Like a bad penny, one particular economic fallacy keeps coming back.
Thomas Piketty argues that the gap between rich and poor is getting so bad that it will destroy “democratic capitalism.” He recommends sharply higher progressive taxes on both income and wealth.
Joel Stern, professor of finance at Columbia, Carnegie-Mellon, the University of Cape Town and three other major universities, shocked our audience by…
Rick Santelli, CNBC’s commentator on interest rates, is the father of the “tea party” after his rant in 2009 against the government bailouts. Now he is a new supporter of my Gross Output statistic. A few weeks ago, he said on the air that consumer spending drives the economy because “consumption is two-thirds of the economy.” […]
In the face of another crisis on Wall Street, Fed Chair Janet Yellen eased investors’ fears in a news conference, saying that the U.S. economic recovery still needs support from Fed stimulus.
After five years of double-digit percentage profits on Wall Street, a correction is due, and I would not be surprised to see it happen in 2015. What could trigger it?