The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

BREAKING NEWS: Washington Post Columnist Understands Economics!

The Pulitzer Prize committee hasn’t solicited any suggestions from me, but maybe they should consider Catherine Rampell of the Washington Post for a special award, because I can’t remember the last time anyone at the Post exhibited any real comprehension of how markets work. In case you missed it — because, really, who cares? — […]

They’re Calling It the ‘Kamala Crash’

Stocks tanked today, with the Dow Jones Industrial Average (DJIA) falling more than a thousand points (down 2.6%) while both the S&P 500 and NASDAQ recorded their worst days since September 2022. There is no reason to panic over this one-day loss, of course, since the long-term trend is still upward, no matter the short-term […]

Boomers, Millennials and Stereotypes

One of the unfortunate habits of journalists, academics and other members of the intelligentsia is to generalize about generations to the point of promoting stereotypes. It is somehow acceptable to make categorical characterizations of Baby Boomers in a way that would be considered racist — RAAAAACIST! — were one to make such broad generalizations about […]

Election Results HQ: The Check Engine Light Is Flashing for ‘Bidenomics’ UPDATE: Dem Reelected Ky. Governor UPDATE: Dems Hold Virginia Senate

UPDATE 8:50 p.m. ET: The networks just called the Kentucky election. Democratic Gov. Andy Beshear holds off GOP challenger Daniel Cameron. UPDATE 9:15 p.m. ET: The networks have also called Ohio’s abortion rights referendum, which appears set to pass with about 57%. By the way, I’m watching election coverage on CNN (so you don’t have […]

Congratulations, Massachusetts Liberals: Your ‘Millionaire Tax’ Just Cost the Patriots an All-Pro Wide Receiver

Here’s a fact: Tennessee has zero state income tax. Here’s another fact: Last year, Massachusetts voters passed a referendum approving a 4% “millionaire tax” in addition to the state’s existing 5% income tax, so that all income over $1 million a year earned by Massachusetts residents is now taxed at 9%. So in order for […]

The Romance of Radicalism

Because I am a history buff, the YouTube algorithm shows me all kinds of stuff — the history of Carthage, the Anglo-Saxon invasion of post-Roman Britain, the Stuart dynasty, etc. — about obscure topics that would be boring to most people, and which even most history buffs might not care much about. Usually I watch […]

Yellen’s Banking House of Cards

Far be it from me to claim to be an expert in financial institutions. My knowledge of banking is no greater than the average SVB board member, which is to say I know nearly nothing about the subject. But judging from headlines in recent days, I have the distinct impression that Treasury Secretary Janet Yellen […]

Bailouts and Bulls***: Fed Officials Claim ‘No Cost to Taxpayers’ in SVB Deal

Less than 72 hours ago, Janet Yellen was saying there wouldn’t be a bailout of Silicon Valley Bank. Now there is a bailout, which everybody is nevertheless trying to pretend is not a bailout: U.S. regulators took control of a second bank Sunday and raced to roll out emergency measures to stem potential spillovers from […]

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