For those who don’t know about him, Jim Grant of Grant’s Interest Rate Observer has been a long standing and highly regarded advocate of probity, common sense, and historical memory. Of course, that means he is completely out of fashion. But Grant has a loyal following and even those who differ with his skeptical outlook […]
Read more...We’ve noted more than once that quite a few government statistics near and dear to analysts and investors, such as GDP, inflation, and employment growth, are pretty iffy. So you don’t think we are unfairly singling out the government, some measures produced by the private sector are also questionable. A prime example is foreclosure statistics, […]
Read more...Earlier this month, the national science academies of the G8 plus those of China, India, Mexico, Brazil, South Africa, and India, issued a strongly worded joint statement about global warming and energy usage. Let us stress that it is pretty much unheard of for this many independent science bodies to agree on such an unequivocal […]
Read more...I have spent the entire long weekend avoiding dealing with this article by David Ranson and Penny Russell, “Does the Fed Matter?” in Friday’s Wall Street Journal. The reason is that if I got going, there is so much in it that is off beam, misleading, or just plain wrong that it would be hard […]
Read more...To clarify: this list of “censored,” meaning seriously underreported, articles is for 2007 and covers stories from roughly July 2005 through June 2006. I call you attention to it primarily because it’s important, but secondarily, because we actually discussed a few on this blog (they appear to continue to be underreported), despite the fact that […]
Read more...This was the headline of the lead story in the weekend edition of the Financial Times, and oddly, it appears to have been picked up in no other news organ tracked by Google News. Now even though other advanced countries have drug problems too, the US is the only one that thinks it can fly […]
Read more...Confession: I have a weakness for certain types of trash, and one category I enjoy is tacky corporate litigation. What constitutes “tacky” is very much in the eye of the beholder, but I particularly enjoy seeing the aggressor hoist on his own petard. And it’s even more fun when the party that overplayed its hand […]
Read more...When a stalwart member of the right disassociates itself from the Wall Street Journal’s editorial policies, you know things are bad. Thanks to Brad DeLong for this item. From the National Review’s blog, The Corner: ….the Wall Street Journal editorial conference…. I was… well, no, not foaming at the mouth, but gaping in wonder at […]
Read more...I am beginning to wonder whether there is a single statistic related to the state of the economy that can be trusted. The latest data point to bite the dust is the widely-quoted factoid that 13% of subprime mortgages are in default. Turns out not only is this number wrong, but the methodology used to […]
Read more...This New Scientist special report is a great resource for those of you who have the misfortune to know climate change deniers. Here’s the overview: Our planet’s climate is anything but simple. All kinds of factors influence it, from massive events on the Sun to the growth of microscopic creatures in the oceans, and there […]
Read more...It’s curious, and telling, that this story, “Union in move to halt Blackstone IPO,” appears as a headline story at this hour for the Financial Times (meaning it will probably be featured in the news summary in the print edition) yet has no counterpart at the Wall Street Journal or New York Times websites. The […]
Read more...Many consumers can’t afford to trade up to new cars. The years and years of Detroit providing heavy financial subsidies has stopped creating incremental sales. And Ford called its sales in April “terrible.” With that as a starting point, how far down can things go? One reason I imagine this is underreported is New York, […]
Read more...I’m certain you’re familiar with the expression “death wish.” I am beginning to wonder whether America has a banana republic wish. The country has been taking steps towards being a small-minded, elite-dominated, sham democracy. Mind you, I am pointing to a tendency, not an established fact. The US isn’t Haiti, or even Argentina. But we […]
Read more...Oddly, this story, which runs in today’s Financial Times, does not seem to have been reported in the Wall Street Journal or the New York Times (and perhaps not on Bloomberg either, but I am less certain since its search tools for the great unwashed aren’t foolproof). The findings, at least for the Fed, are […]
Read more...This is four years too late, but for those readers (particularly those outside the US) who wonder how Americans were conned into believing going into Iraq was warranted and desirable, watch this video (or read the transcript). The Bush Administration disinformation wouldn’t have worked if the press had exhibited any backbone. This documentary goes through […]
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