Live from La Farine: Yes, Woody Allen is a sexual predator. And because all of his art is about him, that turns it into toxic sludge. Why do you ask?
I had always thought that if Woody Allen was that kind of a sexual predator, I would more likely than not someday hear something through the St. Louis branch of my family coming from my mother's second cousin Mariel Hemingway.
April Fools' Festival, Day XVII: Note that the Insane Clown Posse picture at the top right is not a happy clown. This is an insane clown. And this is a somewhat dangerous clown...
Shorter Thomas Friedman: Because my cell phone company drops calls when I take the Acela, it is very important that Michael Bloomberg run for President in 2012. He should run on the platform of Obama's policies. Thus he should split the vote for those policies between two candidates, and so raise the chances for Mitt Romney--who is running against those policies--to squeak in.
Live from Elmwood Cafe: Annamarie Andriotis: The Pitfalls of Payday-Like ‘Title Loans’: "As a federal regulator is expected to release new rules for payday loans, a study suggests borrowers who take out ‘title loans’ against the value of their cars encounter many of the same issues...
...On average, title-loan borrowers pay $1,200 in fees per year on loans averaging $1,000, according to a report released Wednesday by the Pew Charitable Trusts, an independent nonprofit based in Philadelphia. The findings come as the Consumer Financial Protection Bureau plans a Thursday public hearing on payday loans...
As I have said, the extraordinary number of payday loan and title loan storefronts in Kansas City MO/KS relative to Portland OR takes me aback every time I go from one to the other. READ MOAR
...As Betsey Stevenson and Justin Wolfers put it, we have gone from shared production to shared consumption and formed more egalitarian partnerships based on common preferences rather than a swap of housework for rent money. This new model of partnerships has thus far not taken root as strongly in working-class relationships. That's unfortunate. But it's a mistake to believe women are making themselves worse off than their next actually available alternative. As women have become more empowered, they have gotten pickier. That means more single women, and a higher quality of relationship for the non-single.
On March 25, 1911, 146 workers at the Triangle Shirtwaist Factory in New York City died when the building in which they worked caught on fire. One of the most important events in American labor history, the Triangle Fire brought attention to the terrible sweatshop conditions of American labor, helped spawn important labor reforms, and became a touchstone for justice advocates over the next century.
Paul Krugman: Anti-Keynesian Delusions: "I’d like to weigh in with a more general piece of impoliteness, and note a strong empirical regularity...
...Whenever someone steps up to declare that "Keynesian" economics is logically and empirically flawed... you know what comes next: a series of logical and empirical howlers — crude errors of reasoning, assertions of fact that can be checked and rejected in a minute or two. Levine doesn’t disappoint. Right at the beginning... he says:
Now suppose that the phone guy suddenly decides he doesn’t like tattoos enough to be bothered building a phone.
OK, stop right there. That’s an adverse supply shock, and no Keynesian claims that demand-side policies can cure the economy from the effects of such shocks.
Minunderstanding IS-LM: Some readers have asked me to reply to this Steve Keen piece claiming that I don’t understand the IS-LM model. Sigh. I really don’t want to spend time fighting against people with whom I don’t really have a current policy disagreement — and this is so silly, besides. But to satisfy those who are for some reason nervous, here’s a brief explanation of why somebody doesn’t understand IS-LM.
Today's Must-Must-Read: Robert Skidelsky: Messed-Up Macro: "Until a few years ago, economists of all persuasions confidently proclaimed that the Great Depression would never recur. In a way, they were right...
Over at Equitable Growth: A question I will never ask any Federal Reserve policymakers— not in public, not in private. They do not need their elbows jiggled in this way:
The decision by the Federal Reserve in the mid-1990s to settle on a 2% per year target inflation rate depended on three facts — or, rather, on three things that were presumed to be facts back in the mid-1990s: READ MOAR