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Author Archives: John Lounsbury
February 2013 New Home Sales Growth Were At 14 Month Lows
Written by John Lounsbury and Steven Hansen New home sales data for February 2013 was definitely much worse than last month’s data. We are now seeing one terrible month, and one good month. If one uses a 3 month rolling … Continue reading
Stephanie Kelton Lecture on Sectoral Balances and the Fiscal Cliff
The following lecture was given by Stephanie Kelton, Associate Professor of Economics at the University of Missouri Kansas City to the New America Foundation / Economic Growth Program / Economists for Peace and Security in Washington, DC, 13 November 2012. … Continue reading
Posted in Taxation, macroeconomics, money
Tagged fiscal cliff, sectoral balance analysis, sectoral balances, Stephanie Kelton
1 Comment
The Great Debate©: Did Fannie and Freddie Cause the Great Financial Crisis?
The Neville Awards Case Against Fannie and Freddie Written by John Lounsbury The Neville Awards is a website that has collected published media reports and opinion about the role of Fannie Mae and Freddie Mac in creating the Great Financial … Continue reading
The Great Debate©: Deficits, Robert J. Samuelson vs. William K. Black
Introduction to the Debate by John Lounsbury Robert J. Samuelson, opinion writer at The Washington Post, believes that both presidential candidates are avoiding addressing the U.S. budget problems and are misleading the American public. Prof. William K. Black, University of … Continue reading
Great Debate©: Which Presidential Ticket Deserves to Lose?
Introduction Written by John Lounsbury The following two essays are written from the point of view of which presidential ticket is more deserving to win, based on the facts of what they have done, what they have failed to do … Continue reading
The Great Debate©: Is Ryan a Good VP Choice?
Written by John Lounsbury and Fabius Maximus The Support for Paul Ryan by John Lounsbury As editor of GEI I do not want to make this part of the debate about my political ideas and preferences. Therefore this side of … Continue reading
Posted in Government, Great Debate©
5 Comments
The Great Debate©: Who Saw it Coming?
by John Lounsbury This edition of The Great Debate© is prompted by an essay from Brad DeLong today (30 June 2012) and a rebuttal from Steve Keen. Before we present those two protagonists we will return to a paper published … Continue reading
The Great Debate©: Regulate or Restrict Banking Activities?
Written by John Lounsbury There are at least three schools of thought on what the correct policy direction for the banking industry should be. Two of them are in the title: (1) Tighten regulation of banking activities, or (2) restrict … Continue reading
Posted in Banking News, Great Debate©
Tagged Amar Bhide, bank regulation, banking, banks, Elliott Morss, John Lounsbury, restrict bank loan securitization
2 Comments
Shortage of Apartments Will Not Create a Building Boom
Written by John Lounsbury Today (April 6) GEI News has an article reporting that apartment vacancies are near an all-time low. With all the talk about a housing glut this may come as a surprise. It’s worth a trip through … Continue reading
Abba Lerner: Functional Finance
Written by John Lounsbury Abba Lerner (1903-1982) was not considered a dominant figure in American economics for much of his career although he collaborated and exchanged ideas with many more famous economists of his time. He studied under Friedrich Hayek … Continue reading
Posted in macroeconomics, money
Tagged Abba Lerner, functional finance, Hayek, John Lounsbury, keynes, Milton Friedman, mmt, modern monetary theory
1 Comment
Foreclosure Problem Still Has 2/3 to Run
With the announcement of the Mortgage Abuses Settlement agreement this past week many have suggested the event would mark the increase of a flood of backlogged foreclosure filings. In view of those opinions it seems a good time to review … Continue reading
Posted in Home Sales and Home Prices
Tagged foreclosure process, foreclosures, housing, John Lounsbury, REO
1 Comment
Employment: Return of the Great Oscillation
With the good news Friday from the BLS (Bureau of Labor Statistics) in the Employment Situation Report for January 2012, it is worthwhile to look at a few graphs that give some perspective. The first comes from Chart Of The … Continue reading
The Great Debate©: The Job Guarantee Brouhaha
by Hugo Heden and John Lounsbury John Carney, a senior editor at CNBC.com, has been writing a series of articles about the job guarantee (JG) aspect of what is known as Modern Monetary Theory(MMT). The JG is also known as … Continue reading
Stocks and Employment: Long-term Relationships
According to the classical economists David Ricardo, John Stuart Mill and others, there are three components of capitalistic economies: land, labor capital and financial capital. In this article we will focus on the second and the third. Here are two … Continue reading
Posted in Employment, macroeconomics
Tagged capital, John Lounsbury, labor, productivity, stocks
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Real Household Income
Preliminary examination of demographic data cannot explain much of the rise in real household income in the 1980s and 1990s. Continue reading
Posted in Economics, Studies, macroeconomics
Tagged baby boomers, Clinton, John Lounsbury, Reagan, real household income, women in the work force
5 Comments
Private Investment: Between a Rock and a Hard Place
Private investment is low. Executives are conflicted: They regretted missed investment opportunities and yet they also had risk averse attitudes. Productivity is falling off a cliff with no dividend to labor as well. Continue reading
Posted in Business News and Analysis, Economics, macroeconomics
Tagged capital, compensation, income, investment, John Lounsbury, labor, McKinsey, productivity
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Unemployment Claims and Job Losses
The current behavior of net job gains each month at current WIUC levels is consistent with further declines in WIUC to come. Continue reading
Posted in Employment
Tagged job gains, job losses, John Lounsbury, JOLTS, unemployment claims, WIUC
3 Comments
Christopher Magee Interview: Impressions of Singapore
Prof. Christopher Magee, MIT, discusses his experiences in helping to establish a technical university in Singapore. Continue reading
Housing Inventory: Hard and Soft Shadows
The “soft shadow” inventory in residential real estate is larger than the total of current inventory and the “hard” shadow. Resolution of the soft inventory is uncertain; it depends on how the economy goes in the coming years. If the recovery continues to bypass Main Street (read that as employment), a significant amount of soft shadow will enter the active inventory. In an improving economy a significant part of the soft shadow will simply fade away. Continue reading
Posted in Home Sales and Home Prices
Tagged CoreLogic, employment, home sales, housing, inventory, NAR, national association of realtors, soft inventory
1 Comment
The Great Debate©: Does QE Prevent Recession or Cause It?
Brad DeLong maintains that QE is essential to support the economy while solvency issues are being resolved and is the way to avoid a serious deflationary depression. James Grant argues that the liquidity produced by QE, combined with ZIRP (zero interest rate policy), has the result of destroying the the financial integrity of the saver while producing further asset bubbles. He says that the collapse of the new bubbles will create a new recession. Continue reading
Posted in Banking News, Federal Reserve, Great Debate©
Tagged bubbles, collapse, liquidity, QE, quantitative easing, recession, solvency
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