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Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-63993273435533807272013-08-31T08:39:00.000-07:002013-09-01T09:09:39.093-07:00College Grads and JobsThere is a growing discussion about whether or not college graduates are generally prepared for the workforce. This is a very interesting (and revealing) discussion.This is not so much about GPA as it is about more fundamental problems -- attitude tops the list. Far too many college graduates think that they have 'paid their dues' by attending college and collecting a degree. Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-19739114791451970772013-08-28T13:44:00.000-07:002013-09-01T09:09:39.051-07:00Nasdaq freezeAn anonymous correspondent explained last week's Nasdaq freeze thus.The truth about what happened Aug 22 to the Nasdaq is that new limit-up/limit-down rules took effect in derivatives (exchange-traded products) listed at Arca at the same time that new options began trading marketwide that day. Since the market is full of complex, multi-leg trades, bad data propagated, affecting Goldman’s Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-24769853967011138582013-08-26T18:31:00.000-07:002013-09-01T09:09:39.057-07:00Macro-prudential policySource: Wall Street JournalNot a fan. A Wall Street Journal Op-Ed. Link to WSJ. Link to pdf on my website. Director's cut follows:Interest rates make the headlines, but the Federal Reserve's most important role is going to be the gargantuan systemic financial regulator. The really big question is whether and how the Fed will pursue a "macroprudential" policy. This is the emerging notionAnonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-63491084312798946792013-08-25T19:21:00.000-07:002013-09-01T09:09:39.091-07:00Taylor Jackson Hole BlogJohn Taylor is blogging from Jackson HoleDay 1: Skepticism of unconventional policy Academics say quantitative easing does't do much. I happen to agreeForward guidance Is "forward guidance" clarification of a rule, i.e. here is what we think we'll feel like doing in the future, or a precommitment? To the Bank of England and ECB, the former.This looks like an interesting series to watchAnonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-25705219529246530302013-08-24T15:13:00.000-07:002013-09-01T09:09:39.060-07:00An individual in a crowd: Gustave Le Bon quoteAn individual in a crowd is a grain of sand amid other grains of sand, which the wind stirs up at will. - Gustave Le Bon— David Shvartsman (@FinanceTrends) August 24, 2013Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-68409790289730133012013-08-23T13:12:00.000-07:002013-09-01T09:09:39.094-07:00MOOCI will be running a MOOC (massively online) class this fall. Follow the link for information. The class will roughly parallel my PhD asset pricing class. We'll run through most of the "Asset Pricing" textbook. The videos are all shot, now I'm putting together quizzes... which accounts for some of my recent blog silence.So, if you're interested in the theory of academic asset pricing, or you've Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-89354855514096340882013-08-22T16:47:00.000-07:002013-09-01T09:09:39.110-07:00The Nasdaq FlapThe Nasdaq halted trading today and was down for a couple of hours. Listening to the financial media (CNBC, Larry Kudlow, etc.), you would have thought a great crime had occurred. 99 percent of the investing public had no idea and could care less, me included.What serious investor could possibly be harmed by a two hour shutdown of the Nasdaq? Are these pundits serious? If Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-57188902252167441702013-08-22T11:13:00.000-07:002013-09-01T09:09:39.087-07:00Obama and Higher EducationJust what we need, the Obama tenacles reaching into higher education. In typical style, Obama points to a problem -- the high cost of higher education -- and proposes a solution that has nothing to do with the problem and actually will likely make the problem far, far worse than it is now. This has been the pattern with the economic rescue plan, with the 'affordable' health care act, Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-43106786947016760532013-08-22T06:32:00.000-07:002013-09-01T09:09:39.072-07:00Media Misleads Once AgainReuters has a story today about the jobless claims number that is completely absurd. According to Reuters, "...then new claims... rose...but...gave a positive signal for hiring during the month." This conclusion is based upon absolutely nothing. What the data, in fact, shows is that jobless claims rose last week and rose more than the market expected -- not good news at all. Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-55752026828297359152013-08-22T04:39:00.000-07:002013-09-01T09:09:39.084-07:00Read David StockmanA new book by David Stockman, "The Great Deformation," challenges the current orthodoxy of financial market regulation.This book is a great read. Don't expect a calm and collected analysis. This book is definitely not calm and collected. Stockman takes on all comers and his style is blatantly polemical. He aims his brickbats at the right and the left as he excoriates the Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-39445682376516741072013-08-19T04:20:00.000-07:002013-09-01T09:09:39.069-07:00Time to Buy Emerging Markets?Emerging market stocks have been hammered this year as the US and Europe have enjoyed one of the best stock markets in history. Why? What happened to the argument that slow (GDP) growth in the developed world and much higher (GDP) growth in the emerging economies argued in favor of a heavy commitment of investment funds to emerging market?As it turns out, emerging market economic Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-11770161794387464192013-08-14T07:53:00.000-07:002013-09-01T09:09:39.047-07:00European Recovery -- Seriously?The news services are abuzz this morning with the "news" that Europe has finally turned the corner with an economic rebound in the 2nd quarter of this year. Underneath the headline is the dismal number of an annualized 0.3 percent estimated growth rate for the 2nd quarter. Whoop-to-doo! This is a recovery. This number is not significantly different from a negative number, Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-4925615696921024582013-08-12T04:27:00.000-07:002013-09-01T09:09:39.078-07:00Some Good News for the USSteve Moore's column today in the Wall Street Journal is worth a read. The sequester, according to Moore, has worked. Total federal spending has been slowed, even reversed, in the past two years, according to Moore. This is, indeed, good news. Let's hope it continues.Moore notes that all it takes to continue to hold federal spending in line is to not undo the budget deal Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-91356399033759290252013-08-12T04:22:00.000-07:002013-09-01T09:09:39.115-07:00Update on GreeceNow, after five years of European Union policies, how do things look in Greece. The headline today on Yahoo looks encouraging: "Greece Beats January-July Budget Target." In fact, Greece did not do any such thing. More bailout funds from the EU, though, made it look that way. Here is what the EU has done for Greece: GDP today is 20 percent lower than it was in 2008, Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-89699773593517360442013-08-11T05:16:00.000-07:002013-09-01T09:09:39.111-07:00The Changing Face of the American WorkplaceThe US economy was once the envy of the world. From 1865 to 1965, the US economy grew faster than any large economy in the world. The great American middle class came into prominence during this period and American income and wealth had no rivals anywhere in the world. For most of these years, there was no Federal Reserve or central bank in the United States, though central Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-56791800498138094232013-08-07T11:31:00.000-07:002013-09-01T09:09:39.085-07:00Litterman on carbon financeI just read a very nice article by Bob Litterman in CATO's "Regulation" on the finance of carbon taxes. It includes a review of some of the recent academic calculations.(Related, Ronald Bailey at Reason.com takes on the Administration's latest cost of carbon estimates, and reviews Robert Pindyk's recent NBER working paper "What do the models tell us?" also covered by Bob.)Like just Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-46145649477204477132013-08-06T13:22:00.000-07:002013-09-01T09:09:39.076-07:00Rajan to run the central bank of IndiaMy colleague Raghu Rajan has just been appointed governor of the central bank of India. See Financial Times and Reuters. Congratulations Raghu!Let me add two little notes to the songs of praise for this decision.Traditionally, academic central bank governors come from the world of monetary policy, people who think about interest rates and inflation and all that. Raghu comes from Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-55069709476611263252013-08-06T06:14:00.000-07:002013-09-01T09:09:39.082-07:00The Republic of PaperworkMark Steyn, while writing on other matters, came up with this gem:40 percent of Americans perform minimal-skilled service jobs about to be rendered obsolete by technology, and almost as many pass their productive years shuffling paperwork from one corner of the land to another in various “professional services” jobs that exist to in order to facilitate compliance with the unceasing demands of theAnonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-2508292119180692912013-08-04T08:00:00.000-07:002013-09-01T09:09:39.059-07:00Are We There Yet?The following is from yahoo Finance:A study from Spectrem Group asked wealthy and affluent investors "what do you wish you had done differently in the crisis."For the top earners-those making $750,000 or more-the No. 1 answer was "saved more." Ranked second was "done more research about finances on my own" and then "not taken on as much debt."Their regrets have turned into real action-with Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-53578494683750546062013-08-02T07:28:00.000-07:002013-09-01T09:09:39.081-07:00Another "European" Jobs Number162,000 new jobs in July. Not only is that an absurdly low number for an economy as large as the US, the job numbers for both May and June were revised downward as well. No one is much interested in hiring anyone. That's the main message of this report.A subtext is reflected in the unemployment rate, which fell to 7.4 %. How, if a pitifully low number of jobs are created Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-10777607061366510052013-08-01T17:52:00.000-07:002013-09-01T09:09:39.046-07:00Immigration WSJ Op-Ed on immigration, with extra comments. Original here.Think Government Is Intrusive Now? Wait Until E-Verify Kicks InSource: Wall Street JournalMassive border security and E-Verify are central provisions of the Senate immigration bill, and they are supported by many in the House. Both provisions signal how wrong-headed much of the immigration-reform effort has become.E-Verify is the Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-13672902448794822512013-08-01T15:21:00.000-07:002013-09-01T09:09:39.049-07:00Et tu, Brute? Politico's Byron Tau has a hilarious story:Pot legalization activists are running into an unexpected and ironic opponent in their efforts to make cannabis legal: Big Marijuana...Medical marijuana is a billion-dollar industry ... and like any entrenched business, it’s fighting to keep what it has and shut out competitors. Dispensary owners, trade associations and groups representing the industry Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-72269303857986870342013-08-01T08:41:00.000-07:002013-09-01T09:09:39.099-07:00Big Companies More Valuable Than Small CompaniesSo what explains the surging stock market, when the fundaments of the economy remain weak? Again, micro-factors favor large companies with access to government. This is true for banks as well as for non-financials. Smaller companies are getting hammered by higher tax rates, more mandates, and looming ObamaCare. Large businesses, with some exceptions like coal, can deal Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.comtag:blogger.com,1999:blog-2669235004577339370.post-68519814044906221062013-07-31T20:17:00.000-07:002013-09-01T09:09:39.096-07:00Goldman Sachs vs. GM, Morgan StanleyGoldman Sachs (GS) is up 64% over the past year, but it hasn't kept pace with General Motors (GM) since its post-bailout IPO. From the November 19, 2010 weekly close to July 31, 2013, GM's (dubbed "Government Motors" in its initial rescue stage) stock performance has edged out that other government-allied firm, the infamous Goldman Sachs. Over that 2 1/2 year timeframe, GM has returned Anonymoushttp://www.blogger.com/profile/12741757765409606422noreply@blogger.com