Archive for August, 2009
« Previous EntriesLetter to a Portuguese Journalist
Submitted by unsettling economics
I was just asked some questions by a Portuguese journalist. Here is my response:
click here
letter-to-a-journalist
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Confiscation of American Prosperity — Chapter 1
Submitted by unsettling economics
In light of the discussion about who predicted the Depression, I thought that I would post the first chapter of The Confiscation of American Prosperity: From Right‑Wing Extremism and Economic Ideology to the Next Great Depression
click below
chapter-1
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EXPERIMENTING WITH NEGATIVE INTEREST RATES
Submitted by The Capital Spectator
As the world’s original central bank, it’s fitting that Sweden’s Riksbank has become the first to breach the zero-bound line by lowering one of its key interest rates to negative 0.25% since July 8.
The drop in the price of money below zero is reportedly the first of its kind. The dip [...]
IS THIS WHAT ECONOMIC ANEMIA LOOKS LIKE?
Submitted by The Capital Spectator
Personal consumption expenditures rose by 0.25% last month, which looks encouraging on the surface, in part because it’s the third straight month of gains, albeit modest gains. The superficial message appears to be that the consumer is repairing his capacity and willingness to spend.But this is premature.
The government’s stimulus efforts remain [...]
$9 trillion– what, me worry?
Submitted by Econbrowser
Paul Krugman may not be that concerned by the Obama administration’s new projection that the unified federal budget deficits will sum to $9 trillion dollars over the next 10 years. But I am.
Here’s the argument Paul Krugman gave for why $9 trillion maybe isn’t as huge a sum as it sounds:
even if we [...]
I Am Even More Confused Now…
Submitted by Econbrowser
By Richard Posner’s math…On August 25th he wrote, regarding Dr. Romer’s August 6 speech:
The figure of $60 billion of $61 billion is too high. According to recovery.gov, the $61 billion figure is as of last week–seven weeks after the end of the second quarter. Since the rate of stimulus expenditures is said to [...]
Investor Optimism Rises to Highest Level of 2009
Submitted by CARPE DIEM
PRINCETON, NJ – Consistent with Gallup’s Consumer Confidence measure and the continued strong performance of the equity market, the Gallup Index of Investor Optimism — a broad measure of investor perceptions — in August hit a new 2009 high of 9. This represents a 12-point increase from July and is the first [...]
Capitalism: A Love Story
Submitted by CARPE DIEM
Peter Schweizer: Michael Moore is constantly trying to prove his and the Left’s moral superiority, so he says things about himself that are patently not true. He’s pathological about it. How else to explain that he’s loudly proclaimed no less than three times that he doesn’t invest in the stock market because [...]
Era of Citing Adults for A Victimless Crime Is Over?
Submitted by CARPE DIEM
DENVER - A city panel in charge of overseeing marijuana possession crimes in Denver recommended on Wednesday that the fine for possession be set at $1. If Denver’s presiding judge accepts the recommendation from the Denver Marijuana Policy Review Panel, the fine would be the lowest in the entire nation for marijuana [...]
Youth Jobless Rate Hits Record July High of 18.5%
Submitted by CARPE DIEM
BLS — The youth unemployment rate (the unemployment rate for 16 to 24 year olds) was 18.5% in July 2009, the highest July rate on record for the series, which began in 1948 (see chart above).
Additionally, the male (19.7%) - female (17.3%) jobless rate gap of 2.4% in July 2009 for [...]
Maximum SS Taxes Have Increased 4X Since 1970
Submitted by CARPE DIEM
The chart above is based on Social Security Administration data here for maximum taxable Social Security earnings, and here for the tax rates for Social Security’s Old-Age, Survivors, and Disability Insurance (OASDI) and Medicare’s Hospital Insurance (HI), and shows the maximum annual taxes payable from 1937 to 2009. The annual tax [...]
“Kennedy” Once Meant Supply-Side Tax Cutter
Submitted by CARPE DIEM
His name was Kennedy. He was the preeminent figure in the Democratic Party. And he was a resolute supply-side tax-cutter.
“It is a paradoxical truth,’’ he once told the Economic Club of New York, “that tax rates are too high today and tax revenues are too low and the soundest way to [...]
Quote of the Day: You Tell Me The Rules…..
Submitted by CARPE DIEM
Most of economist Armen Alchian’s work in property rights can be summed up in one sentence:
“You tell me the rules and I’ll tell you what outcomes to expect.”
Originally posted at Carpe Diem.
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How Long Does A Top Athlete Work For $100,000?
Submitted by CARPE DIEM
According to the latest figures from the U.S. Census Bureau, it takes an average U.S. citizen a shade under four years to earn $100,000. Alex Rodriguez does it in six pitches.
Ben Roethlisberger of the Pittsburgh Steelers may have him beat. If you include his signing bonus, Mr. Roethlisberger brought in 100 [...]
Markets in Everything: Coupons on Your Cell Phone
Submitted by CARPE DIEM
Coupons You Don’t Clip, They’re Sent to Your Cellphone
Originally posted at Carpe Diem.
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Value of U.S. Currency in Circulation
Submitted by CARPE DIEM
Note the difference in life expectancy between $1 bills (1.8 years) and $5 bills (1.3 years, less than the $1 bill) and $100 bills (7.4 years).
From Visual Economics.
Listen to bluesman Little Walter sing about them “Dead Presidents.”
Originally posted at Carpe Diem.
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Weather Supercomputer Predicts Climate Change, But Ironically It’s One of Britain’s Worst Polluters
Submitted by CARPE DIEM
The machine pictured above was hailed as the ‘future of weather prediction’ with the ability to produce more accurate forecasts and produce climate change modelling. However, the Met Office has now been named as one of the worst buildings in Britain for pollution - responsible for more than 12,000 tons of carbon [...]
Markets In Everything: A U.S. Call-Center That Pays $100K a Year And Has Doubled Workforce in Ohio
Submitted by CARPE DIEM
BUSINESS WEEK — Consider iQor, a call center and business process outsourcing company based in Columbus, Ohio, that’s increased revenues at a 40% clip for the past four years. It’s done this primarily by expanding its U.S. operations. IQor also gives its U.S. employees universal health insurance, and pays salaries and bonuses [...]
Coupon Queen: $279 of Groceries For Only 39¢
Submitted by CARPE DIEM
Mom Feeds Family For Under $10 A Week
Isn’t this just the epitome and apotheosis of “consumer greed?”
Originally posted at Carpe Diem.
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New Age of Cheap Energy Approaches: A Tribute to the Virtues of Markets, Free Trade and Capitalism
Submitted by CARPE DIEM
UK Telegraph — We have all become so used to reading that the end of the world is nigh that we tend to close our eyes and stick our fingers in our ears when there is evidence to the contrary. So you have probably missed one of the biggest pieces of good [...]
Markets in Everything: College-Themed Caskets
Submitted by CARPE DIEM
Taking School Spirit to the Grave
NEW YORK – If you thought school spirit meant just plastering your college bumper sticker on your car, think again. These days, devoted alumni and fans of their college team can show their undying school spirit — in a college-themed casket.
“I don’t think any of us can [...]
Markets in Everything: Direct Purchase of Drugs
Submitted by CARPE DIEM
WSJ – Walgreen Co. will offer prescription drugs directly to Caterpillar Inc. for workers and retirees starting Jan. 1, expanding an unusual approach to cutting corporate health-care costs and improving efficiency.
When Caterpillar is buying drugs, the agreements will allow it to bypass pharmacy benefits managers, or PBMs, the managed-care companies that most [...]
Best Six-Month Stock Market Rally Since 1933
Submitted by CARPE DIEM
From the early March lows, the Dow Jones Industrial Average has seen a spectacular rise of about 45%, marking the best six-month stock market rally since January of 1933 (see chart above).
HT: Drudge Report.
Originally posted at Carpe Diem.
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ECRI: Double-Dip Recession “Out of the Question”
Submitted by CARPE DIEM
NEW YORK (Reuters) - A weekly measure of future U.S. economic growth slipped in the latest week, though its yearly growth rate surged to a 38-year high that suggests chances of a double-dip recession are slim. The Economic Cycle Research Institute said its Weekly Leading Index for the week to August 21 [...]
Markets In Everything: Hourly Car Rental Takes Off
Submitted by CARPE DIEM
Embedded video from CNNMoney Video
FORTUNE — For drivers who already share movies via Netflix and stream music rather than buying CDs, the idea of sharing a car is the natural extension of a hip, financially smart, and environmentally conscious urban lifestyle.
After all, drivers who give up their cars and switch to Zipcar [...]
