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"The problem with socialism is you eventually run out of other people's money" - Margaret Thatcher "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design" - F.A. Hayek
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About Me
- Randall Parker
- I am a Professor of Economics at East Carolina University in Greenville, NC. My research focuses on macroeconomics and economic history in general and the economics of the Great Depression in particular. I have authored two books, Reflections on the Great Depression and The Economics of the Great Depression: A Twenty-First Century Look Back at the Economics of the Interwar Era and edited The Seminal Works of the Great Depression. I am currently working on my fourth book Interwar Historical Antecedents of Modern Inflation Targeting and I am the co-editor (with Robert Whaples) of The Handbook of Major Events in Economic History and The Handbook of Modern Economic History. I have also traveled the country giving speeches on the state of the macroeconomy and other economic issues to many trade and business associations. When I am not thinking about the economy I am either chasing ducks, handicapping horses or arranging a fine dining experience. Lastly, the opinions expressed on this blog are mine alone and do not reflect upon East Carolina University in any way or manner, in whole or in part, now and forever more under the canopy of heaven.
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2 comments:
I am not rendering an opinion on the merits of the investment policy statement for the (IPS) PBGC. However, they should either follow the IPS and invest the stated 45% into public equities or change the IPS to a more conservative allocation. Failure to follow the IPS could have serious consequences. I know most people are thinking litigation if an investment committee loses too much money but there is quite a bit of liability or culpability in the situation of a market increase and an under allocated equity portfolio. It would be a real shame to have a bail out because the portfolio failed to have enough return when the IPS authoized the eqity asset class. Talk about rock and a hard place.
Ugh. Citi caved - judges can now cram down the mortgages of their customers. It's already being used to bolster a national 'cram down' plan that will be inserted in the stimulus plan.
Higher interest rates on mortgages! Yay!
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