by Joseph Joyce The Coming Wave of Debt Restructurings The news that the Federal Reserve will raise interest rates in 2022 sooner than anticipated was not surprising in view of the continued high rates of U.S. inflation. While U.S. asset prices are falling in response to the prospect of higher rates as well as a […]
A few days ago, libertarian economist Donald Boudreaux published a photo of a woman sitting in an airport with some kind of bubble over her head. He claimed that it illustrated how insanely risk averse some people are about COVID. When some of his readers objected to this absurd propaganda, he responded as follows (my […]
RJS: Focus on Fracking December global oil shortage was 1,240,000 barrels per day as OPEC output was 625,000 barrels per day short of quota; global oil shortage for 2021 was 1,446,300 barrels of oil per day. Tuesday of this week saw the release of OPEC’s January Oil Market Report, which includes OPEC & global oil data […]
This drives me crazy. From Alice Miranda Ollstein and Megan Messerly in Politico: Republicans are accusing the Biden administration of racism — against white people. The administration’s recommendation that race and ethnicity be considered when deciding who gets the limited supply of new Covid drugs is the latest political talking points with which Republicans are […]
Not sure why Democrats are so trusting with Republicans with Deal-Making. “The Senate is split 50-50, with Vice President Kamala Harris breaking the tie. So far, so good, given past Senators have changed the rules for judicial nominees to get across the finish line with just 51 votes. The so-called nuclear option is meant as […]
New home sales surge, while house price measures decelerate; expect deceleration or even downturns in each Since I didn’t post yesterday, let me catch up today with a note on both new home sales and prices.New home sales (blue in the graph below) for December rose sharply to 811,000 on an annualized basis. This is […]
The Arctic Hare and Walter Benjamin’s program for a proletarian children’s theater The hare was a child so badly treated and offended by the other people because he had such long ears that he went off to live alone. When he sees someone, he puts his ears back; for when he hears a man’s call, […]
Predicting the future is hard, but right now things look bad for President Biden and congressional Democrats. Their agenda is stalled in Congress, the pandemic continues to kill people and disrupt normal life, prices are rising, and perceptions of the economy are bad. No one is surprised that the President’s approval rating keeps hitting new […]
New Deal democrat, “Historical Note on US Treasury Interest Rates and Stock Prices“ Over the weekend I was asked by two people what is going on in the markets. That’s usually a sign that there has been a sudden downside move, and people are getting emotional. Back 5 and 10 years ago, when I was […]