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Class Bound?

First, let me re-iterate my core message: With that all said, I refer you to this morning’s Financial Times and Rana Foroohar’s commentary under the title “Why Class Matters in America”. Class, it seems, is having something of a revival here.  About time. My perspective is simple.  Too simple perhaps.  The past few decades can […]

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The History of Economics?

“Adam Smith said a bunch of stuff that was mostly right.  Marx said a bunch of stuff that was wrong.  Keynes fixed some things up, messed some others.  Then Lucas broke everything again.  Now we’ve basically got it all worked out, except for money, growth, recessions, banks, bubbles, inflation, unemployment, exchange rates, and what human […]

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Manic Comments

From FT, Alphaville, July 3, 20206 Quoting the front page of the monthly market update written by Joachim Klement and Francisca Reis, of [UK investment bank] Panmure Liberum … “In 1929, the cyclically-adjusted P/E-ratio (CAPE) of the S&P 500 reached 32.6x according to Prof. Robert Shiller’s data. This was 1.8 standard deviations above trend at […]

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