. Here he is dead wrong. And so are people who speak of "the liquidity trap." It shows a confusion between nominal and real quantities. But they neither know it nor admit it.
And if you think Ben Bernanke is going to preside over deflation, you are http://www.youtube.com/watch?v=qFx7xNPP8bQ
Me: Could another Great Depression happen?
Abramovitz : My own sense of the matter is that the severity and length of the Great Depression of the 1930s could not happen again in the economy we know today. But serious reversals, lesser in magnitude, more transcient than the Great Depression, I certainly think are possible. And who can forecast how the underlying features of the economy will change over time? It may make us more vulnerable to great disasters we can't evnvision now.
I don't want to rattle anyone but would the subprime garbage we built our financial system on qualify?
Tuesday, November 11, 2008
Foreclosure is expensive and begets more foreclosure as property values plummet more, bring on more default and take your neighbor out as the neighborhood dries up. Read the link below about how to stop this vicious cycle.
Their story is known to all of you. It is the story of the American man at arms. My estimate of him was formed on the battlefields many, many years ago, and has never changed. I regarded him then, as I regard him now, as one of the world's noblest figures; not only as one of the finest military characters, but also as one of the most stainless.
His name and fame are the birthright of every American citizen. In his youth and strength, his love and loyalty, he gave all that mortality can give. He needs no eulogy from me, or from any other man. He has written his own history and written it in red on his enemy's breast.
Your guidepost stands out like a tenfold beacon in the night: Duty, Honor, Country.
You are the leaven which binds together the entire fabric of our national system of defense. From your ranks come the great captains who hold the Nation's destiny in their hands the moment the war tocsin sounds.
The long gray line has never failed us. Were you to do so, a million ghosts in olive drab, in brown khaki, in blue and gray, would rise from their white crosses, thundering those magic words: Duty, Honor, Country.
This does not mean that you are warmongers. On the contrary, the soldier above all other people prays for peace, for he must suffer and bear the deepest wounds and scars of war. But always in our ears ring the ominous words of Plato, that wisest of all philosophers: "Only the dead have seen the end of war."
The shadows are lengthening for me. The twilight is here. My days of old have vanished - tone and tints. They have gone glimmering through the dreams of things that were. Their memory is one of wondrous beauty, watered by tears and coaxed and caressed by the smiles of yesterday. I listen then, but with thirsty ear, for the witching melody of faint bugles blowing reveille, of far drums beating the long roll.
In my dreams I hear again the crash of guns, the rattle of musketry, the strange, mournful mutter of the battlefield. But in the evening of my memory I come back to West Point. Always there echoes and re-echoes: Duty, Honor, Country.
Today marks my final roll call with you. But I want you to know that when I cross the river, my last conscious thoughts will be of the Corps, and the Corps, and the Corps.
I bid you farewell. "
Monday, November 10, 2008
Joe Biden thinks there is going to be a test of a President Obama within the first 6 months of taking office. I think he is 100% right. If John McCain would have said this he would have been labelled a fear monger.
Hey Joe said it not John. He'll have lots of opportunity to show that spine of steel. Let's hope Biden is right, that Obama has one, for your safety and mine. Don't look at this as an indictment. Look at this as a punch list of what can go so very wrong. So Joe, let us count the
Sunday, November 9, 2008
We;ll get back to business tomorrow.
Saturday, November 8, 2008
Thursday, November 6, 2008
Read this from Harry Markovitz, Nobel Laureate. Without transparency in risk and pricing of assets, nothing else matters.
Wednesday, November 5, 2008
Tuesday, November 4, 2008
Monday, November 3, 2008
From my colleague Phil Rothman:It may take some effort to get through this article. But if you do go through it you will be richly rewarded and ahellofalot smarter when you are done. This is not nutty professor stuff....The upshot: When household income statistics are corrected for 1.) total household compensation (that is, including employer-provided health benefits since these are the fastest rising source of worker compensation) and not just measured by wages 2) changes in household composition since married couples are less and single households more than 30 years ago and 3) using better measures of inflation, the middle class did very well over the last 30 years and shared handsomely in our expanding economic pie. This is the type of economic scholarship that really makes a difference. This is also the type of thinking that can stop us from adopting policies that produce a zero-sum economy where the main goal is not to grow the economy and then share but rather just to confiscate what someone else makes and then give it away. This is what Europe does and is why they have such pathetic economies. We can have that too and real quick believing that the rich are the ones who grab all the gains. Believe that if you like. This article shows that is boulderdash!
Sunday, November 2, 2008