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Monday, November 21, 2011

Thursday, November 17, 2011

Friedman wins this one.


Here is the transcript of a debate between Milton Friedman and Rober Mundell from May 2001. Read section III where Mundell lauds and Friedman says "not-so-fast" re: the Euro and its future viability and longevity. Friedman wins this one.

Hats off to the great Dr. Rothman who is so very helpful to this blog.




http://www.irpp.org/po/archive/may01/friedman.pdf

Sunday, November 13, 2011

Breeders' Cup 2011 @ Churchill Downs.



The shiny, happy winners from the left, bottom row: my nephew Rick and his wife Meagan, Victoria Vaughn with husband Francis Vaughn ECU Wall of Fame member and Class of 1991, my sister-in-law Ginger and my brother Richard. Back Row: my wife Monica and me.

Kings and Queens for a day! Let's do the Riddler Dance one more time.....

video

Thursday, November 10, 2011

Happy Birthday U.S. Marine Corps


Happy Birthday to all my dear Devil Dog friends both here and overseas, active and honorably discharged. Have a great Marine day and Semper Fi.

Watch this tough Leather Neck...



video

GENERAL WILSON'S BIRTHDAY TOAST
On the occasion marking the birthday of the US Marine Corps, 1978, onboard
Camp LeJeune, and in the presence of several thousand Marines and their
ladies, General Louis H. Wilson, CMC, arose to deliver his long awaited
address to the troops. He approached the rostrum, nodded to the CG's
(Base, FSSG and Division) and proceeded to explain to the captive masses
that he would be short on words that night - then turned to his bride, took a
glass and, amid absolutely DEAD SILENCE, offered this toast - and
promptly SAT DOWN.


LOVE
THE WONDERFUL LOVE OF A BEAUTIFUL MAID,
THE LOVE OF A STAUNCH TRUE MAN,
THE LOVE OF A BABY, UNAFRAID,
HAVE EXISTED SINCE TIME BEGAN.
BUT THE GREATEST OF LOVES,
THE QUINTESSENCE OF LOVES,
EVEN GREATER THAN THAT OF A MOTHER,
IS THE TENDER, PASSIONATE, INFINITE LOVE,
OF ONE DRUNKEN MARINE FOR ANOTHER.


THE WHOOPIN AND HOLLERIN WENT ON FOR A GOOD TEN MINUTES
HAPPY BIRTHDAY AND SEMPER FIDELIS

Saturday, November 5, 2011

Winner Winner Chicken Dinner!!!

HOOOOORAY!!!!!! Hit the early pick 4, the $3 pick 3 and a $6 daily double into race 7 yesterday. Walked away a total winner! For all you horse players out there, I had to have my picture taken by the Feds before they would cash the ticket. You know what that means. BTW, I probably processed at least 30,000 and maybe as much as 50,000 independent points of data on the racing form for the Friday and Saturday racing cards. It's a tough business, but God help me I love it so. I even did the Riddler Dance after the seventh race. See the video below. I learned it from Marshall Gramm.





OK all you degenerate horse players out there, time once again for Professor Trackman's rules of horse race gambling. I have purchased these with blood and treasure. I give them to you free: 1. Do your handicapping for yourself. 2. If you can’t take the losses don’t bet. 3. Greed Kills. 4. Winners correct their mistakes next time out. Losers bet bigger trying to cover…which will never cover in the end. 5. Never get too high or too low. 6. Scared money don’t win. 7. Women and booze don’t mix with horses. 8. Don’t bet a beaten favorite coming back trying to do something he has never done before, anything. 9. Exotic bets should supplement straight bets and never supplant them. 10. Eat your betting money...but don't bet your eating money. 11. Every time that gate opens, expect to be humbled. Whatever you do this weekend, Good Luck!
video

Tuesday, November 1, 2011

Christina Romer tells Bernanke this is his "Volcker moment".


http://www.nytimes.com/2011/10/30/business/economy/ben-bernanke-needs-a-volcker-moment.html?_r=1

Romer writes that money stock targeting died "because of instability in the relationship between money growth and the Fed’s ultimate objectives." Maybe I missed it but nominal income targeting has the same set of hurdles.


Steve Williamson does not think it is such a hot idea.
http://newmonetarism.blogspot.com/2011/10/christina-romer-on-ngdp-targeting.html