- Robert Murphy wonders why the Ben Bernank would be hired for macro prediction. While Bernanke was saying this (October 2005):
U.S. house prices have risen by nearly 25 percent over the past two years, noted Bernanke, currently chairman of the president’s Council of Economic Advisers, in testimony to Congress’s Joint Economic Committee. But these increases, he said, “largely reflect strong economic fundamentals,” such as strong growth in jobs, incomes and the number of new households.
Mises Dailies were saying this (April 2005):
The end of the stock market bubble was followed by the creation of another bubble, this time in housing. Normally during recessions the private sector debt burden falls and household and corporate balance sheets are restored through high net savings. But while corporate balance sheets have been repaired as a result of a sharp decline in business investments and record corporate profits, households have been on an unprecedented spending spree, households are more indebted than ever and saving even less than 5 years ago.
- Louis Rouanet partakes in the great Austrian pastime: smashing Paul Krugman.
- I tried to get my car tag renewed and got a haircut this week. In an alternate universe, I tried to get a haircut and got my car tag renewed.
- More satire: Middle Eastern States Debate Whether to Intervene in Baltimore.
- Overstock CEO Patrick Byrne talks P2P stock exchange.
Also, today is the last day of class at Auburn for the Spring semester, so I feel obligated to share this song: