Nobody I can find has asked this yet. So, here goes:
Why weren't the raw data kept up to date as part of the ongoing program? Anyone working with time series data knows you don't just add a new number to the end of a series at the end [...]
No, I'm not a medical doctor, nor do I play one on TV. But even I can see the reported numbers in this Washington Post article make absolutely no sense.
1. According to the article, for every 1000 women screened there will be roughly 500 false positives. What?' [...]
References for this article: (a) monopolistic power may be an exclusively sociopolitical construct, and (b) monopolistic power is (for reason (a) above) historically quite likely to give way to more competitive forms of socioeconomic organization.
In other words: Marx's law of increasing concentration has it completely backwards.
These benefits did not fall from the sky or from the generosity of their employer. Verizon workers won these benefits by uniting with each other and with their union, the Communications Workers of America. They fought a series of strikes over the past [...]
The fact that this bubble was clearly visible as early as 2002, and that significant negative consequences of a collapse were already foreseeable, is a powerful indictment of [...]
Banks are more concentrated than ever. 40% of all savings deposits are in J.P. Morgan Chase, Bank of America and Wells Fargo. 50% of all mortgages, as well as two thirds of all credit cards, are issued by these three plus Citigroup.
Interesting -- the numbers reflect some need [...]
I've just learned my childhood hero Steve Ditko is (a) alive and (b) a follower of Ayn Rand. You might call his masterpiece, "The Unchecked Premise," a comic book adaptation of the basic principles underlying Atlas Shrugged.' [...]
It seems to me Roubini is using a metaphor he doesn't really need -- borrowing to pay interest on public (or private) debt is obviously unsustainable. No need call it a Ponzi scheme to win readers over or capture their' [...]
The reason tort reform is not in the [health care] bill is because the people who wrote it did not want to take on the trial lawyers in addition to everybody else they were taking on. And that's the plain and simple truth...' [...]
And by the way, here's a chart showing probably likelihood of medical intervention as a function of age under the rational sort of system now being proposed by the House:
If numbers like these can be trusted and substantiated, it is only a matter of time before the substance of the current debate shifts in a major alternate direction [...]
During the past fifteen years I've had exactly two incidents -- no more than two -- in which African American males at least 12 inches taller than me stood close to my face shouting grievances attributed to racial discrimination.
In one instance I was personally involved -- a disgruntled' [...]
It keeps on giving trouble. Business good? Business bad? No matter. Pay your property taxes of vacate in favor of somebody who can pay them. Or, perhaps, in favor of nobody but an empty, unoccupied and unused business facility.
In practice...if a public option is available, it will probably enjoy taxpayer subsidies. Indeed, even if the initial legislation rejected them, such subsidies would be hard to avoid in the long run. Fannie Mae and Freddie Mac, the mortgage giants created [...]
I know this is totally off-the-wall and insensitive to all the specifics of Iranian politics and society, but do current behind-the-scenes events amount to early stages of a bicameral system modeled on England (with a powerful but still-appointed and yet-advisory upper House of Lords)? Just a thought. Anyway, here's' [...]
Australia rescuing itself from global warming cultism? Perhaps:
[T]here are a large number of punters [Australian for "customers" or "gamblers"—in this case, skeptical customers who may or may not buy what the government's selling] who object to being treated dismissively as stupid, who do not like being told [...]
Whenever any numbers (e.g. money supply) move outside reasonable historical limits the equations making up large models must be judged unreliable predictors. The models can be used, but the results can't be trusted.
More and more it appears we're outside the realm of reliable modeling, at least during the [...]
Medicare disproportionate share payments compensate certain hospitals for higher operating costs incured in treating their larger share of low-income, uninsured patients.
The administration has only now discovered they can save about $106B in health care costs under their new plan because, as Peter Orzag says, "(a)s the" [...]
Whatever it's called -- public option or chopped liver -- it has to be able to squeeze Pharma, Insurance, and the rest of the medical-industrial complex. And the more likely it is to squeeze them, the more they'll fight it. And the' [...]
As I link to this story I feel the need to remind readers that I -- yes, this very own EconoPundit himself, former proud resident of Newfoundland for nearly twenty years -- has eaten delectable seal flipper pie. Several times, in fact.
Never thought I'd get a chance to Fisk the President of the United States. Here goes -- Obama's words below are in boldface, my responses are in plain font:
By now, it's clear to everyone that we have inherited an economic crisis as deep and dire as' [...]
People can be trained relatively quickly for...many infrastructure jobs [such as] installing new pipes for water and sewage systems, repairing and upgrading equipment, basic construction...
News like this means nothing without aggregate figures. However: one plausible scenario is an upcoming genuine crash -- not an orderly price decline, but a panic-laden rush to the absolute bottom stopping only at price equalling production+transportation costs and nothing more.
Many of these tax fraud cases -- some large, some indeed almost as small as Geitner's -- involve not simply "forgetting" (or whatever) to pay FICA and other payroll taxes, but rather withholding these from others and pocketing the money rather than remitting the taxes. Here's a little tidbit [...]
I suppose if you're new to the idea this is as good a place to start as any. David Sirota seems to have never heard anything like this, but, for the record, I remember a host of left-oriented professors at the center of University of Wisconsin's Department of History, [...]
It's already started. Proposed tax hikes to soak the rich. Big Finance gangs up with Big Government and Big Labor to the advantage of Big Trial Law and the disadvantage of small finance. Big Energy gangs up with Big Government, Big Labor, and Big Trial Law' [...]
Perhaps it is sheer fantasy, but restoration of the Palestinian Authority on the basis of joint PA/Israeli economic interest seems a possibility. [...]
George Will understands everything but the economics; the grand jobs question is answered here as a simple application of the Coase theorem.
Perhaps the most basic of transactions costs is the cost of hiring/getting hired. Who pays this cost, the employee or employer? What raises this cost? [...]
Typical of analysis found today in the leftosphere, one "Carl" at the liberal blog the reaction lectures about those pesky hedge funds, their evil habit of short-selling, and how the Madoff scandal is but the proverbial tip of a proverbial iceberg.
[T]he modern university intellectual's pose of social hostility...does not arise from a rational analysis of the American order, but as a distortion of...personal circumstances. I should make better money; I should get the social recognition of a doctor or lawyer (my education is' [...]
"They still owe me $113,000," said Fran Sweet, 63, of Downers Grove, who deposited her $480,000 retirement account at Superior a month before it collapsed. "To the'" [...]
You may want to compare the average auto industry salary with your own before deciding whether bailouts are justified.
Shifting resources from any taxpayer earning an average American salary to an auto worker earning an average salary amounts to shifting money from lower- to higher-income people. [...]
Hasn't John Kotkin noticed the main difference between the new Starbucks-sippping "creative class" and those smelly old-fashioned "military contractors, manufacturers, agribusiness[es], pharmaceutical [companies], suburban real estate developers, energy companies, old-line remnants on Wall Street and other traditional backers of the GOP" is that the new creative class people don't [...]
John Hinderacker forgets that old important distinction between ownership and control:
Barack Obama is a rather mysterious figure: despite the fact that every policy he advocates will hurt the economy and the stock market, he has been the darling of Wall Street. Employees of securities firms have been [...]
My good friend and Roosevelt University colleague Steve Balkin -- with whom I have substantial but always-friendly political disagreements -- has suggested I post this modest proposal. Comments are welcome.
Sell Michigan to China: Financing a US Economic Recovery
----By Steve Balkin, Professor of Economics, Roosevelt University, October [...]
To me this looks like discounting of a likely Obama/Democrat victory. US withdrawal means defeat and loss of current power holders' ownership/control of natural resources. Therefore, it would be wise for them to get whatever money they can raise out of the country ASAP.
Please scroll to bottom to find the blogroll. (I've made the usual beginner's mistake of fooling around with my template without a backup. Will try to restore things later today.) [...]
Okay, I obtained a document some time ago but decided to leave things alone and not post it. Since The Cleveland Leader is now publishing excerpts from the article, and since (according to the Leader) Social Policy has pulled the article from its web site, here's a .pdf [...]
Is this a final "Crisis of Global Capitalism" -- to borrow the title of a book by George Soros written shortly after the Asian financial crisis of 1997-98? The crisis that kills capitalism has been said to happen during every major recession and financial crisis ever [...]
McCain clawed his way back into the race this summer by riding the wave of outrage over the offshore-drilling ban. He further helped his cause by picking a running mate from one of the most important energy-producing states in the Union. How ironic that he is [...]
Paul ("EconoMaven") H. sends us a link to this article with the following comment:
Trillions will be needed to save the world banking system. Since only the Chinese, the Russians and some of the Arab states have spare cash, they will have to take over. Bye bye cronie [...]
I think this is a terrible mistake for the Obama side. It draws attention to the fact McCain has been around long enough to have dealt with similar crises and their attendant scandals and systemic economic problems. [...]
I'm not even going to bother to show you the numbers, but I'll just say it: right now the average US public sector employee has a higher income than the average private sector employee, meaning any increase in taxes to deal with public sector salaries redistributes income from lower- to [...]
Mark Stricherz gets it mostly right and does a good job integrating Thomas and Mary Edsall's Chain Reaction into a larger context, but he shortchanges the Edsalls by, it would seem, not actually having read their book. The 28 member body called the "Commission on Party Structure and [...]
Mike Allen and the Obama folks who are feeding him these very basic talking points will soon be embarassed when they realize how close is McCain's to the old Democratic health care plan constructed by none other than Hillary Clinton.
If we provided that any illegal alien could secure all necessary working papers to become "legal" so long as they join a recognized American union and remain in good standing, we would solve all of the problems [...]
...before we conclude that markets failed, we need a careful analysis of public policy's role in creating this mess. Greedy investors obviously played a part, but investors have always been greedy, and some inevitably overreach and destroy themselves. Why did they take so many [...]
The old Two-Ton-Baker song went "Friday: fish-day, everybody happy , well I should say!"
Well, it's Friday and it's payday and now we'll see just how many anecdotes appear about credit shortages around the nation. If I'm wrong we'll all review Irving Fisher's debt-deflation theory of the [...]
The storyline is evolving much as eurosceptics predicted, yet the final chapter could end either way as the recriminations fly. Germany has already shot down the French idea. The [...]
The NYT now warns American universities -- Vermont, for example -- are losing full losing access to their short term investment funds. Oh no! American education is in danger!
Bill Clinton explains why repeal of Glass-Steagall has nothing to do with the current situation. (We're not calling it a "crisis" until Friday -- payday -- generates the payroll problems so many are predicting.) [...]
A good friend and former colleague at Memorial University sends us the following news from the once-impoverished Province of Newfoundland and Labrador:
Newfoundland is awash in petrodollars and next year is forecast to become "Have Province" with money going the other way to Ottawa.
The incomparable Dasha sends us this translation from the Sept. 30th edition of the daily Berlingske Tidende:
The International Monetary Fund (IMF) has made a clear statement: With its current system Europe cannot respond to a crisis like that in the US in the same way the latter has. [...]
...a bailout transfers enormous wealth from taxpayers to those who knowingly engaged in risky subprime lending. Thus, the bailout encourages companies to take large, imprudent risks and count on getting bailed out by government. This "moral hazard" generates enormous distortions in an economy's allocation of [...]