Daily Economy
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The Fed’s Policy Shift to Let Inflation Rip Higher Is Deeply Flawed
“It’s hard to see the Fed achieving higher inflation, given its recent failure in this matter. A quick look at the monthly consumer price index data over the last decade shows that for the vast majority of the period, inflation was well below 2%. Or put another way, despite all the money printing by the…
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Celebrate Entrepreneurs, Don’t Guillotine Them
“The key to getting wealthy in a capitalistic society is to produce something so valuable that millions of people want to trade for it.” ~ Raymond C. Niles
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What Raised the S&P 500 Price-Earnings Ratio?
“For those who find stock price gains inexplicable and therefore terrifying, the Yardeni-Reynolds Model offers a purely empirical explanation of a seemingly high trailing P/E ratio – extremely low global inflation and bond yields combined with an artificially low P/E denominator of past earnings that includes the terrible second quarter of 2020.” ~ Alan Reynolds
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Nancy Pelosi and Her Hair Salon
“Freedom for me, but not for thee seems to be the recurring theme here. Everyday Americans have seen their jobs and their lives stripped at the stroke of a pen. America’s once proud and industrious spirit has been overshadowed by one of fear, insanity, and vitriol. Yet those who are responsible for all of this…
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The Melbourne Syndrome
“It should be called the “Melbourne” Syndrome because Melbourne has now implemented the hardest and longest lockdown at the hands of one of the most far-left and incompetent political leaders in the world, a leader who nevertheless retains high approval ratings, within a state in which the coronavirus issue went from benign to statistically explosive…
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Mandatory Shortages And Concentrated Pain: What “Price Gouging” Laws Do
“Disasters and emergencies are bad enough without policies that make things worse. That’s exactly what price gouging laws are: rules that actually make these worse for the least of these among us by snuffing out the signals that would tell the rest of us precisely what is needed where.” ~ Art Carden
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For-Profit Companies Must be the Backbone of the New Space Age
“Space remains the final frontier. Just as with the terrestrial frontier, private enterprise should be the driving force for exploration, development, and settlement.” ~ David R. Henderson & Alexander W. Salter
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The Politicization of Obesity
“Obesity is an undeniable public health problem, but increasingly interventionist policies are amplifying the negative externalities.” ~ Peter C. Earle
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The Unintended Disruption of the Ivory Tower
“Whatever innovations and changes arise from the current chaos, it is very likely that higher education will not look the same as it did before 2020. Given current intellectual trends that elevate social justice above the pursuit of truth and higher education’s tremendous waste of resources (including the economy-crushing delay of adulthood), that may be…
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Payrolls Gains Decelerated Again, Sustaining Concerns about Recovery
More than 10 million payroll jobs remain lost following government shutdowns; while payrolls have been recovering somewhat, the outlook remains extremely uncertain.
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•
The Fed’s Policy Shift to Let Inflation Rip Higher Is Deeply Flawed
“It’s hard to see the Fed achieving higher inflation, given its recent failure in this matter. A quick look at the monthly consumer price index data over the last decade shows that for the vast majority of the period, inflation was well below 2%. Or put another way, despite all the money printing by the…
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•
Celebrate Entrepreneurs, Don’t Guillotine Them
“The key to getting wealthy in a capitalistic society is to produce something so valuable that millions of people want to trade for it.” ~ Raymond C. Niles
-
•
What Raised the S&P 500 Price-Earnings Ratio?
“For those who find stock price gains inexplicable and therefore terrifying, the Yardeni-Reynolds Model offers a purely empirical explanation of a seemingly high trailing P/E ratio – extremely low global inflation and bond yields combined with an artificially low P/E denominator of past earnings that includes the terrible second quarter of 2020.” ~ Alan Reynolds
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•
Nancy Pelosi and Her Hair Salon
“Freedom for me, but not for thee seems to be the recurring theme here. Everyday Americans have seen their jobs and their lives stripped at the stroke of a pen. America’s once proud and industrious spirit has been overshadowed by one of fear, insanity, and vitriol. Yet those who are responsible for all of this…
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•
The Melbourne Syndrome
“It should be called the “Melbourne” Syndrome because Melbourne has now implemented the hardest and longest lockdown at the hands of one of the most far-left and incompetent political leaders in the world, a leader who nevertheless retains high approval ratings, within a state in which the coronavirus issue went from benign to statistically explosive…
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•
Mandatory Shortages And Concentrated Pain: What “Price Gouging” Laws Do
“Disasters and emergencies are bad enough without policies that make things worse. That’s exactly what price gouging laws are: rules that actually make these worse for the least of these among us by snuffing out the signals that would tell the rest of us precisely what is needed where.” ~ Art Carden
-
•
For-Profit Companies Must be the Backbone of the New Space Age
“Space remains the final frontier. Just as with the terrestrial frontier, private enterprise should be the driving force for exploration, development, and settlement.” ~ David R. Henderson & Alexander W. Salter
-
•
The Politicization of Obesity
“Obesity is an undeniable public health problem, but increasingly interventionist policies are amplifying the negative externalities.” ~ Peter C. Earle
-
•
The Unintended Disruption of the Ivory Tower
“Whatever innovations and changes arise from the current chaos, it is very likely that higher education will not look the same as it did before 2020. Given current intellectual trends that elevate social justice above the pursuit of truth and higher education’s tremendous waste of resources (including the economy-crushing delay of adulthood), that may be…
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•
Payrolls Gains Decelerated Again, Sustaining Concerns about Recovery
More than 10 million payroll jobs remain lost following government shutdowns; while payrolls have been recovering somewhat, the outlook remains extremely uncertain.