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

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Friction a non Socratic dialogue

Alan Greenspan has had fewer traffic accidents, since he stopped using brakes. I know some people still teach about friction in third rate departments, but they aren’t really advancing the…

No one could have predicted

…time come to mind: Raghuram Rajan, Alan Greenspan, and me. What are we, chopped liver?” But that’s not 2 % of it. The set of nobodies who don’t count included…

Bernanke Interlude

…personal note, [Bernanke] doesn’t have the gravitas of a Paul Volcker, Alan Greenspan or William McChesney Martin. In this day and age of crisis management, gravitas is essential. Almost anyone…

Proposed Financial Overhaul Bill

…provision in his bill, but removed it after a Democratic committee member, Rep. Alan Grayson of Florida, asked that it be taken out. […] But weeks later, when Senate Banking…

Spare Us From the Invisible Hand

…of teeth in wholesale “confessionals” (Alan Greenspan). Markets suddenly became naked – they always were naked, but the veil of the invisible hand obscured their nakedness. It never was the…