Oren Cass is the executive director of American Compass (AmericanCompass.org), a conservative think tank that stresses the importance of family and domestic industry, in opposition to a singleminded devotion to economic efficiency. Cass was previously a senior fellow at the Manhattan Institute for Policy Research, and was the domestic policy director for Mitt Romney’s 2012 presidential campaign. Bob and Oren have a friendly discussion about their disagreements on economic policy. For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, and via RSS. You Might Also Like In Spain You Can’t Use Your Own Back Yard. Police Make Sure of It. The last
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Oren Cass is the executive director of American Compass (AmericanCompass.org), a conservative think tank that stresses the importance of family and domestic industry, in opposition to a singleminded devotion to economic efficiency. Cass was previously a senior fellow at the Manhattan Institute for Policy Research, and was the domestic policy director for Mitt Romney’s 2012 presidential campaign. Bob and Oren have a friendly discussion about their disagreements on economic policy.
For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, and via RSS.
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In Spain You Can’t Use Your Own Back Yard. Police Make Sure of It.
The last days and weeks of the coronavirus epidemic give an interesting insight into the human psyche. Elementary liberties are restricted all over the world, such as the freedom of movement or private property. Yet most people accept these restrictions without blinking, as the state declares their indispensability.
The European Central Bank Is Being Stretched to Its Breaking Point in Italy
When Mario Draghi’s tenure was approaching its end, I argued for a sterner governor for the European Central Bank (ECB); hence, I was not even slightly enthusiastic when Draghi’s successor turned out to be Christine Lagarde—a patent dove, as can be inferred from her ideological proximity to a famous Keynesian like Olivier Blanchard.
Central Bankers Are Running Out of Options
Corona fears have shifted the world’s central banks into hyperdrive. Talk more, do more, lend more—and buy everything that moves. One after the other, the major central banks took to the barricades, manned the canons, fired their bazookas, and every other military metaphor you can think of.
Diseases Are Bad. Government-Forced Shutdowns Are Often Worse.
However high the death rate of the COVID-19 coronavirus becomes, the governmental response to the threat will be even more dangerous. If the current blockade of economic life continues, more people will die from the countermeasures than from the virus itself. In a short time, the basic supply of everyday goods will be at risk. By interrupting the global transport and supply chains, important medicines will be missing and food supplies will be insufficient.
More than Half of All US COVID-19 Deaths Occur in Only Four States
As of March 24, nearly 30 percent of all the COVID-19 deaths in the United States have occurred in New York state. Of the 910 deaths reported so far in the US, 271 happened in New York. Washington State was in second place, with 13 percent of the nation’s COVID-19 deaths.
Diversification versus Risk
It is widely held that financial asset prices fully reflect all available and relevant information, and that adjustments to new information is virtually instantaneous. This way of thinking which is known as the Efficient Market Hypothesis (EMH) is closely linked with the modern portfolio theory (MPT), which postulates that market participants are at least as good at price forecasting as any model that a financial market scholar can come up with, given the available information.
The Last Thing We Need Right Now Is Bernie’s Proposed Tax on Financial Transactions
When one imagines working on Wall Street, he envisions stock traders scrambling to place buy or sell orders, perhaps even some puts or options. Today’s powerful artificial intelligence tools allow traders to game stock market trading. In some ways, this computer-driven high-frequency trading resembles actual gaming in that it may seem as if one is simulating various trading scenarios.
End the Shutdown
The shutdown of the American economy by government decree should end. The lasting and far-reaching harms caused by this authoritarian precedent far outweigh those caused by the COVID-19 virus. The American people—individuals, families, businesses—must decide for themselves how and when to reopen society and return to their daily lives.
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