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Hall of Mirrors: Jim Grant on the "Paper Moon", No Price Discovery Economy; Psychology of Bubbles

Reason TV had an excellent interview with Jim Grant, editor of Grant's Interest Rate Observer on the recent stock market turmoil. Grant says The Fed Turned the Stock Market Into a 'Hall of Mirrors'.“Confoundingly to me, people have come...Show More Summary

Benn Steil, Also Headlining the APP Goldbug-Grifter Conference Down-Valley, Is Not a Liar. But He Is a Maroon

Live from Jackson Hole 2015 Weblogging: We of [What Recovery?](http://whatrecovery.org) and all of our friends at the [Federal Reserve Bank of Kansas City Economic Policy Conference and Drinking Party](https://www.kansascityfed.org/publications/research/escp) are not the only people up in Jackson Hole this week. Show More Summary

To Log or Not to Log, Part V

The Shanghai stock market has undergone some wild gyrations over the last year… and back in 2008. Following up on To Log or Not to Log, Part IV: Here’s the picture, as usually depicted. Figure 1: Shanghai composite stock market index, end of month close. Source: Quandl. The movements look a bit different (but still […]

Durable Goods Orders Surprise to Upside, Led by Autos

Durable goods orders surged in July, beating the top-end of Bloomberg Consensus Estimates. Despite the surge, year-over-year orders are still in the red. Exports have been weak but they didn't hold down July's durable orders which, for a second straight month, are strong, and strong nearly across the board. Show More Summary

What Evidence Did the Fed Have That the Economy is Picking Up?

The NYT told readers: "The Federal Reserve has said that it expects to raise interest rates sometime soon, given evidence over the last year that economic growth is picking up." This undoubtedly had people wondering what the paper could have in mind. Show More Summary

Whose Recovery? Possible Slides for Jackson Lake Lodge/Grand Teton Teach-In

[Over at Equitable Growth:][1] Note to Self: Several points to try to hit this week in Jackson Hole: The Federal Reserve was supposed to be a people's central bank. The desire to make it a people's central bank was behind the pre-World War I democratic progressive rejection of the Aldrich plan--written by John D. Show More Summary

Pumping Air Into A Flat Tire? China Lowers Rates, Shanghai Composite Drops 7.63 Percent

China’s Central Bank, The Peoples’ Bank of China, is trying to fight the dramatic drop in their stock market but lowering rates. The post Pumping Air Into A Flat Tire? China Lowers Rates, Shanghai Composite Drops 7.63 Percent appeared first on The Wall Street Examiner. Show More Summary

New Uber Service Sounds Suspiciously Like a Bus

Uber is testing a new feature, “Smart Routes,” in San Francisco. Smart Routes is the latest addition to UberPool, the truest “ridesharing” option under Uber’s umbrella of on-demand services, since it actually involves sharing and splitting a car with another person who happens to be traveling your way. Show More Summary

Fed on horns of not-so-bullish dilemma: markets or economy?

The Federal Reserve increasingly looks stuck on the horns of a not-so-bullish dilemma: should it pay attention to global developments in financial markets, which argue for pause, or should it focus squarely on U.S. economic data, which suggest the time is nigh to hike?

Noted for Your Morning Procrastination for August 25, 2015

Must- and Should-Reads: Federal Reserve Bank of Kansas City: [Economic Policy Symposium Proceedings](https://www.kansascityfed.org/publications/research/escp) Must-Read: Paul Krugman: [Rate Hike Fever](http://equitablegrowth.org/?p=13061)Must-...Show More Summary

Ukraine’s debt negotiations are reaching a conclusion

AFTER months of talks, markets are expecting an announcement soon about the resolution Ukraine's debt crisis. On August 24th news leaked that Ukraine and its creditors had agreed to a 20% haircut on $19 billion-worth of debt (the rumours have not been confirmed). Show More Summary

Rogoff on China: Was Mr. 90 Percent Right Again?

Andrew Ross Sorkin seems prepared to pronounce Ken Rogoff to be prescient once again with his prediction that China would run into a debt crisis. Rogoff's past claims to prescience might be viewed as somewhat questionable. He, alongShow More Summary

Former franchisee alerted Subway about Jared Fogle, lawyer says

Subway has said it does not have a record of the complaints by former franchisee; lawyer says client told Subway that Fogle talked about sex with minors

Facebook reaches milestone with 1 billion users in a single day

CEO of Facebook Mark Zuckerberg announced that for the first time ever, 1 in 7 people in the world used the social networking site in one day

Gap bows to pressure to end on-call scheduling

Probe found that major retailers often notified workers of their shifts only hours before they were supposed to start

MBA on Housing Demand from 2014 to 2024

The Mortgage Bankers Association released a new report this week: Demographics and the Numbers Behind the Coming Multi-Million increase in Households by Lynn Fisher and Jamie Woodwell.The report has some great section titles such as "Demographics is Destiny" and "35 is the new 25". Show More Summary

Jackson Hole 2015 Weblogging: Steve Lonegan Once Again

We of [Whose Recovery?](http://whatrecovery.org) and all of our friends at the [Federal Reserve Bank of Kansas City Economic Policy Conference and Drinking Party](https://www.kansascityfed.org/publications/research/escp) are not the only people up in Jackson Hole this week. Show More Summary

Has Amazon hung up the Fire Phone?

After smartphone proves a dud, online retailer may be scaling back its hardware ambitions

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