P. J. O’Rourke

May 28, 2009

I don't link to many videos, but this one deserves an exception.

Best take yet on the Times reporter with the subprime mortgage

May 28, 2009

From Roissy

Sentence of the day

May 28, 2009

From Professor Kling:

Of course, if the real goal is to promote government at the expense of civil society and to create a one-party state in which business success is based on political favoritism, then the stimulus is working exactly as intended.

Treasuries, the Fed and inflation

May 28, 2009

Good thoughts here.  Of course, I've been happy to see the recent moves, since I'm short long-dated treasuries.

Great quote

May 27, 2009

From Chronicles:

Your republic will be as fearfully plundered and laid waste by barbarians in the twentieth century as the Roman Empire was in the fifth; with this difference; that the Huns and Vandals who ravaged the Roman Empire came from without and your Huns and Vandals will have been engendered within your own country, by your own institutions. —Thomas B. Macaulay

Modern academia

May 25, 2009

One can learn a lot about the research methods of the modern economics profession in the comments of this post.  I must say that I love this line: "And cold weather has never been a problem with our O-rings. I'm an engineer. Inductive data doesn't impress me."  I often get in long discussions with economics PhDs at work and our disagreements seem to always come back to this point.  Perhaps those of us who were trained as engineers will always come back to problem of designing systems that have to function in the real world.

How regulatory decisions are made 101

May 25, 2009

At least in the financial world, the regulators just ask the banks how they want to be regulated.