The Fed just let Morgan Stanley and Goldman Sachs off the hook after both failed the required stress tests under Dodd-Frank. The stress test is supposed to predict whether banks and so-called banks like Morgan Stanley and Goldman Sachs can weather a financial crisis. This is not an instance of if you remember in 2008, […]
Weekly Indicators for July 2 – 6: long term forecast continues to deteriorate June data started out with another strong jobs report, but once again with weak wage growth. Motor vehicle sales and both the ISM manufacturing and nonmanufacturing indexes were very positive as well. May data included and increase in construction spending and factory […]
In Defense of the Francois-Baughman Analysis of the Trump Tariffs Dr. Joseph Francois and Laura M. Baughman are being criticized for writing: This policy brief examines the potential net impacts on U.S. jobs across all industries of the proposed steel and aluminum tariffs applied to targeted steel and aluminum imports from all countries. It does not […]
pgl responded to the post below… “Corporations… make profits appear in low-tax countries; but there’s very little real production or employment behind those profits…. Tax-haven countries… show… ridiculously high levels of profits relative to wages… because the profits aren’t being earned where they’re being reported…. Ireland….” Krugman is referring to transfer pricing manipulation. One would […]
June jobs report: another strong late cycle reading HEADLINES: +213,000 jobs added U3 unemployment rate up +0.2% from 3.8% to 4.0% U6 underemployment rate up +0.2% from 7.6% to 7.8% Here are the headlines on wages and the broader measures of underemployment: Wages and participation rates Not in Labor Force, but Want a Job Now: […]
(Dan here…Lifted from Robert’s Stochastic Thoughts) by Robert Waldmann Kung Fu Monkey Nobel Prize I just learned that Quinnipiak U polled asking people whether Donald Trump deserved a Nobel Prize for his Singapore summit. I honestly thought that this was a great opportunity for Kung Fu Monkey to score again. Kung Fu Monkey is a […]
(Dan here…late posting) by New Deal democrat On July 4, a consideration of Dred Scot On a 4th of July on which the President has expressed open longing for a lifetime term, and murmurings that a significant share of enlisted men in the military would be willing to overturn the Constitutional order should he call […]
Pruitt’s EPA Trashing Benefit-Cost Analysis Of Environmental Policy Scott Pruitt increasingly looks the worst of the worst out of the appalling cabinet of President Trump, quite aside from his race to become the single most corrupt cabinet member in the entire history ofthe US. The latter is trivial compared to his policy change after policy […]
David Gelles interviewed Richard and Holly Branson for The New York Times Saturday David Gelles (NYT): What do you think those in positions of power should do to address social problems like income inequality? Richard Branson: A basic income should be introduced in Europe and in America. It’s great to see countries like Finland experimenting […]