Over the last year, the Administration has entered into a series of bank settlements over various types of mortgage misconduct. The sudden rush to generate headlines from misdeeds that have been covered in the media in lurid detail during...Show More Summary
Yves here. It's a welcome surprise to see economists devise a model that delivers generally sensible results. Here, three economists looked at how financial innovation leads to an bloated financial sector as well as greatly increasing the risk of meltdown.
The spin in media reporting, in both directions (but typically bullish), is pervasive.Here is a case in point. Markit reports Japan PMI Points to Strongest Manufacturing Expansion Since March. Does "strongest since March" mean "strong"?Here are the Key Points: Flash Japan Manufacturing PMI™ at 52.4 (50.5 in July). Show More Summary
China manufacturing is once again treading water, barely above contraction according to the HSBC Flash China Manufacturing PMI. Key points Flash China Manufacturing PMI™ at 50.3 in August (51.7 in July). Three-month low. Flash China Manufacturing Output Index at 51.3 in August (52.8 in July). Show More Summary
Data this week shows wages in Japan are rising more than at first thought.
LAMBERT STRETHER: So, on the campaign. Cuomo’s operation is challenging your campaign’s ballot access and Teachout’s residency. You’ve turned to crowdsourcing to raise legal fees. How is that going, and is the bulk of your campaign’s funding crowdsourced? TIM WU: Right. That’s a great question. We have started crowdsourcing. Some campaigns have had success with […]
(August 21, 2014 12:10 AM, by David Henderson) I often criticize Paul Krugman's writing on economics. But I also give him credit where credit is due. And credit is due for his excellent recent column on war. Read the whole thing. Some excerpts and my comments: If you're... (0 COMMENTS)
This week Roberts discussed free-market environmentalism with Terry Anderson, of the Property and Environment Research Center and the Hoover Institution. FME's unique combination of free-market principles and environmental stewardship may not be as radical as when it was introduced, yet still is not mainstream. Show More Summary
Today the Philadelphia Fed released coincident indices for the states and the US. Wisconsin outperforms Kansas — a very low bar — and yet has lagged all her neighbors. Consider first Wisconsin compared to Kansas (like Wisconsin an ALEC darling) and Minnesota and California (not ALEC darlings). Figure 1: Log coincident indicators for Minnesota (blue), […]
South Korea’s boom in exports to China appears to be finally fizzling out.
(August 21, 2014 12:04 AM, by Bryan Caplan) The U.S.-led invasion of Iraq in 2003, you may recall, was dubbed Operation Iraqi Freedom. Eleven years and over 100,000 civilian deaths later, the name is dark comedy. The replacement Shiite-dominated government is a close ally of the Iranian theocracy,... (0 COMMENTS)
From Andrew Ross at the San Francisco Chronicle: Household income hasn't shared in recoveryAs of June, median annual household income was 4.8 percent below December 2007, when the recession began, dropping from $56,000 to $54,000. Going...Show More Summary
Bruno Biais, Jean-Charles Rochet, Paul Woolley, 21 August 2014 The Global Crisis has intensified debates over the merits of financial innovation and the optimal size of the financial sector. This column presents a model in which the growth of finance is driven by the development of a financial innovation. Show More Summary
Pranjul Bhandari, Jeffrey Frankel, 21 August 2014 Central banks, especially in developing countries, still seek transparent and credible communication. Yet signalling intentions through forward guidance or commitment sometimes creates undesirable constraints. Show More Summary
Investor enthusiasm continues despite new indications the Fed could raise interest rates sooner rather than later
Information stolen includes card numbers, postal and email addresses from about 100,000 transactions this year
After a breastfeeding mom says she was asked to relocate to a bathroom, the high-end store gets slammed
Uber's hiring of President Obama's former campaign manager underscores push by tech players to get politically wired
Americans are doing more and more of their shopping online, forcing retailers to do more to get shoppers in the door. CBS News' Alison Harmelin looks at one store that's giving customers a hands-on experience.
Economist Tom Lawler sent me the updated table below of short sales, foreclosures and cash buyers for several selected cities in July.Comments from CR: Tom Lawler has been sending me this table every month for several years. I think it is very useful for looking at the trend for distressed sales and cash buyers in these areas. Show More Summary