New commercial for Nationalized Citibank
Very
Much
NSFW,
Especially if you work in a bank.
Careful....
(Nod to Mr. Zorro)
Tuesday, March 10, 2009
When Bad Decisions Happen to Good People.....
Do we really know "bad" financial choices when we see them?
In August 2007, I persuaded my wife to take almost all of our assets out of the stock market, and parked the money in real estate, money markets, and short term bonds.
About two months later, my wife saw a financial "expert" mocking the people who had bailed out of the market in fall of 2007. We talked about it, and to her credit she still agreed that we had done the right thing. Not because we knew anything, but because we wanted to be safe.
Well, Mr. "Expert," you can blow me now. And, unlike a lot of people, I can actually PAY you to blow me, because I made 2% on my retirement fund in 2008. I've even made a little bit this year. Angus talked a little while ago about another guy who made more than that, but there are not many of us out there.
The question is: should we provide better financial advice to poor people? Should we flog idiots like that "expert" who was so sure he knew what he was talking about? Should there be some standard for financial literacy before you get to invest?
I have my own answers. But this Fed paper is quite interesting, and provocative.
(nod to SH)
In August 2007, I persuaded my wife to take almost all of our assets out of the stock market, and parked the money in real estate, money markets, and short term bonds.
About two months later, my wife saw a financial "expert" mocking the people who had bailed out of the market in fall of 2007. We talked about it, and to her credit she still agreed that we had done the right thing. Not because we knew anything, but because we wanted to be safe.
Well, Mr. "Expert," you can blow me now. And, unlike a lot of people, I can actually PAY you to blow me, because I made 2% on my retirement fund in 2008. I've even made a little bit this year. Angus talked a little while ago about another guy who made more than that, but there are not many of us out there.
The question is: should we provide better financial advice to poor people? Should we flog idiots like that "expert" who was so sure he knew what he was talking about? Should there be some standard for financial literacy before you get to invest?
I have my own answers. But this Fed paper is quite interesting, and provocative.
(nod to SH)
Campus Corner
1. The Chronicle has a fun article, "13 reasons why colleges are in this mess"
Some of my personal favorites are #5 "overbuilt", #6 bowed to boosters, and #11 built duplicative centers.
2. The WSJ has a sobering article about the financial counter-productiveness (for most schools) of the upcoming NCAA basketball tournament. Here's a nugget:
"Amid this cornucopia, the schools themselves are usually the losers. According to the NCAA's latest Revenues and Expenses report, in 2005-06 the median Division I men's basketball team generated revenue of $480,000 and had operating costs of $1.33 million, yielding a net operating loss of $850,000. If capital expenses and full university overhead were included, these results would be even more dismal."
3. James Joyner has bad news for academic job seekers. Here's a lovely excerpt:
“This is a year of no jobs,” said Catherine Stimpson, the dean of the Graduate School of Arts and Sciences at New York University. Ph.D.s are stacked up, she said, “like planes hovering over La Guardia.”
Some of my personal favorites are #5 "overbuilt", #6 bowed to boosters, and #11 built duplicative centers.
2. The WSJ has a sobering article about the financial counter-productiveness (for most schools) of the upcoming NCAA basketball tournament. Here's a nugget:
"Amid this cornucopia, the schools themselves are usually the losers. According to the NCAA's latest Revenues and Expenses report, in 2005-06 the median Division I men's basketball team generated revenue of $480,000 and had operating costs of $1.33 million, yielding a net operating loss of $850,000. If capital expenses and full university overhead were included, these results would be even more dismal."
3. James Joyner has bad news for academic job seekers. Here's a lovely excerpt:
“This is a year of no jobs,” said Catherine Stimpson, the dean of the Graduate School of Arts and Sciences at New York University. Ph.D.s are stacked up, she said, “like planes hovering over La Guardia.”
Monday, March 09, 2009
All that glitters....
So LeBron tells me there is a " brilliant post by Simon Johnson. Too good to excerpt." Since LeBron has rarely (if ever) steered me wrong in the 20 years I've known him I rush over to check it out.
And people, I found comedy gold:
"There is a good reason that the IMF is not free to speak candidly about the United States; it is full of experts who know what they are talking about."
Wow. First Johnson is a former IMFer so pretty arrogant, no? Second, if the IMF is "full of experts who know what they are talking about" how come it collectively does such a bad job so often? Ask Joe Stiglitz about its performance in the 97 Asian financial crisis. Ask Bill Easterly about its lending programs. Ask any developing country how they enjoyed their stuctural adjustment. Ask Przeworski and Vreeland about the effect of IMF programs on growth.
Yikes!
And people, I found comedy gold:
"There is a good reason that the IMF is not free to speak candidly about the United States; it is full of experts who know what they are talking about."
Wow. First Johnson is a former IMFer so pretty arrogant, no? Second, if the IMF is "full of experts who know what they are talking about" how come it collectively does such a bad job so often? Ask Joe Stiglitz about its performance in the 97 Asian financial crisis. Ask Bill Easterly about its lending programs. Ask any developing country how they enjoyed their stuctural adjustment. Ask Przeworski and Vreeland about the effect of IMF programs on growth.
Yikes!
Keynes to the Kingdom?
Jonathan Chait reviews The Forgotten Man: A New History of the Great Depression, By Amity Shlaes
Quite a useful response, this.....
And, I'm ashamed to admit I don't know this book. Should I?
Quite a useful response, this.....
And, I'm ashamed to admit I don't know this book. Should I?
And they all moved away on the Group W bench
Willem Buiter eviscerates the modeling assumptions of modern macroeconomics.
My favorite line:
"The irony of modelling liquidity by imposing money as a constraint on trade was lost on the profession."
The whole thing is well worth reading.
My favorite line:
"The irony of modelling liquidity by imposing money as a constraint on trade was lost on the profession."
The whole thing is well worth reading.
Sunday, March 08, 2009
Vegas verdict
On the plus side: great shows. George Lopez and Ray Romano & Kevin James were terrific. Also, great food. Mrs. Angus liked Spago so much we went back there for lunch on Sunday. And if you live in Oklahoma, there is great shopping in Las Vegas. We had fun.
On the minus side: poker. I get more action in the Native American casino by my house than I did in a couple daytime sessions in Vegas poker rooms (maybe it's night time when things get wild and fishy). Also on the minus side, the sex trade, the drunks, the low lifes, the noise. Maybe I shouldn't have come during the Public Choice meetings!
On the minus side: poker. I get more action in the Native American casino by my house than I did in a couple daytime sessions in Vegas poker rooms (maybe it's night time when things get wild and fishy). Also on the minus side, the sex trade, the drunks, the low lifes, the noise. Maybe I shouldn't have come during the Public Choice meetings!
Saturday, March 07, 2009
Viva Las Vagrants
Angus and I are both in the land of the "What the F***?", for the Public Choice Society meetings.
Not just the usual bad suits and autism. You can see those at ANY academic conference.
No, I mean Vegas itself.
When you see this.....
Yes, that is a Denny's, right between Madame Tusaud's and Harrah's. Breakfast for the masses.
And this:
That's Bill Shughart, Ed in Chief of Public Choice, and Nick Philipson, Springer Senior Editor for Business and Economics. In front of a store called "Theory." WTF? (though, es verdad, Shoogie necesita mas teoria, ahora mismo). Note the mannequin. I think she has had PLENTY of theory.
Tonight: The Angus - Mungowitz summit dinner, at Chinois, then off to see Ray Romano's and Kevin James' comedic stylings. I predict: fun. Also always nice to see the lovely and charming Ms. Angus. Angus made the arrangements. And though we disagree on some things, I am happy to be in his capable hands on scheduling. He is psychotic about getting things right, and in terms of taste, I must admit that he is a recreational genius. It took me a while to admit this, since many people who CALL themselves "recreational genius" are just rank poseurs. But Angus is the real deal.
Another WTF treat: Giant flying saucer building with nothing under it. In the picture it looks pretty big, but in person it looks much bigger, and even more pointless.
Finally, a WTF lagniappe: when you walk on the strip, right between the Venetian and Ceasar's Palace, there is a long line of Latino men and women, wearing matching t-shirts that say, "GIRLS! Direct to you! 20 minutes to your room."
They are snapping little pornographic cards and trying to give them to everyone who walks by. There are 20 or so people, standing shoulder to shoulder, trying to sell "girls." And the ground is littered, at both ends of the line, with all the little cards. Printed on the cards are some pretty remarkably tasteless poses of women wearing...well, nothing. The strangest sales campaign I have ever seen. But, presumably, they get enough customers to make it pay. Ick.
Not just the usual bad suits and autism. You can see those at ANY academic conference.
No, I mean Vegas itself.
When you see this.....
Yes, that is a Denny's, right between Madame Tusaud's and Harrah's. Breakfast for the masses.
And this:
That's Bill Shughart, Ed in Chief of Public Choice, and Nick Philipson, Springer Senior Editor for Business and Economics. In front of a store called "Theory." WTF? (though, es verdad, Shoogie necesita mas teoria, ahora mismo). Note the mannequin. I think she has had PLENTY of theory.
Tonight: The Angus - Mungowitz summit dinner, at Chinois, then off to see Ray Romano's and Kevin James' comedic stylings. I predict: fun. Also always nice to see the lovely and charming Ms. Angus. Angus made the arrangements. And though we disagree on some things, I am happy to be in his capable hands on scheduling. He is psychotic about getting things right, and in terms of taste, I must admit that he is a recreational genius. It took me a while to admit this, since many people who CALL themselves "recreational genius" are just rank poseurs. But Angus is the real deal.
Another WTF treat: Giant flying saucer building with nothing under it. In the picture it looks pretty big, but in person it looks much bigger, and even more pointless.
Finally, a WTF lagniappe: when you walk on the strip, right between the Venetian and Ceasar's Palace, there is a long line of Latino men and women, wearing matching t-shirts that say, "GIRLS! Direct to you! 20 minutes to your room."
They are snapping little pornographic cards and trying to give them to everyone who walks by. There are 20 or so people, standing shoulder to shoulder, trying to sell "girls." And the ground is littered, at both ends of the line, with all the little cards. Printed on the cards are some pretty remarkably tasteless poses of women wearing...well, nothing. The strangest sales campaign I have ever seen. But, presumably, they get enough customers to make it pay. Ick.
Hangin' with the Inbreds
The highlight of our Friday at the PC meetings was going to see George Lopez at the Hilton. He was awesome. He hit the stage running as his first 10 minutes were probably the funniest minutes I'd ever experienced on this planet (the rest of the show was great too).
It was especially funny to us that Lopez shares our view (fully elaborated in the previous post) that the Imperial Palace is, shall we say, less than stellar. In his opening, he was riffing on Roy's return to the Las Vegas stage with the tiger that had mauled him.
Lopez claimed that white tigers were "inbred" and that Roy had provoked the tiger by hitting him on the nose with a microphone. He then asked "do you know what happens when you hit an inbred creature on the nose? Well go down to the Imperial Palace, where they all stay, and try it out!"
Hmmm, I wonder if George knew the PC meetings were in town?????
It was especially funny to us that Lopez shares our view (fully elaborated in the previous post) that the Imperial Palace is, shall we say, less than stellar. In his opening, he was riffing on Roy's return to the Las Vegas stage with the tiger that had mauled him.
Lopez claimed that white tigers were "inbred" and that Roy had provoked the tiger by hitting him on the nose with a microphone. He then asked "do you know what happens when you hit an inbred creature on the nose? Well go down to the Imperial Palace, where they all stay, and try it out!"
Hmmm, I wonder if George knew the PC meetings were in town?????
Thursday, March 05, 2009
Live from the Public Choice Meetings
This is your correspondent Angus reporting from the PC meetings in Las Vegas. Let me break it down for you so far into three groups: The good, the bad, and the ugly.
First the good. We had dinner tonight at Spago. Very very nice. Mrs. A had two kinds of handmade pasta, I had a baby beet and goat cheese salad and fresh halibut with seafood risotto and some awesome "chocolate monkey" tea for dessert.
Now the bad: it was 85 today in Norman and only about 60 here in Vegas.
Now the ugly: the conference hotel is the hideously mis-named Imperial Palace. It is loud, smoky, tacky, ugly, and frankly a little bit scary. We have a mirror on the ceiling over the bed and the carpets in the elevators have large dark stains all over them.
So much action and the conference doesn't even start until Friday morning. Stay tuned for more.
First the good. We had dinner tonight at Spago. Very very nice. Mrs. A had two kinds of handmade pasta, I had a baby beet and goat cheese salad and fresh halibut with seafood risotto and some awesome "chocolate monkey" tea for dessert.
Now the bad: it was 85 today in Norman and only about 60 here in Vegas.
Now the ugly: the conference hotel is the hideously mis-named Imperial Palace. It is loud, smoky, tacky, ugly, and frankly a little bit scary. We have a mirror on the ceiling over the bed and the carpets in the elevators have large dark stains all over them.
So much action and the conference doesn't even start until Friday morning. Stay tuned for more.
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