Enduring Insights
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More Row to Hoe
Michael Ashton – August 14, 2009
The Lehman crisis, unfortunately but not unusually, spoils the natural trajectory of the economic data. It appears the crisis effect is nearly over, but there are no strong signs of any improvement in the base cyclical malaise. Read more »
Contemplating New TIPS Issuance - Why Stop At 30 Years?
Michael Ashton – August 12, 2009
The Treasury announced last week that they are considering abolishing the 20-year maturity point on the TIPS auction schedule, to replace it with a 30-year point. What I wonder, however, is why the Treasury stops at 30 years. Read more »
Investigate Me
Enduring Investments – August 6, 2009
The novel 1984 was written 60 years ago. In the novel George Orwell talked about the economics of English Socialism, but he did not go into as much detail about the implications for inflation (and inflation linked bonds). Using newly available data we can examine if there is a relationship between totalitarianism and inflation. Read more »
National Accounting Gimmicks
Michael Ashton – August 4, 2009
Whether cash-for-clunkers is a good idea or not, the decision to junk the clunkers is wasteful and ought to be deducted from the apparent benefit of the program. Read more »
Six Easy Pieces
Michael Ashton – August 3, 2009
This weekend, Barron's ran a column entitled "Six Good Reasons to Like Stocks." The article mostly regurgitated brain-dead analysis that we've heard before, although mercifully we have not generally heard it all in the same place...until now. So I thought it was worth a point-by-point rebuttal, at least while my strength holds out. Read more »
Shill-Vision
Michael Ashton – July 30, 2009
And so reality conforms to fantasy once again, as TV commentators chirp triumphantly at the vanquishing of the bear market and the Humdinger Recession of '08-09...What is unseemly is the ritualistic trashing of the bear market shibboleths, and the orgasmic expressions of joy rarely seen this side of Paradise. Read more »