U.S. Federal Reserve

U.S. Federal Reserve

Markets and The Madness of Crowds

Markets and The Madness of Crowds

Yes, I know that markets are irrational. I read Charles Mackay’s 1841 classic, “Extraordinary Popular Delusions and the Madness of Crowds” long before it ever became fashionable. Even so, when you think about it, 2011 must set some kind of…
Paul Krugman is Dead Wrong: US Debt Does Matter

Paul Krugman is Dead Wrong: US Debt Does Matter

Paul Krugman, the Princeton University economics professor, Nobel Prize winner, and regular New York Times op-ed contributor says, “Debt matters, but not that much.” Not only is he off the reservation on this one, but he’s completely fallen off…
Why Today is Blue-Chip Sell Day on the Market

Why Today is Blue-Chip Sell Day on the Market

This morning your editor walked to our desk through a swarm of excited voices… “This will squeeze a lot of shorts out of their positions.” “When I left home the market was up 3.5%… by the time I got here