J. Bradford DeLong's Blog, page 2315
May 7, 2010
Designed by Cthulhu...
I refer to the Social Science Building at U.C. Davis. The logic of the building is utterly alien to our monkey brains... If there is a logic, that is...
May 7, 2010: Three Cheers for the Labor Market in April!
Very nice employment number:
Nonfarm payroll employment rose 290 thousand in April,
May 6, 2010
links for 2010-05-06
SB: ""market fundamentalism", which had no real existence outside North America, is now well and truly dead. Let us take two sayings that embody it. First there is the rhetorical question: "What should you do if you found a $100 bill on the street?" The Chicago answer is supposed to be: "You wouldn't. Somebody would have picked up the bill long ago." The response presupposes a combination of extreme...
More Lies and Doublespeak from the Orwellian Pages of National Review
Why oh why can't we have a better press corps?
Kevin Williamson almost tells it straight, but he cannot do so:
Goodbye Supply Side: There are two schools of thought about the Reagan tax cuts. The conventional conservative view: They spurred investment, entrepreneurship, and real economic growth, helping to resuscitate the post-Carter economy, and, by doing so, they paid for themselves. The conventional liberal view: They were an ill-considered product of starve-the-beast ideology and...
Hoisted from the Archives: What Is Wrong with Senate "Investigations" and with the "Washington Post"
Thinking about the Sanders amendment to the Dodd Senate financial regulations bill makes me think it is time to hoist this from archives. From June 2006:
Republican Senate "Investigations" and the Washington Post: Agents of Satan? Or Baal-Zebub Himself/: Why oh why can't we have a better press corps?
Dear Ms. Marcus:
Thanks for your thoughtful and intelligent email, with its question of why, given that "we all write and say and even blog things that we could have done...
Surveillance Over the Federal Reserve: On the Sanders Amendment to the Dodd Senate Financial Regulation Bill
This afternoon, if I am correctly informed, President Obama is going to come out in opposition to Vermont Senator Bernie Sanders's amendment to the Senate financial regulation bill calling for the GAO to regularly audit the Federal Reserve's conduct of monetary policy.
My left-wing friends are not surprised but are, once again, disappointed. "Doesn't Obama know who his friends are?" they ask, with the answer being: "No." "Doesn't Obama recognize that Federal Reserve governance and...
May 5, 2010
links for 2010-05-05
RA: "POP QUIZ: was the American housing boom based on fundamentals or was it entirely driven by speculation? A silly question, you say. Bubbles typically begin to inflate based on fundamentals-driven price signals, and they later graduate to unsustainable increases as credit expands and new buyers enter the market to speculate that prices will rise indefinitely. The answer, then isn't either-or...
Most useful email of the day: telling me dinner tonight n...
Most useful email of the day: telling me dinner tonight not at Adagia but Greens instead. What should I order?
Complete and Total Disproof that Firms Always Engage in Rational Economic Behavior
That the New York Times publishes this:
Casey Mulligan: Was It Really a Bubble?
The answer is yes, it was a housing bubble.
There were fundamental reasons for housing prices to rise in the 2000s:
a low cost of finance from the global investment shortfall
a higher expected cost of energy that increases locational rents
the filling-up of those parts of America within short commuting distance of highly desirable locations
a shift from a belief that nationwide housing...
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