Wholesale Electricity Prices Plummet By 77% From June Peak; Close to Four-Year Low in November
Update: The percent decline should be -77.1%, not 90% as originally stated. I apologize for the mistake and thank Bret for pointing it out.
Professor Mark J. Perry's Blog for Economics and Finance
Timothy Geithner: 49%
Cafe Hayek, one of my favorite blogs, has imposed a two-week moratorium on comments, read about it here and here. I can't say that the thought has never crossed my mind......
The average "poor" person, as defined by the government, has a living standard far higher than the public imagines. The following are facts about persons defined as "poor" by the Census Bureau, taken from various government reports:
If so, here is a website at Davidson College with lots of good information about Ph.D. programs in economics, with many links to other good websites about doctoral programs in economics.
Let's not kid ourselves that a taxpayer rescue would be anything but a down payment on a never-ending bailout. The bailout already is never-ending: Chrysler was already rescued once. Forgotten are the Reagan-era import quotas that inflated the price of every car sold in America to help prop up the Big Three. If hooked up to Washington life supports today, Detroit's first assignment would be to "protect jobs" -- job protection guarantees being one of the Big Three's fatal errors in the first place.
From the LA Times article "A State Sales Tax Jump Could Backfire":
Update: Top chart has been added, showing a -55% decline in futures prices for natural gas between early July and late October.
Equality of rights does not mean equality of results. I can have all the equal treatment in the world on a golf course and I will not finish within shouting distance of Tiger Woods.
Some in Congress claim that farm subsidies "insure a food supply for this nation." That's nonsense. It's the free market that "insures" the food supply.
The Fed used to do a much better job of actually targeting its Fed Funds target, see chart above (click to enlarge) showing data since late January 2008 when the Fed lowered its target from 3.5% to 3% (data here).
NY Times: "The United States has a culture that celebrates laissez-faire capitalism as the economic ideal."
According to the most recent weekly banking data from the Federal Reserve, the Total Bank Credit of All Commercial Banks exceeded $10 trillion for the first time during the week of October 22 (see chart above, click to enlarge). Compared to mid-October 2007, total bank credit in October 2008 increased by almost 11%, and is almost $1 trillion higher ($977 billion). Compared to mid-2000, total bank credit has doubled from $5 trillion to $10 trillion.
Gas prices have fallen below $2 per gallon in so many states now, I figured it's not news any more, and it was time to move on to a new benchmark.
A recent CD post suggested that whenver possible, at least some people will make changes to their behavior when faced with changes in tax rates, and will adjust/shift the timing and amount of income received to minimize taxes.
Judged only by economic inequality, the financial crisis is a godsend. It will probably narrow the gap — though still vast — between the rich and everybody else. But what good will that do? Economic inequality also declined in the Great Depression. The country wasn't better off.
GMU Professor Gordon Tullock won't be in this line today...
Obama in today's WSJ: To rebuild the middle class, I'll give a tax break to 95% of workers and their families. If you work, pay taxes, and make less than $200,000, you'll get a tax cut. If you make more than $250,000, you'll still pay taxes at a lower rate than in the 1990s -- and capital gains and dividend taxes one-third lower than they were under President Reagan.
The timeline of the crisis, starting in:
According to the NAR's most recent report, the housing affordability index (HAI) reached 135.2 in September, which is close to a four-year high (see chart above) and just slightly below the 135.4 level in February (when 30-year mortgage rates dipped below 6%).
Veteran energy economist Philip Verleger insists oil never should have gone much above $70 a barrel; that it did so only because of "a perfect storm" of U.S. policy mistakes, European economic developments and currency shifts; and that it could well end up back in the low $20s before the global economy gets back on its feet.