Go Bernanke go!
Sabri
European Stocks Decline; Societe Generale, Barclays Lead Drop
By Sarah Jones
Aug. 28 (Bloomberg) -- European stocks fell, following declines in U.S. and
Asian markets, on renewed concern the subprime-mortgage rout is spreading and
will erode global economic g
As art and as political commentary, “Sicko” marks a giant leap forward
for Michael Moore. Dispensing with a lot of the customary gimmicks of
his previous films–including trademark confrontations with greedy
corporate heads on their own turf–it focuses more on the stories of
individuals who have
On 8/27/07, sartesian <[EMAIL PROTECTED]> wrote:
> As a matter of fact that's exactly what they did-- embedding the guest
> terrorists in Afghanistan with the aid and comfort of Pakistan's
> intelligence service, but with funding clearly from the Saudis.
>
...and I believe they did it with some of
Please stop this thread.
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 530-898-5321
E-Mail michael at ecst.csuchico.edu
michaelperelman.wordpress.com
http://math.bu.edu/people/nk/rr/
=
Debunking the Conventional Wisdom about the Science Wars, Especially
the Sokal Affair and its Aftermath
== Gabriel Stolzenberg
In essays posted at this site, I use close readings of the science
wars literature to debunk the convention
"What interests me is that Levitt and a bunch of other economists
failed to recognize the paper as satire. I am fairly certain that
almost anyone from outside the economics profession would have taken
it as a joke."
I've seen an example of this here... quite recently.
Just replace the word 'paper'
It's hard to see how Levitt could possibly believe that Oxoby's working
paper was anything else but a "toy" model and hardly worthy of comment.
http://www.econ.ucalgary.ca/fac-files/rjo/wp0807.pdf
In fact Oxoby's discussion paper (authored with Dickinson) on optimism
versus pessimism is equally
I got a question the other day that has me puzzled. The sub-prime
mortgage market makes up about 15 percent of the total
market. Within the sub-prime market the default rate is still well
less than 5 percent and in the mortgage market as a whole, the
default rate is less than 1 percent. So if a
On Aug 28, 2007, at 12:47 PM, Doug Orr wrote:
Since ai am a bit behind in reading PEN-L (about 18,000 messages), I
did go back over the past few weeks and found Doug Henwood's new
piece from LBO. In that he seems to indicate that most of the
problem is "animal spirits" , anxiety and panic.
No
More Missing Weapons & A Mysterious U.S. Military Officer's Suicide:
American Weapons Recovered In Turkey Were Originally Destined For The
Iraqi Government
(the post also contains links to the Russian Mafia's involvement in
the missing AK-47 saga, and a potential connection between the Mafia,
the
At 10:34 AM 27/08/2007, Louis wrote:
In the July-August International Socialist
Review, the theoretical journal of the
state-capitalist International Socialist
Organization, theres an article by Lee Sustar
titled What does Chávez have in store for
Venezuela? He asks rhetorically if Chávez
http://www.economist.com/finance/displaystory.cfm?story_id=9687245
Doug Orr
> The sub-prime mortgage market makes up about 15 percent of the total
> market. Within the sub-prime market the default rate is still well
> less than 5 percent and in the mortgage market as a whole, the
> default rate is less than 1 percent. So if all of these mortgages
> have been bu
On Aug 28, 2007, at 5:18 PM, Sabri Oncu wrote:
1) The size of the sub-prime market is between $2 and $3 trillions:
this is a
lot by any standard.
Where's that from? The total mortgage liability of U.S. households
was $9.8 trillion in the first quarter of 2007; if subprime is around
15%, then t
On 8/28/07, Sabri Oncu <[EMAIL PROTECTED]> wrote:
> Here are some random thoughts:
>
> 1) The size of the sub-prime market is between $2 and $3 trillions: this is a
> lot by any standard.
>
> 2) Suppose for a while that the default rate in the sub-prime mortgage market
> is 3%. Only this amounts to
On 8/28/07, Julio Huato <[EMAIL PROTECTED]> wrote:
> http://www.economist.com/finance/displaystory.cfm?story_id=9687245
>
The article has this interesting quote from Andrew Mellon.
-snip
This does not mean that the Fed should follow the advice of Andrew
Mellon,
Doug H:
> Whether it's $45b, or $60b, or $90b, it's a lot of money,
> but still a pretty small fraction of overall mortgage debt.
Who taught you Americans to think in percentage terms only?
Five percent of a dollar is 5 cents but five percent of trillion dollars is
fifty billion dollars.
Don't
Sorry Doug. I did not mean to imply that you
were only looking at anxiety and animal
spirits. It is just that the numbers that you
cite, which as always are in far more detail than
most of us academic guys seem to have at our
finger tips, seem to indicate a relatively small
hit on the total
Raghu raises another interesting question about the details of
mortgage backed securities. In the "old days" of a decade or so ago,
if a borrower defaulted on a mortgage, the bank that issued the
mortgage took the house, sold it at auction and received the
proceeds. The cost of reselling the hou
Here is the reference to Mellon. It goes further than the article:
Hoover, Herbert. 1952. The Memoirs of Herbert Hoover (NY: Macmillan): 3, p. 30
"The
'leave-it-alone liquidationists' headed by Secretary Mellon ... felt that the
government must keep its hands off and let the slump liquidate itse
An important dimension of the problem is the continual need to roll over paper
of
all kind. Fear can cause the market to seize up. I think of economics as a
minor
branch of psychology.
On Tue, Aug 28, 2007 at 05:25:29PM -0400, Doug Henwood wrote:
>
> Whether it's $45b, or $60b, or $90b, it's a
Doug Orr wrote:
Raghu raises another interesting question about the details of
mortgage backed securities. In the "old days" of a decade or so ago,
if a borrower defaulted on a mortgage, the bank that issued the
mortgage took the house, sold it at auction and received the
proceeds. The cost of
Michael:
> I think of economics as a minor branch of psychology.
I think this statement is a bit of an exaggeration, although it is in the right
direction. I would rephrase it as follows: "the intersection of economics and
psychology is a large set."
When I said something like this about some o
Unlike I, this guy has too much reputation to protect, so he is playing it
safe, but listen to him, I say:
http://www.bloomberg.com/avp/avp.htm?clipSRC=mms://media2.bloomberg.com/cache/vizUQJOEua3A.asf
Sabri
Re
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