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Bank Settlement Grade Inflation: High Bullshit to Cash Ratio in $17 Billion Bank of America Deal

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

Ballooning Finance: How Financial Innovation Produces Overgrowth and Busts

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.

Japan PMI "Strongest Since March": Does That Mean "Strong"?

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 PMI Treads Water

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

Overlooked Data Shows Japan Wages Rising

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 […]

Paul Krugman on Why We Fight

(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)

Continuing Conversation... Terry Anderson on the Environment and Property Rights, by Amy Willis

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

(Not) The Leader of the Pack: Wisconsin and Her Neighbors

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), […]

What's the Use of Crying Over Spilled Blood?

(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)

Thursday: Existing Home Sales, Philly Fed Mfg Survey, Unemployment Claims

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

Ballooning finance

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

Nominal GDP targeting for developing nations

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

Stocks post gains for third day in a row

Investor enthusiasm continues despite new indications the Fed could raise interest rates sooner rather than later

UPS says 51 retail stores breached by malware

Information stolen includes card numbers, postal and email addresses from about 100,000 transactions this year

Anthropologie's breastfeeding blunder blows up

After a breastfeeding mom says she was asked to relocate to a bathroom, the high-end store gets slammed

Uber joins trend of tech startups signing lobbyists

Uber's hiring of President Obama's former campaign manager underscores push by tech players to get politically wired

Retailers getting creative to lure online shoppers

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.

Lawler: Updated Table of Distressed Sales and Cash buyers for Selected Cities in July

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

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