Ramona's picture

    Foreclosure for Fun and Profit

    There is a lovely new residential-shopping complex in Myrtle Beach called "The Market Common".  We haven't been there yet this year, but last year we walked around it a few times.  In my wildest dreams I couldn't afford anything in their shops, but honestly?  I never saw anything I would be willing to give up my entire SS check to buy.  Still, I kind of took a liking to the place, faux as it was.

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    Doctor Cleveland's picture

    Intellectual Property Blues: Beatles Edition

    So, the Beatles are finally available on iTunes, goo goo goo joob. And the news has been greeted with a resounding yawn; many people claim that the move is much, much too late to be hip, and too late to be hip, in the music business, means too late to make a sale. [UPDATE: Since the Beatles sold 2 million songs and 450,000 albums on iTunes this week, I was obviously completely wrong about this.

    Doctor Cleveland's picture

    Obama's Veto and Mortgage Fraud

    If you've been looking for a fight in the lame-duck session, we may be about to see one: this Wednesday, November 17th, the House is going to have a veto override vote on the so-called "Interstate Recognition of Notaries Act," H.R. 3808. (h/t John Cole) What is the Interstate Recognition of Notaries Act, you say?

    Doctor Cleveland's picture

    There Is No Center

    Since the election, and in fact for some time before, pundits have been demanding that President Obama move to "the center." They don't have a lot of details, usually, about where that center is, and if they do suggest a detail it usually comes from one side of current debates, but they're all convinced that Obama needs to go there. But there's a reason that pundits can't describe this magical "center" better. It doesn't exist.

    Deadman's picture

    The Fed's ultimate hubris...

    So the powers that be on the Federal Reserve Board have decided to engage in round two of their little quantitative easing experiment, basically agreeing to purchase $600 billion in government debt over the next 8 months in order to keep interest rates artificially low and hopefully juice the economy in the process. 

    Doctor Cleveland's picture

    The Mortgage Crisis in the Tranches

    I've posted about the housing and mortgage crisis, and the impending dangers, here and here, but there's one additional problem that I hadn't got my head around when I wrote those posts. That's the tranche problem, which is likely to lead to all kinds of perverse incentives and unforeseen difficulties.

    Doctor Cleveland's picture

    Realism About the Housing Mess

    Most public debates over the mortgage and housing mess have been running aground on the false-dilemma problem, framing the a problem with several possible solutions as a choice between only two options. At least one of the options in false dilemmas is always completely moonbat crazy, and frequently they both are. The false dilemma I've been hearing these days goes like this:

    "We either have to give mortgage lenders a free hand, and forget about the legal details, or just let borrowers keep their houses for free without paying anything!"

    Doctor Cleveland's picture

    Bailout II: The Sequel

    So, the story about bad mortgages, by which I mean not simply ill-conceived loans on houses that have hemorrhaged value but loan transfers with forged or non-existent paperwork, is beginning to make it into the daily news. We're going to hear much more about it, I'm afraid.

    Doctor Cleveland's picture

    Teaching Shakespeare and the New Normal

    My profession has a lot of annual rituals, some obvious and some not, and one of them happened the week before last: the annual job list went live (and, in another annual ritual, came precariously close to crashing for the first afternoon).

    Doctor Cleveland's picture

    How They Measure the "End" of a Recession

    So, despite the way the economy feels in your neighborhood, there's been an official statement that the recession ended last June. Yup. All over. That is a perfectly sound statement at the same time it doesn't mean what the rest of us mean by "end of the recession."

    Doctor Cleveland's picture

    What Happened to America's Economy


    We're always told that economics is a complicated science, which is true, but also that bottom-line practical economics is very simple. But the simple rules we've all learned seem to have landed us into an incomprehensible mess. Let me try to recap what's happened.

    Obviously, every business needs to make a profit to survive. This is done by keeping costs lower than revenues. If you're selling something, you need to make more money selling it than you spend in making or buying the product and in paying your workers.

    William K. Wolfrum's picture

    Austerity in Greece leading to Civil War, not a good economy

    Shockingly, turning the population upside down and shaking them to collect loose change isn’t working out as well as the EU or Greece hoped. From Der Spiegel:

    William K. Wolfrum's picture

    William K. Wolfrum’s Morning – July 27, 2010

     


    Paul Briggs does an outstanding imitation of how the Obama Administration handled the Shirley Sherrod video nontroversy.

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