I spoke at one of Washington DC’s larger economic think tanks several years ago where people were cheering the creation of the Consumer Financial Protection Bureau (CFPB) and the end of subprime lending. My remark was: “As soon as we forget the credit crisis and a new generation of Wall Street investment bankers takes hold, […]
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Post-Brexit, the pound has fallen to 30-year lows.
And this dramatic decline has prompted a major change in the UK energy sector that will have dire consequences for British consumers..
If you think a delusional market is healthy, it’s time for a psychiatric exam.What diagnosis would an experienced psychiatrist offer when presented with the bizarre behavior of the U.S. stock market?
Apparently, both parties have platform planks calling for the reinstatement of the Glass-Steagall Act of 1933. Andrew Ross Sorkin made and unsubstantiated claim about why that would be a bad idea. His claim just wrong.
In effect, America has undergone a rolling national LBO since the Gipper’s time in office. It is the result of the Washington/Wall Street policy consensus in favor of permanent deficit finance, stock market-centered “trickle-down” stimulus by the Fed and massive borrowing by the household and business sectors of the private economy.
House prices comprise the most important measure of inflation that is ignored by the Fed and mainstream economists. It’s not included in the CPI or PCE. Instead, the BLS and BEA use a ginned up measure called Owner’s Equivalent Rent (OER) which has substantially understated actual house price inflation, particularly in the past 4 years. Read the…