A week ago, I described hearing an economist put the cart before the horse.  I happened to see his name in yesterday’s newspaper, right next to the phrase “Nobel Prize winner.”  Oops. Undeterred, however, I’d like to describe another case of an economist getting it, if not backward, then at least sideways. A few weeks … Continue reading Disingenuous

Angels and Pinheads

Today, the National Bureau of Economic Research announced that the recession that began in December of 2007 officially ended in June of 2009, some 14 months ago.  I’m sure relieved to hear that.  I’ll bet you are too. According to the Wall Street Journal, the NBER goes on to “warn” that any future downturn would … Continue reading Angels and Pinheads

Car Sick – Vol. 1

According the NY Times, the debt markets are valuing the restructuring package for GM’s lenders at roughly $3.4 billion.  The lenders will end up owning 10% of GM, which means the market is valuing the entire business at $34 billion. Meanwhile, the government is investing $50 billion in GM in exchange for a 60% ownership … Continue reading Car Sick – Vol. 1