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April 18, 2008



Even more odd than his, shall we say, inventive approach to authorship is that he actually wrote something coherent about an economic issue. I had for some time the thought in the back of my head that he had been hired to opine on the subject, but I long ago concluded that I had been mistaken, as he never seems to cover the subject.

Either that or my teachers really let me down by giving me the impression that I was supposed to have learnt about scarcity rather than the errors of GW Bush.

Still more oddly, Robert Reich has been relatively coherent with his economic analysis over the last couple years. (He's down to less than 50% class warfare content these days.) I thought people went to Berkeley to become more radicalized, not less.


I remember when I was an economist for a Chicago futures exchange in the mid-1980s; the TED spread was a popular market to trade.

M. Simon

The TED spread sounds like some kind of novel sexual position.

I'd like to try it if I knew what it was. Got a link to an image or video?

M. Simon

The mortgage problem is much worse in the Euro countries. In fact the melt down there has just started. Especially in the Brit areas it has just gotten going. Ireland and the Netherlands may be next. Spain is also due for a whack.

Greenspan didn't do it (mostly).

So what is the cause? Either there is too much money chasing to few goods - bad monetary policy world wide. Or unaccounted profits have been chasing too few investment opportunities. Of course that says the Central Banks didn't tighten the money supply enough to account for the unexpected profits.

Another possibility is that with Africa going downhill there is a lot of hot money coming out of that continent. Or perhaps the Arabians/Persians are packing their ermines.

I'm with the movie guys on this.

"Nobody knows nutin"

M. Simon

More on the Brit Meltdown

M. Simon

From the above link:

According to the International Monetary Fund’s latest World Economic Outlook UK house prices are more overvalued, relative to economic fundamentals, than those of almost any other high-income country. At long last, investors in mortgage-backed securities, all too aware of what has happened in the US, have realised the dangers in the UK.

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