That’s obvious, right? But let’s belabor the point.| www.interfluidity.com
Today I was reading Felix…| www.interfluidity.com
On Friday, St. Louis Fed President William Poole gave a speech called "Market Bailouts and the Fed Put" (hat tip Calculated Risk). Poole discusses "whether Federal Reserve policy responses to financial market developments should be regarded as 'bailing out' market participants and creating moral hazard by doing so." Unsurprisingly, Poole thinks not.| www.interfluidity.com
I haven't had much time to blog lately, but I thought I'd weigh in on an interesting discussion I see brewing in Twitterland. The macroecono...| andolfatto.blogspot.com
We often think about inequality in terms of supply of wealth to the wealthy. Interest rate declines contribute to inequality because they cause the real estate and financial assets held by the rich to appreciate. Monopoly contributes to inequality because it enables the owners of dominant firms to extract rents from the rest of us, increasing their already large hordes. To reduce inequality, we could break up monopolies, or stop enabling them with ever expanding “intellectual property right...| www.interfluidity.com