A question I am asked as frequently as any other is: “Why didn’t anyone go to jail for the financial crisis?” There was huge suffering, sufficient misbehavior that the largest banks had to pay well over $100 billion in fines, and in the past, people had gone to jail for financial shenanigans during the Depression and the S&L crisis. People are usually indignant as they ask the question. READ MORE
February 6th, 2018
January 25th, 2018
Yesterday in Davos, Secretary Mnuchin left the impression that he might be reversing 25 years of US Treasury strong dollar policy by asserting that, “Obviously a weaker dollar is good for us as it relates to trade and opportunities.” The dollar then had its biggest one day decline in nearly a year and bond yields rose. Commerce Secretary Ross later joined the fray claiming that the US strong dollar policy was unchanged but this did not affect markets. READ MORE
One of the many surprising aspects of financial market performance over the past year has been the weak performance of the US dollar, which has fallen by close to 10 per cent on a trade weighted basis and by more than 10 per cent against the euro.
This has occurred despite a variety of factors... read more
America’s regional disparities are large and regional convergence has declined if not disappeared. This wildly uneven economic landscape calls for a new look at spatially targeted policies. There are three plausible justifications for place-based policies–agglomeration economies, spatial equity... read more