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2024-02-10
The wordsmiths at the Federal Reserve wisely omitted the line about a “sound and resilient” banking system in its statement on January 31. That same day shares of New York Community Bank plunged when the bank announced a loss of thirty-six cents per share when analysts expected earnings of twenty-seven cents a share for the fourth quarter.
Internal or external auditors occasionally comb through individual loans in a bank’s portfolio and make judgments as to whether those loans are worth what the bank says they are worth due to lower appraised values and other issues either particular to an individual property or the market as a whole. Bankers then, begrudgingly, set aside earnings for potential loan losses.
In the case of the real estate loans at New York Community Bank, loan examiners
2024-02-09
Ludwig von Mises spends a good deal of time attacking the German Historical School of Economics in Human Action and other works. The doctrines of the school are no longer influential, although as the philosopher and economist Birsen Filip notes in her recent book The Early History of Economics in the United States: The Influence of the German Historical School of Economics on Teaching and Theory (Routledge, 2023), things were once different. Germany was the principal place for graduate work in economics in the years from the latter part of the nineteenth century to World War I. The leading lights of the school—who included Wilhelm Roscher, Bruno Hildebrand, Karl Knies, and Gustav Schmoller—were scholars of immense erudition who impressed many of their contemporaries, and many people
2024-02-07
A December 19, 2023, article by Brett Arends on MarketWatch caught my eye with the oh-so-clickable title of “This Is the Scariest Number for Social Security.” Given the fact that many corporate media articles today focus on pointing out to the rubes how their senses are wrong and, gosh golly, everything is just peachy, it did not shock me to learn that Mr. Arends was not referring to the program’s unfunded liabilities or the projected depletion of the trust fund. No, Mr. Arends contends that the real problem is the dragooned citizens who foolishly worry about Social Security’s solvency—and the “quiet effort” to rabble-rouse:
The scariest number may be 71%. That astonishing figure, from a new poll, is how many have been persuaded that cuts to Social Security—potentially deep cuts—are either
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