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Category Archives: Uncategorized
Global Plague (Not Ebola – Econo-Imbecility)
Stock market jitters are not surprising. I have been shamelessly straddling the equity fence, saying rising earnings and low rates would enable stocks to “grind higher” but nevertheless the “risk of a correction” is high due to excessive complacency. Investors … Continue reading
Posted in Uncategorized
Tagged economic growth, economic policy, emerging markets, global economy, India, Obamanomics, secular stagnation
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The Poverty and Inequality Party
Between 2001 and 2008 it was impossible to discuss economic issues with a liberal without getting a stentorious sermon about the evils of the “Bush tax cuts for the rich” and the resulting surge in income inequality. Now the Bush … Continue reading
Gross-Out: End of an Era
The news flash crossed the wires at 8.29 AM. CNBC’s Becky Quick was astounded. Bloomberg’s Tom Keene was stunned. They had to double-check that the William H. Gross joining Janus Funds was indeed THE William H. Gross, bond king, whom … Continue reading
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Tagged Bill Gross, bond market, John Train, media, stock market, stock market cycles
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Federal Reserve: Main Street Small Business Has Struggled Under Obama
President Obama likes to say the U.S. economy performs best when it grows “from the middle out.” Unfortunately an exhaustive Federal Reserve study shows middle class entrepreneurs have struggled during this recovery, even as big business thrived. Every three years … Continue reading
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New York State Needs a War on Poverty
A few months ago Arthur Levitt–Bloomberg groupie, former SEC Chairman, and quintessential Wall Street liberal—interviewed Grover Norquist, anti-tax activist and bête noire of Wall Street liberals. At the end of the interview Levitt asked “Grover, do you think it is … Continue reading
Posted in Uncategorized
Tagged Andrew Cuomo, casino gambling, economic development, fracking, inequality, New York State, War on Poverty
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Fed Survey: Obamacare Impedes Hiring, Curbs Wage Gains
Although Chair Yellen is still mum on the topic, Federal Reserve economists have belatedly started to study the impact of Obamacare on employment and wages. Economists in three regions (San Francisco, Philadelphia, New York) used identical questions to survey employers … Continue reading
Posted in Uncategorized
Tagged Federal Reserve, Obamacare, part-time employment, wage stagnation
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Stock Prices Will Grind Higher
After being long and wrong in 2007 and 2008, I have been correctly bullish on stocks for the last few years, arguing they would scale the proverbial wall of worry. Bonds, on the other hand, have looked to me to … Continue reading
Posted in Uncategorized
Tagged CAPE, Fed policy, France, hedge funds, Hollande, krugman, part-time employment, Robert Shiller, Stock Prices
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The “Philadelphia Negro,” Then and Now
In 1896 a brilliant scholar who received his PhD from Harvard and went on to study in Europe with such luminaries as Max Weber was engaged by wealthy philanthropists to prepare a sociological study of Philadelphia’s black population. Their motives … Continue reading