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

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The Windfall Profits Tax Debate

…the early 1980’s but remember that the price-level has doubled since then. If current proposals are to impose a tax for prices above $60 a barrel, we will not collect…

Tax Valuations: Why the IRS Should Hire James Glassman

price-to-sales ratio is really the product of the profit margin times the price-earnings ratio. And his book with Kevin Hassett was not suggesting that the typical price-earnings ratio is 10….

Job Growth & Housing Price Increases

Martin Wolk attributes the following alleged correlation to Ben Bernanke: For example, states exhibiting higher rates of job growth also tend to have experienced greater appreciation in house prices. The…

US Oil Imports

The price of oil is at around $60 per barrel for the second day in a row today. Note that this is this highest price for crude oil in real…

…Real estate prices never fall. In fact, housing price busts are extremely common. For some examples, take a look at the graph below, which shows real housing prices in several…