Here’s a list of articles that I have been reading lately:
Category Archives: Public Policy
Clarke and Dawe: Lending merry-go-round
Satirists Clarke and Dawe do their best to explain the ongoing European sovereign debt crisis:
Assorted Links (5/25/2010)
Here’s a list of articles that I have been reading lately:
Hard Sell – WSJ.com
Source: online.wsj.com
“John Fund writes in The Wall Street Journal that ObamaCare appears more unpopular than ever.”
Chronicle of a Currency Crisis Foretold – Project Syndicate
Source: www.project-syndicate.org
“The crisis in Greece and the problems in Spain and Portugal have exposed the euro’s inherent flaws, and no amount of financial guarantees – much less rhetorical reassurance – from the EU can paper them over. While the euro is likely to survive the current crisis, not all of the eurozone’s current members may be there a year from now.”
Progressives, Jim Crow, and Selective Amnesia
Source: www.american.com
“The Rand Paul episode reveals a drastic misreading of history and of the government’s role in ending racial discrimination in this nation.”
America’s New Jobs Bill – WSJ.com
Source: online.wsj.com
“The Wall Street Journal dissects this week’s stimulus bill.”
Money Market Funds Missing from the Senate Bill – Regulating Wall Street
Source: w4.stern.nyu.edu
“Money market funds are the stepchild of finance. Even though they manage more than $4 trillion in assets, you won’t find them in the Senate’s financial reform bill from last Thursday. Is this justified?”
Not just their Big Fat Greek Funeral – Mark Steyn – Macleans.ca
Source: www2.macleans.ca
“As lazy, feckless, corrupt and violent as Greece undoubtedly is, it’s not that untypical…”
That’s Rich at Steven Landsburg | The Big Questions: Tackling the Problems of Philosophy with Ideas.
Source: www.thebigquestions.com
“It’s now crystal clear what the Tea Party stands for, says Frank Rich midway through a column that makes it crystal clear what Frank Rich stands for, and it isn’t pretty.”
Stimulus Surprise: Companies Retrench When Government Spends – HBS Working Knowledge
Source: hbswk.hbs.edu “New research from Harvard Business School suggests that federal spending in states appears to cause local businesses to cut back rather than grow. A conversation with Joshua Coval.”
Game Theory TV – Freakonomics Blog – NYTimes.com
Source: freakonomics.blogs.nytimes.com “Game theory lessons on YouTube.”
Review & Outlook: The New Lords of Finance – WSJ.com
Source: online.wsj.com “The Wall Street Journal editorial page says that Congress’s financial reform is a marriage of Big Finance and Big Government.”
Roberts on the Crisis | EconTalk | Library of Economics and Liberty
Source: www.econtalk.org
“Russ Roberts, host of EconTalk, discusses his paper, “Gambling with Other People’s Money: How Perverted Incentives Created the Financial Crisis.” Roberts reflects on the past eighteen months of podcasts on the crisis, and then turns to his own take, a narrative that emphasizes the role of government rescues of creditors and the incentives this created for imprudent lending. He also discusses U.S. housing policy, particularly the Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac and how the government’s implicit guarantee of lenders to the GSE’s interacted with housing policy to increase housing prices. This in turn, Roberts argues, helped create the subprime market, created mainly by private investors. The episode closes with some of Roberts’s doubts about his narrative.”
Consumer Financial Protection–the Good, the Bad and the Ugly – Regulating Wall Street
Source: w4.stern.nyu.edu
“On Thursday the Senate passed its version of the financial reform bill, and the reconciliation process with the previously passed House bill will now begin. What are the implications for consumer protection? The similarities between the two bills in the area of consumer protection and more notable than their differences, but there are some distinctions to keep in mind and some troubling issues common to both bills. Consumer protection is a worthy goal, especially given some of the documented abuses leading up to and during the financial crisis, but bad regulation may be worse than under-regulation.”
Economic View – Greece May Not Be as Rich as It Looks – NYTimes.com
Source: www.nytimes.com
“Europe no longer pretends Greece is wealthy. Now the Continent acts as though Greece will quickly become wealthy enough to pay back ever-growing sums of debt.”
Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending
Assorted Links (5/11/2010)
Here’s a list of articles that I have been reading lately:
Did a Big Bet Help Trigger ‘Black Swan’ Stock Swoon? – WSJ.com
online.wsj.com
“A tsunami of selling pressure that spread to nearly all parts of the market last Thursday may have had its roots in a single bearish bet.”
Euro-zone Bailout Spurs Moral-Hazard Fears – WSJ.com
online.wsj.com
“A €750 billion bailout package for euro-zone governments facing debt troubles has created another urgent challenge for European policy makers: how to keep free-spending governments in line.”
www.realclearpolitics.com
“It is now conventional wisdom that the world has avoided a second Great Depression. Governments and the economists who advise them learned the lessons of the 1930s. When the gravity of the financial crisis became apparent in late 2008, the response was swift and aggressive.”
The Welfare State’s Death Spiral
www.realclearpolitics.com
“What we’re seeing in Greece is the death spiral of the welfare state. This isn’t Greece’s problem alone, and that’s why its crisis has rattled global stock markets and threatens economic recovery.”
www.campaignforliberty.com
“A bipartisan group of legislators have introduced a bill that would focus on stripping Americans of their citizenship if they are found to be involved in “terrorism”.”
Landscapers find workers choosing jobless pay
detnews.com
“In a state with the nation’s highest jobless rate, landscaping companies are finding some job applicants are rejecting work offers so they can continue collecting unemployment benefits.”
Garven comment: Here is some compelling anecdotal evidence concerning the unintended consequences of unemployment benefits. Believe it or not, insuring people against the financial consequences of unemployment can actually create more unemployment!
Game Theoretic aspects of racial segregation and executive compensation
I am a big fan of Presh Talwalkar’s Mind Your Decisions blogsite. He often posts some very thought provoking entries on the general topic of game theory. Anyway, in a recent entry entitled Game theory videos by Tim Harford, Presh points out a couple of particularly interesting YouTube videos on game theoretic aspects of racial segregation (see Youtube video: racial segregation, which is based upon the Schelling Segregation model) and executive compensation (see Youtube video: why your boss is overpaid , which is based upon tournament theory).
Assorted Links (5/10/2010
Here’s a list of articles that I have been reading lately:
David McCourt: FCC Regulation of the Internet May Chill Investment in Broadband – WSJ.com
online.wsj.com
“In The Wall Street Journal, David McCourt says the FCC’s determination to impose net neutrality regulations on ISP companies will make investments in broadband more uncertain.”
Fouad Ajami: Islam’s Nowhere Men – WSJ.com
online.wsj.com
“In The Wall Street Journal, Fouad Ajami notes that millions of young Muslim men like Faisal Shahzad are unsettled by a modern world they can neither master nor reject.”
ObamaCare’s Phony Medicaid ‘Deal’ – WSJ.com
online.wsj.com
“In The Wall Street Journal, constitutional law professor Richard Epstein says that the new health law unconstitutionally coerces the states.”
Is It Too Big to Save? — The American, A Magazine of Ideas
www.american.com
“If you’re only going to read one book on the financial crisis, this should be the one. ”
Shahzad’s Lesson: Foreclosed Is Forearmed – WSJ.com
online.wsj.com
“In The Wall Street Journal, satirist Joe Queenan writes that history is littered with tales of men who turned to violence because of bad real-estate investments.”
Julius Caesar of the Internet – WSJ.com
online.wsj.com
“The Wall Street Journal writes that the Obama Administration’s attempt to regulate the Internet is unlawful and unnecessary.”
Global markets: So, about that crash | The Economist
www.economist.com
“ON THURSDAY afternoon, between 2:30 and 3:00, the Dow Jones Industrial Average suffered one of the largest and most dramatic swings in its long history. In the space of just a few minutes, the Dow went from being down around 300 points to being down nearly 1,000 points.”
Jeffrey Miron » Blog Archive » Regulating the Internet
jeffreymiron.com
“In a move that will stoke a battle over the future of the Internet, the federal government plans to propose regulating broadband lines under decades-old rules designed for traditional phone networks.”
Kim Strassel: Financial Reform Goldman Can Love – WSJ.com
online.wsj.com
“In The Wall Street Journal, Potomac Watch columnist Kimberley Strassel notes that the Democrats’ anti-Wall Street rhetoric conceals a major fund-raising campaign. The actual financial reforms will not seriously damage the major players.”
What the Hell Just Happened in the Market? – Business – The Atlantic
www.theatlantic.com
“For those who don’t have Bloomberg News on 24/7, the Dow just dropped almost 1,000 points…”
Michael Boskin: Time to Junk the Corporate Tax – WSJ.com
online.wsj.com
“In The Wall Street Journal, MIchael Boskin writes that the U.S.has the second-highest corporate income tax rate of any advanced economy, and that reforming it would boost the economy and future business investment.”
Dan Henninger: Blame Obama. Why Not? – WSJ.com
online.wsj.com
“In The Wall Street Journal, Dan Henninger writes that as the oil-spill cleanup shows, some things are beyond even Barack Obama’s belief in the powers of government.”
Another Fine Mess – WSJ.com
online.wsj.com
“John Fund writes in The Wall Street Journal that the Obama administration was caught unprepared for the oil spill.”
Why Our Current Budget Situation Is a Crisis — The American, A Magazine of Ideas
www.american.com
“There is no precedent for reducing the ratio of debt to GDP by simply growing our way out of it.”
Robert G. Wilmers: What About Reforming Fannie Mae and Freddie Mac? – WSJ.com
online.wsj.com
“In The Wall Street Journal, Robert G. Wilmers, the chairman and CEO of M&T Bank Corporation, says that Fannie and Freddie need to be reformed, lest we have another financial crisis down the road.”
Drilling in Deep Water – WSJ.com
online.wsj.com
“The Wall Street Journal writes that a ban on offshore production won’t mean fewer oil spills.”
Fred Barnes: Democrats at Ramming Speed – WSJ.com
online.wsj.com
“In The Wall Street Journal, Fred Barnes writes that the White House wants to pass as much legislation as possible before losing its big majorities, no matter how unpopular its proposals are.”
Brian M. Carney: A Tale of Three Cities – WSJ.com
online.wsj.com
“Editorial Page Editor Brian M. Carney writes in The Wall Street Journal that Athens, London and Washington each respond to looming insolvency in telling ways.”
Esther Duflo: Social experiments to fight poverty | Video on TED.com
www.ted.com
“Alleviating poverty is more guesswork than science, and lack of data on aid’s impact raises questions about how to provide it. But Clark Medal-winner Esther Duflo says it’s possible to know which development efforts help and which hurt — by testing solutions with randomized trials.”
Visualizing Obama's budget cuts
Visualizing Obama’s budget cuts
In The Know: Should The Government Stop Dumping Money Into A Giant Hole?
From the Onion News Network, here’s a (libertarian) satire of the public policy process (hat tip to Megan McArdle):