Crucible

…so the air conditioner failed on Saturday, and Sylvia and I had an absolutely horrific weekend — so hot, and so humid. I’ve never seen the cats flatter — stretched out for maximum surface area. Our fluffy cat, “Bitey” (possibly the smartest of the lot, and certainly the fluffiest) quickly learned to hang out in […]

It Ain’t Over

There is a Barron’s columnist, Alan Abelson, whom I absolutely adore. He’s ironic — sarcastic, even — and is properly wary when Bear Markets are stalking around. Back when the dot.bomb bubble was rising, and then falling, he couldn’t have been more (rightly) sardonic about the Glory of the New Economy. And he’s often been […]

‘This American Life’ on the Global Credit Crisis

From This American Life, the first explanation of the sub-prime mortgage meltdown that finally made me understand why it happened. The short answer: too much money chasing too few good investments (operating, I can’t help but add, in a lax regulatory environment). It’s a gripping story, filled with debauchery, jargon, and really, really bad math: […]

Housing Price Bust Still Has a Long Way To Go

From The Economist: By most measures, prices are still above the levels implied by the fundamentals. Using a model that ties house prices to disposable incomes and long-term interest rates, analysts at Goldman Sachs reckon that the correction in national house prices is only halfway through. They expect an 18-20% correction overall, or another 11-13% […]

Robert Reich on the Summer Gax Tax Holiday

Former Clinton Secretary of Labor Robert Reich weighs in on the odious Summer Gas Tax Holiday proposal supported by Hillary Clinton and John McCain: The gas tax holiday is small potatoes relative to everything else. But it’s so economically stupid (it would increase demand for gas and cause prices to rise, eliminating any benefit to […]