Relevant and even prescient commentary on news, politics and the economy.

Trump and Socialized Medicine

In economics we have the concept of “revealed preference” that simply states that you do not pay attention to what an individual claims to prefer. Rather, you pay attention to what they actually do. President Trump just elected to go to Walter Reed National Military Medical Center for treatment of his COVID-19 symptoms. He could […]


After the recent market rebound the S&P 500 valuation has risen from below my estimated fair value to just over the top of the fair value band. It is important to remember that much of the rebound in the S&P PE  is due to weaker earnings.  In the second quarter earnings are falling at double […]


I have been monitoring  the close relationship between bond yields and monetary velocity ( personal income/zero maturity money) for years without coming to strong conclusion about what to make of it.  In particular, it displays the long term secular rise and fall of bond yields before and after 1980..   I do not know of […]

Fauci: No scientific evidence the coronavirus was made in a Chinese lab

National Geographic published this.  This seems to be an unusual topic for that publication and I wonder why Fauci selected  it. Fauci: No scientific evidence the coronavirus was made in a Chinese lab The rest is copied exactly from National Geographic Fauci, the director of the U.S. National Institute of Allergy and Infectious Diseases, shot […]