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Greece 10-Year Bond Yield Soars to 9% as Prime Minister's Gambit Explodes; Snap Elections Likely, and Opposition Syriza Would Win

In the last three days, yield on the Greek 10-year government bond soared from 6.6% to over 9% before settling at 8.917%. Prime Minister Antonis Samaras' Gambit Explodes Greek bonds yields had already been climbing with the rise of the radical left Syriza party in recent polls. Show More Summary

'Perspectives on Inequality and Opportunity'

Janet Yellen at the Conference on Economic Opportunity and Inequality, FRB Boston, Boston: Perspectives on Inequality and Opportunity from the Survey of Consumer Finances, by Janet Yellen, Chair, FRB: The distribution of income and wealth in the United States has...

Pain Trade, Treasury Bears, Margin Calls

I have been warning US treasury bears for quite some time, but I now wonder if we have seen a bit of short-term capitulation.Before discussing further, let's first look at a Mish Mailbag. Reader Rob writes... Hi MishI was thinking that margin calls would be made after today and could pull the market down further by Friday. Show More Summary

Paul Krugman: What Markets Will

Market fundamentalists should listen to what markets are saying: What Markets Will, by Paul Krugman, Commentary, NY Times:... We have been told repeatedly that governments must cease and desist from their efforts to mitigate economic pain, lest their excessive...

Market Power, 'the Profits-Investment Disconnect,' and the Mal-Distribution of Income

Maybe we'll finally start discussing something I've been writing about for years with little traction, how market power affects the distribution of income (the disconnect between income and the contribution to final product that occurs when market power exists): The...

'Thoughts on High-Priced Textbooks'

Tim Taylor on why textbooks cost so much: Thoughts on High-Priced Textbooks: High textbook prices are a pebble in the shoe of many college students. Sure, it's not the biggest financial issue they face, But it's a real and nagging.....

'Regret and Economic Decision-Making'

Here are the conclusions to Regret and economic decision-making: Conclusions We are clearly a long way from fully understanding how people behave in dynamic contexts. But our experimental data and that of earlier studies (Lohrenz 2007) suggest that regret is...

'Those Whom a God Wishes to Destroy He First Drives Mad'

Brad DeLong wonders why Cliff Asness in clinging to a theoretical model that has clearly been rejected by the data:... What is not normal is to claim that your analysis back in 2010 that quantitative easing was generating major...

'Understanding Economic Inequality and Growth at the Top of the Income Ladder'

A nice collection of essays on inequality and what can be done about it by Heather Boushey, Emmanuel Saez, Michael Ettlinger, and Fiona Chin: Understanding economic inequality and growth at the top of the income ladder For example, from Saez:...

''The Long-Term Unemployment Rate is NOT 'Sticky' or 'Stubborn'''

Josh Bivens has an adjective quibble: Adjective Quibble: The Long-Term Unemployment Rate is NOT “Sticky” or “Stubborn”: A Wall Street Journal blog post this morning describes an Obama administration initiative to combat long-term unemployment. In the opening sentence, the author...

'Urgent Need to Boost Demand in the Eurozone'

Biagio Bossone and Richard Wood To G-20 Leaders: Urgent Need to Boost Demand in the Eurozone: The economies in the Eurozone are continuing to slide into recession and depression. Senior officials of G-20 countries (including those in Australia, the host...

'Three Hours of Life per Euro'

Public spending increased life expectancy in eastern Germany: Three hours of life per euro, EurekAlert: Public spending appears to have contributed substantially to the fact that life expectancy in eastern Germany has not only increased, but is now almost equivalent...

'No, Mainstream Economists Did Not Just Reject Thomas Piketty’s Big Theory'

Jordan Weissmann asks Piketty about the IGM poll: No, Mainstream Economists Did Not Just Reject Thomas Piketty’s Big Theory, by Jordan Weissmann:...the University of Chicago’s Initiative on Global Markets... asked economists whether they agreed or disagreed with the...

Should chicken processors be allowed to self-police?

Critics fear that handing over regulation to poulty processors is a potential threat to public health

A Burning Issue for Indonesia’s New Jokowi Administration

On Monday October 20, Joko Widodo (“Jokowi”) was inaugurated as president of Indonesia. As I wrote at the time of the election in July, Indonesia’s deforestation rate—now the world’s highest—and its oversized effect on global climate emissions are among the burning issues pressing for the attention of the new administration. Show More Summary

Comments on September New Home Sales

The new home sales report for September was slightly above expectations at 467 thousand on a seasonally adjusted annual rate basis (SAAR). With the downward revision to August sales, sales for September were at the the highest sales rate since July 2008.Sales for the previous three months (June, July and August) were revised down. Show More Summary

New-Home Sales Rose Last Month. Or Maybe They Fell. We Don’t Really Know.

If you saw a public-opinion poll that had a 15.7% margin of error, you probably wouldn’t take it too seriously. By that standard, Friday’s report on U.S. new-home sales isn’t worth much – at least on a month-to-month basis.

Sales of New Homes Worse Than Most Years in 1980s, 1990s

Home sales rose to their highest annual pace in September in six years, but the new-home market is still depressed by historical standards.

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