I’ve seen some commentary recently about how bad the market is, comparing it to the previous worst start to a year, 1933. That sounds ominous since everyone knows that 1933 was in the middle of the Great Depression. Unfortunately for the gloom and doom crowd, 1933 also proved to be the bottom of a bear [...]
Paul Krugman’s editorial on oil speculators is actually technically correct, but when he says that the price of oil is supported by fundamentals, well that is to me prima facie evidence of a bubble. Krugman’s track record since he started writing for the NYT is terrible and betting against him would have been very profitable.
He [...]
The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent.
Recent information indicates that overall economic activity continues to expand, partly reflecting some firming in household spending. However, labor markets have softened further and financial markets remain under considerable stress. Tight credit conditions, the ongoing housing contraction, [...]
Orders for durable goods were unchanged in May, as orders for airplanes and defense goods offset weaker demand for machinery and metals. Economists were expecting a decline of 1.0% for the month. It is the second straight monthly decline, but, considering orders remain unchanged since January, some economists were quickly questioning if the U.S. economy [...]
