McGill University Macroeconomics Comprehension Exam, May 2003, Question 10 (Essay): The stock market bubble burst in the spring of 2000. The popular pres now talks about a housing bubble, referring to ever rising prices of houses in North America (and elsewhere). They say that if the housing bubble bursts it will have a much more […]

In one of the stupidest wastes of Treasury monies this month—a major accomplishment, though AIG hasn’t hit the trough again yet, so there might be hope—the Treasury wants to subsidize new mortgages (link to CR): Under the plan, Treasury would buy securities underpinning loans guaranteed by the two mortgage giants, which are temporarily under the […]

Since I’m trying to cut a 24-page paper down closer to 15 today, I’ll leave the Heavy Lifting to other. But two things probably should be discussed (or at least noted) here: Brad DeLong appears (to me) to confuse perceiving a move from Democratic Republic to Empire—and therefore away from any Competitive Advantage for the […]