Submitted by Econbrowser
Various individuals have argued for drilling in the Outer Continental Shelf (OCS) as a means to affect the price of oil. This is true despite this recent assessment by the Department of Energy’s Energy Information Administration, the Federal Government’s nonpartisan analytical group on energy issues. From Annual Energy Outlook related analyses (June 2007):
The […]

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Submitted by Businomics Blog
Ed Leamer of UCLA has a very interesting discussion that relates directly to my recent post asserting that we probably weren’t in a recession.  Here’s the abstract of his paper:
Monthly US data on payroll employment, civilian employment, industrial
production and the unemployment rate are used to define a simple recession dating
algorithm that nearly […]

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Submitted by Businomics Blog
If I were an economic advisor to a presidential candidate, I couldn’t say it:  The economy may not be in recession.
The generally acknowledged decider is the Business Cycle Dating Committee of the National Bureau of Economic Research, a non-profit organization.  They look at four coincident indicators, plus other indicators that the individual […]

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Submitted by unsettling economics
Stephen Mihm’s article on Nouriel Roubini reported:
“A recent study looked at “consensus forecasts” (the predictions of large groups of economists) that were made in advance of 60 different national recessions that hit around the world in the ’90s: in 97 percent of the cases, the study found, the economists failed to predict […]

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Submitted by unsettling economics
Charles Murray has an incredible proposal in Wednesday’s Wall Street Journal. He wants to do away with most undergraduate education. This idea seems quite popular at the time — at least Murray’s time. One of his colleagues, had a similar idea:
“Can there be any thing more ridiculous, than that a father should […]

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Submitted by CARPE DIEM
Jon Tennett loves to tinker in his garage. It’s not an uncommon pastime for an 81-year-old man, but what is unusual is the city’s response.
Because Tennett fixes his neighbours’ lawn mowers and other small machines, the city of Pickering, Ontario has charged him with operating an illegal business - even though he’s […]

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Submitted by CARPE DIEM
Ebay listing.

Newspaper story.

Over the years, the truck has had 4 radiators, 3 gas tanks, 5 transmissions, 6 water pumps, 6 alternators and 2 power steering pumps — probably $40,000 worth of work including routine maintenance and tires — but the engine is still original.
HT: Sanil Kori
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Submitted by CARPE DIEM
Link.
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Submitted by CARPE DIEM
Current Intrade.com odds for GOP VP (last trade):
Romney: 25.2%
Pwalenty: 25%
Ridge: 10%
Palin: 10%

Current Intrade.com odds for Dem VP:
Bayh: 27.8
Biden: 25%
Clarke: 17%
Kaine: 13.9%
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Submitted by CARPE DIEM
So far, the top 20% of the teams earning at least one medal (12 out of 59) have earned 78.4% of the gold medals in the 2008 Summer Olympics, and 71% of the total medal points.
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Submitted by CARPE DIEM
The U.S. dollar index (major currencies) ended the week at close an 11-month high, the highest level since mid-September 2007 (see graph above).
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Submitted by CARPE DIEM
Top 10 Interesting Facts about the most plugged-in gathering in Republican history, and its host cities of Minneapolis-St. Paul for the 2008 Republican National Convention (September 1-4):
1. This is the first time since 1928 that the candidate pool doesn’t include an incumbent president or vice-president (for at least one party).
2. There will […]

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