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Daily Archives: October 10, 2017
Thaler: “riskiest moment of our lives…I’m nervous”
A buoyant and complacent stock market is worrying Richard H. Thaler, the University of Chicago professor who this week won the Nobel Prize in economics, “We seem to be living in the riskiest moment of our lives, and yet the … Continue reading
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Monetary magic has elongated and magnified the business cycle
As we have learned repeatedly through a century of cycles already, faith in central bank magic is misplaced and devastating in the end. Their interventions have made this cycle the most extreme ever, and asset prices that are inflated beyond … Continue reading
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First, [re]ban share buybacks
Headline this morning on CNBC: “BREAKING: Dow hits record high after Wal-Mart announces $20 billion buyback” I have written about this many times over the years. Share-based executive compensation and stock-buybacks are an extractive, destructive combination that diverts capital and … Continue reading
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