Brad DeLong has a FAQ up about Geithner’s plan to purchase toxic assets on the theory that the market has undervalued them, and will in time price them properly. Among the items: Q: What if markets never recover, the assets are not fundamentally undervalued, and even when held to maturity the government doesn’t make back…Read More Brad DeLong on the bailout
The 110-story Sears Tower, tallest office building in the Western Hemisphere, will be renamed the Willis Tower, global insurance broker Willis Group Holdings said on Thursday. Willis said it was leasing multiple floors in the 1,451-foot (442-meter) structure in downtown Chicago to consolidate offices. As part of the deal, it will become the Willis Tower…Read More What you talkin' 'bout?
I am surprised I hadn’t heard about the book Nudge, by Cass Sunstein and Richard Thaler. I haven’t read it yet, but from the web page it seems to be about how policymakers can take into account the heuristics and biases characteristic of human decision-makers and create a choice architecture which yields “proper” decision-making. I…Read More A nudge in the right direction?
This photograph was taken at 11:19 AM on January 20th. It’s very cool that we can get 1 meter resolution photographs from space. What really struck me about this photo was.. well, take a look as you scroll down… What really struck me about this is the open space. What’s up with that? Reports were…Read More The New Openness?
Quoting first from Obama’s inaugural address: The question we ask today is not whether our government is too big or too small, but whether it works — whether it helps families find jobs at a decent wage, care they can afford, a retirement that is dignified. Where the answer is yes, we intend to move…Read More The New Administration and Security
During a chat I had this afternoon, someone brought up an interesting situation to contemplate. The Presidency of George Bush fils ended today at noon EST, but Mr. Obama wasn’t sworn in until 12:10. Who then, the question was, President during those ten minutes. One mildly unsatisfactory answer is Ms. Pelosi. If there is neither…Read More President for Ten Minutes
The reality that a black man is about to become President of the United States is both momentous and moving. It’s hard to say anything further on the subject that hasn’t been said and re-said, but I am simply proud that the pendulum has swung to someone like Obama. I’m excited to have an educated,…Read More Three short comments on the Inauguration
Normally, this would be something for Twitter, but…well…. Officiating at the NY v. Philadelphia game has been poor. Not biased, I don’t think, but poor.Read More Look how hip I am…
Stooges guitarist Ron Asheton, dead at 60.Read More No Fun
…or, antique car collectors are an honest lot. According to the Times (of London, dear chap), a recently-deceased British surgeon has left his heirs a rather significant bequest: a super-rare, super-fast, antique Bugatti which hasn’t been driven since 1960 and is expected to fetch several million at auction. This is the fabled “Imagine their surprise,…Read More Security through obscurity