Econintersect: Click Read more >> below graphic to see today’s list.
The top of today’s reading list reports on an astounding interview quote from 2013 Nobel Prize winner Eugene Fama …….. and the last article is by PIMCO’s Bill Gross who says if the elite don’t save and invest their wealth it should be taxed away from them. These are two most remarkable public expressions from most unexpected sources.
- Nobel Prize Winner: Bubbles Don’t Exist (Doug French, Financial Sense) Hat tip to John O’Donnell. They gave the Nobel Prize to someone who doesn’t think bubbles exist because he believes in the totally outmoded and discredited loanable funds theory of banking. Fama said:
“Does a credit bubble mean that people save too much during that period?“
- Why do we pledge allegiance to a flag, ignoring the Founders’ instructions? (Fabius Maximus) Fabius Maximus has contributed to Global Economics Intersection.
- 7 Ways the Affordable Care Act will Impact Individual Health Insurance (calhealthplans.org) Hat tip to Sig Silber. A comprehensive four-page infographic on ACA (Obamacare).
- Despite PBOC Liquidity, Chinese Repo Rates Blow-Out To 4-Month Wides (Zero Hedge) With plenty of liquidity is this an indication of uncertainty?
Click on chart for larger image at Zero Hedge.
- The Rise of Invisible Work (Emily Badger, The Atlantic) Do we really know how to measure economic activity?
- The Costs and Benefits of Repealing the Zero Lower Bound (Miles Kimball, Pieria, 28 October 2013) This will confuse you if only because it takes a lot of effort to wrap your mind about what negative nominal interest rates really are. This is outside the realm of what you have experienced.
- Goldman’s Hatzius: How Much Risk to Homebuilding? (Bill McBride, Calculated Risk)
Click on graph for larger image at Calculated Risk.
- New ETF Products Aim for Higher Yield (Laton McCartney, Financial Planning)
- All Roths Are Not Created Equal (Lisa Brown, Financial Advisor)
- Scrooge McDucks (William H. Gross, Investment Outlook, PIMCO) If gains from capital are not being saved and invested by the 1%, then Bill Gross says take them away via higher taxes and let the government redistribute them better.