Mish Shedlock has an interesting post titled "Why Are Economists Predictions So Damn Awful?". The chart of the Federal Reserve's GDP forecasts during the last few years is extremely entertaining. Thankfully the Atlanta Fed's GDPNow forecast seems to be tracking real economic activity pretty well, accurately capturing the current weakness in the US economy. The simple answer for why economists' forecasts are supremely awful boils down to this: "It's difficult to get a man to understand something, when is salary depends upon his not understanding it." Upton Sinclair As Mish correctly points out, economists often [...]
John Oliver doing what he does best. In this case the subject is the parasitic nature of state lotteries. While lotteries claim to be good for education and state budgets, the numbers tell a different picture.
With the UN Climate Summit being held in NY, John Stewart looks at the issue of climate change. After posing the question of whether a climate change march is really necessary, the undeniable answer is provided by remarks from none other than the House Committee on Science Space and Technology. Hilarity ensues... The Daily Show Get More: Daily Show Full Episodes,Indecision Political Humor,The Daily Show on Facebook
From Stephen Colbert at the Colbert Report. Hedge fund Starboard Value looks to have Darden Restaurants in its sights, and the folks at Starboard apparently think you get too many bread sticks at the Olive Garden. As it turns out, Starboard is likely keen on getting its hands on Darden's real estate assets and not the breadsticks. The Colbert Report Get More: Colbert Report Full Episodes,The Colbert Report on Facebook,Video Archive
If you were under the illusion that the lords of finance had a handle on the economy and how to steer the ship away from troubled waters, a cursory reading of the FOMC 2008 transcripts should give you pause. Anthony Sanders earlier this week picked up on some interesting discrepancies between projections made by our newly appointed Fed chairperson and what actually happened in terms of labor force participation. Mish has highlighted some of the more humorous statements from the meetings demonstrating just how clueless the board of governors were at the start of the Great Recession. St Louis Fed President James Bullard certainly deserves honorable mention for [...]
This a wonderful commentary on Olympic Curling by Sir David Attenborough. Enjoy!
This certainly made me laugh. Colorado's recent legalization of recreational marijuana has apparently not escaped the attention of Colorado's real estate agents. Realtor Bob Costello sees a whole new market opportunity, catering to out-of-state home buyers who many now want to head for the Rockies. "Costello said marijuana-friendly homeowners are a budding market– so to speak. Last week he placed an advertisement on Craigslist and had seven interested buyers from as far away as New Jersey and Kentucky"
As John Stewart explains, it's telling that most of the major financial media outlets provided absolutely no coverage of the Blackstone Codere credit default swap scandal, but it is also not surprising when the entire economy is riddled with corporate malfeasance. Gretchen Morgenson says that she is "buried in material". Thus it is no surprise that Blackstone's latest vulture capitalist exploits involving the Spanish gaming operator Codere received no coverage on the evening news. Perhaps, this is because they're too busy not reporting on Blackstone's latest attempt to expand their rental empire in Spain to add [...]
The laugher of the week goes to the Onion, with this hilarious post.... "The New York Times/CBS News poll showed that though just 1 in 4 Americans believe that the United States has a responsibility to intervene in the Syrian conflict, more than 90 percent of the public is convinced that putting all 535 representatives of the United States Congress on the ground in Syria—including Senate pro tempore Patrick Leahy, House Speaker John Boehner, House Majority Leader Eric Cantor, and House Minority Leader Nancy Pelosi, and, in fact, all current members of the House and Senate—is [...]
As a general rule, Realtors can be a fickle bunch. It's seems the Realtors in New York are more fickle than most. This comical piece explains how the New York Department of State decided to start enforcing its policy on use of a corporate "honorifics". What's an "honorific"? Well, it's basically when a Realtor/salesman lies about his/her actual job title. Apparently the Realtors in NY were pretty loose with their interpretation of the rules. As a result, it was hard to find a NY Realtor who wasn't a VP or director of something. Now that the NY [...]