Court: Fed Must Make Loan Info Public

“When an unprecedented amount of taxpayer dollars were lent to financial institutions in unprecedented ways and the Federal Reserve refused to make public any of the details of its extraordinary lending, Bloomberg News asked the court why U.S. citizens don’t have the right to know” -Matthew Winkler, the editor-in-chief of Bloomberg News. I would have […]

USA, Argentina and Alan Beattie: Wrong Starting Point. Act II

I appreciate that Alan Beattie took time to comment on my blog.  He mentions that he does not find my critique of the book very convincing.  It is clear from my blog that I was referring to the article (  When I read the article I was disappointed and decided not to buy the book.  […]

Where is India in Internet adoption?

Where is India in terms of usage of the Internet? One way to think about this question is to look at specific application areas. I saw two fragments of evidence today: Online tradingWriting in Hindu Business Line, Rajalakshmi Sivam has interesting information about the share of online trading on NSE: 2006 Today Number of trades […]

Paul Krugman: All the President’s Zombies

The age of Reaganism should be over, but it isn’t:   All the President’s Zombies, by Paul Krugman, Commentary, NY Times: The debate over the “public option” in health care has been dismaying in many ways. Perhaps the most depressing aspect for progressives, however, has been the extent to which opponents of greater choice in health […]

Follow up on Debt-Fueled Consumption Growth

Wow, this post got a lot of attention/criticism on the web (see comments on RGE Economonitor, Investment Postcards from Cape Town, and of course News N Economics). I guess it’s hard to believe that the mortgage buildup over the last decade was financing health care rather than durable-goods consumption. The chart illustrates annual real spending, […]

Changing Migration Patterns in Oregon?

In the winter of 2005, I had a conversation with a developer in Central Oregon.  He was regaling me with the unlimited upside to the property market (and his deal-making prowess).  I replied that what was going to happen was that the Fed would raise interest rates and that would end the hot money propping […]

Why the Gang of Six is Deciding Health Care for Three Hundred Million of Us

Last night, the so-called “gang of six” — three Republican and three Democratic senators on the Senate Finance Committee — met by conference call and, according to Senator Max Baucus, the committee’s chair, reaffirmed their commitment “toward a bipartisan health-care reform bill” (read: less coverage and no public insurance option). The Washington Post reports that […]