Yesterday was one fo the best days ever for the stock markets: What does it mean? I think it ultimately depends on factors unrelated to the move itself. Econompic provides us with some context: Obviously large one day moves in and of themselves tell us little about what is to come. So, let us...
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We should start out with some humor: A robber in a ski mask blamed the bank for what he was about to do, The Associated Press reported Feb. 22. “You took my house, now I’m going to take your money!” the assailant hollered. Talk about a reverse mortgage! The FBI plans to review the...
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So claims Alex Tabarrok. Alex and his blogmate Tyler are two of my favorite bloggers, but on this matter I think Alex is wrong. Unlike for some, his argument doesn’t invite scorn, because humility should teach us that sometimes things are different, and we cannot always fully understand why, at least not until after...
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Speculator buys commercial property, in a deal that only works if property values go up and financing stays easy. Boom! Billions lost. Download article as PDF
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There has been a considerable difference between the two indexes of housing prices. Calculated Risk notes a new paper analyzing why and notes these implications: This suggests that one of main differences between OFHEO and Case-Shiller was that Case-Shiller included many non-agency homes financed with subprime loans. These homes saw more appreciation during the...
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Can I ask for some applause for this from Crossing Wall Street? I have to agree with Frederic Mishkin of the Fed: I think there is too much focus on what decision will be made about the federal funds rate target at the next FOMC meeting. What is important for pricing most financial assets...
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