Was Raising Rates a Yuge Mistake?*
The recent market jitters have a lot of people saying that the Fed might have made a yuge mistake by raising rates. I’ve been a vocal proponent against raising rates, but I am not convinced that this...
View ArticleFiscal Policy Has Failed the US Economy
The story of the post-crisis economic period is simple: The housing boom left the household sector mired in a deep debt hole. This was further exacerbated by the leverage Wall Street added on top of...
View ArticleWe’re in Uncharted Waters
Last year I expressed the concern that the global economy of the future might be excessively influenced by a black box economy – China. But as 2016 has picked up the turmoil that 2015 started, it’s...
View ArticleBernie Sanders and the Santa Claus Growth Plan
Drama. Major drama in political economics. In case you haven’t been paying attention: Gerald Friedman released some estimates about the Bernie Sanders growth plan with an expected 5.3% GDP. You can...
View Article“Heterodox” Economics is not so Heterodox Anymore
Noah Smith says that “heterodox” economics is occult (mystical) because someone in his Twitter feed was bothering him.¹ Noah also says there just isn’t any accessible research on heterodox economics.²...
View ArticleWhy Has Heterodox Economics Become Orthodox on Wall Street?
I recently noted that heterodox economics is not so heterodox anymore.¹ There’s been a growing trend, especially on Wall Street, in the use of heterodox economic models and particularly Post-Keynesian...
View ArticlePassive Investing isn’t Hurting the Economy
The new sales pitch for the high fee active manager goes something like this: “passive investing has gotten so large that this creates greater opportunities for us to take advantage of these...
View Article“Heterodox” Economics is not so Heterodox Anymore
Noah Smith says that “heterodox” economics is occult (mystical) because someone in his Twitter feed was bothering him.¹ Noah also says there just isn’t any accessible research on heterodox economics.²...
View ArticleWhy Has Heterodox Economics Become Orthodox on Wall Street?
I recently noted that heterodox economics is not so heterodox anymore.¹ There’s been a growing trend, especially on Wall Street, in the use of heterodox economic models and particularly Post-Keynesian...
View ArticlePassive Investing isn’t Hurting the Economy
The new sales pitch for the high fee active manager goes something like this: “passive investing has gotten so large that this creates greater opportunities for us to take advantage [ … ] The post...
View ArticleHow Bond Vigilantes Really Think
Discussions on interest rates tend to fall into two camps – the state based view and the market based view. The state based view says that the government can always [ … ] The post How Bond Vigilantes...
View ArticleGovernment Bond Markets Aren’t “Free” Markets
This is one of those posts that is operational in nature, but will sound political to some people. Before you send me a mean email please try not to politicize [ … ] The post Government Bond Markets...
View ArticleLet’s Talk Some More About Assflation
One of the persistent themes since 2008 is the theory that there has been excessive “asset price inflation”. I’ve talked about this quite a bit before, but it is worth [ … ] The post Let’s Talk Some...
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