“Enter into his gates with thanksgiving, and into his courts with praise: be thankful unto him, and bless his name.” – “The Thanksgiving Psalm,” Psalm 100:4 Today is Thanksgiving, a great American tradition started by the Pilgrims and officially established by Abraham Lincoln as a national holiday. It’s one of my favorite holidays — a […]
“You can’t pick cherries with your back to the tree.” — J. P. Morgan I’ve always been a big fan of J. P. Morgan, the country’s largest investment bank, since it was established by the grand old man. When visitors come to New York, I often take them down to 23 Wall Street and point […]
“ObamaCare is not a ‘trainwreck,’ it is a suicide attack. He wants to hurt us, to bring us to our knees, to capitulate, so we agree under duress to accept big government.” –Wayne Allyn Root, http://www.foxnews.com/opinion/2013/10/21/why-obamacare-is-fantastic-success/ I just returned from the famous New Orleans Investment Conference, where gold bugs meet every year to vent their […]
This week’s cover story of the New Yorker is “Can Wall Street be Fixed?” Yesterday, I was in downtown Kansas City to give a lecture at the historic Kansas City Public Library (actually at an old bank building). I tried to defend Wall Street and made the case that the stock market is the entrepreneur’s […]
A couple of weeks ago, I announced the good news that the U.S. Commerce Department’s Bureau of Economic Analysis (BEA), the government agency that compiles and publishes GDP every quarter, will be publishing a new economic statistic every quarter along with Gross Domestic Product (GDP). It’s called Gross Output (GO). I wrote an article on […]
The media recently has lauded Janet Yellen, Obama’s choice to become the next Fed chairman, for her prescient warnings in the mid-2000s that the housing bubble could cause a financial crisis. For example, Alan Blinder wrote in the Wall Street Journal, Janet Yellen “warned, as early as 2005, that the titanic real-estate market was heading for an […]
“If companies would tell us more, insider trading would be worth less.” — James Surowiecki, New Yorker magazine In a stinging rebuke for the U.S. government, a Texas jury acquitted billionaire Mark Cuban of insider trading. The Securities and Exchange Commission (SEC) accused him of using a private tip to avoid a big loss on his 2004 […]
“Markets are a vast cooperative enterprise in which buyers and sellers work together to set prices and allocate resources. Transactions occur without coercion and, in fact, occur only with cooperation.” — Jason Voss, CFA, director, CFA Institute Yesterday, I played “Ten Tennis” with my grandson Luke (age 9). I invented this new version of tennis called “Ten Tennis” […]
“How can I possibly put a new idea into your heads, if I do not first remove your delusions?” — Robert Heinlein Keynesian economics has created much mischief in the world — a bias toward inflation and easy money, chronic deficit spending, an anti-saving mentality, progressive taxation, big government and the welfare state. Market-friendly economists […]
Job growth has been the bleakest aspect of the seemingly never-ending Great Recession. It is not even keeping up with population growth, and more and more Americans are dropping out of the labor force (only 63% of all adult Americans now hold a job). Artificial efforts to stimulate the economy aren’t helping. The latest dumb […]
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