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  New Yorker on Investment Bankers The New Yorker has an article by John Cassidy under the headline "Wall Street, Investment Bankers, and Social Good." The article says, "In the country at large, where many businesses rely on the banks to fund their day-to-day operations, the power still isn't flowing properly. Over-all bank lending to firms and households remains below the level it reached in 2008." It seems a little weird to use 2008 as a baseline for "proper" levels of bank lending. At the beginning of that year a lot of banks and non-bank lenders were lending to people and for things that have since been criticized as irresponsible, such as "Ninja" loans offering mortgages to people with no income, no job, and no assets. And at the end of the year there was a "credit crisis" and broader recession. The article goes on: New Yorker on Ray Dalio The New Yorker has a profile of Ray Dalio, the manager of the Bridgewater Associates hedge fund, which starts, ritualistically, by noting, "Dalio is rich—preposterously rich. Last year alone, he earned between two and three billion dollars, and reached No. 55 on the Forbes 400 list." Much lower down the article reports, "Forbes estimates his net worth at six billion dollars." One has to read pretty far down into the piece to find out that he started the firm in 1975, at age 26, after being fired, operating it out of his two-bedroom apartment. The New Yorker's Assumptions The New Yorker magazine out today has pieces by two different writers that display a similar attitude. The first runs under the headline "Why Wall Street Should Fear the Tea Party." It includes the sentence, "the austerity advocates will also be emboldened in their attacks on the Federal Reserve, which they argue has been overly loose in its monetary policy (when in fact it's been too tight)." Hayek Versus Keynes Partly because I was invited by Harold Evans, and partly because the event had a tie-in with the new book Keynes Hayek: The Clash That Defined Modern Economics, by my former New York Sun colleague Nicholas Wapshott, and partly because there aren't that many Hayek events in New York, I ventured out last night for a Thomson Reuters-sponsored debate between Keynesians and Hayekians. John Cassidy of the New Yorker was there representing the Keynes side, though he said he could have represented Hayek as well. He called Hayek "one of the most important economists of the 20th Century," but said "on macroeconomics he got things completely wrong." He said even Rep. Paul Ryan, who argued for tax cuts in 2001 on the grounds that they would "juice the economy," was a Keynesian. Richard Epstein on Coase and Cassidy Libertarian law professor Richard Epstein's column this week is about Nobel laureate economist Ronald Coase and what Professor Epstein calls a "graceless" article about Coase by John Cassidy of the New Yorker:
Richard Epstein on Coase and Cassidy Libertarian law professor Richard Epstein's column this week is about Nobel laureate economist Ronald Coase and what Professor Epstein calls a "graceless" article about Coase by John Cassidy of the New Yorker:
Hayek Versus Keynes Partly because I was invited by Harold Evans, and partly because the event had a tie-in with the new book Keynes Hayek: The Clash That Defined Modern Economics, by my former New York Sun colleague Nicholas Wapshott, and partly because there aren't that many Hayek events in New York, I ventured out last night for a Thomson Reuters-sponsored debate between Keynesians and Hayekians. John Cassidy of the New Yorker was there representing the Keynes side, though he said he could have represented Hayek as well. He called Hayek "one of the most important economists of the 20th Century," but said "on macroeconomics he got things completely wrong." He said even Rep. Paul Ryan, who argued for tax cuts in 2001 on the grounds that they would "juice the economy," was a Keynesian. The New Yorker's Assumptions The New Yorker magazine out today has pieces by two different writers that display a similar attitude. The first runs under the headline "Why Wall Street Should Fear the Tea Party." It includes the sentence, "the austerity advocates will also be emboldened in their attacks on the Federal Reserve, which they argue has been overly loose in its monetary policy (when in fact it's been too tight)." New Yorker on Ray Dalio The New Yorker has a profile of Ray Dalio, the manager of the Bridgewater Associates hedge fund, which starts, ritualistically, by noting, "Dalio is rich—preposterously rich. Last year alone, he earned between two and three billion dollars, and reached No. 55 on the Forbes 400 list." Much lower down the article reports, "Forbes estimates his net worth at six billion dollars." One has to read pretty far down into the piece to find out that he started the firm in 1975, at age 26, after being fired, operating it out of his two-bedroom apartment. New Yorker on Investment Bankers The New Yorker has an article by John Cassidy under the headline "Wall Street, Investment Bankers, and Social Good." The article says, "In the country at large, where many businesses rely on the banks to fund their day-to-day operations, the power still isn't flowing properly. Over-all bank lending to firms and households remains below the level it reached in 2008." It seems a little weird to use 2008 as a baseline for "proper" levels of bank lending. At the beginning of that year a lot of banks and non-bank lenders were lending to people and for things that have since been criticized as irresponsible, such as "Ninja" loans offering mortgages to people with no income, no job, and no assets. And at the end of the year there was a "credit crisis" and broader recession. The article goes on:
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