By Robert Higgs | Sunday September 12, 2010 at 1:59 PM PDT | 36 Comments
Each summer, Wall Street strategist Byron Wien convenes a meeting of high rollers to discuss the outlook for investment. This year’s meeting brought together fifty individuals, including more than ten billionaires. Their expectations, as reported by CNBC, are gloomy: “They saw the United States in a long-term slow growth environment with the near-term risk of recession quite...
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Tags: American History, Austrian School of Economics, Blackstone, Budget and Tax Policy, Bureau of Economic Analysis, Business, Byron Wien, corporate bonds, deficit spending, Economics, Employment, Government subsidies, Great Depression, Healthcare, Keynesian economics, macroeconomics, Mercantilism, Money and Banking, National Debt, Obamanomics, Politics, positivism, private property rights, Property Rights, recession, regime uncertainty, Science, Taxation, Unemployment, yield curve
By Robert Higgs | Wednesday September 1, 2010 at 11:01 AM PDT | 4 Comments
On August 24, I posted some data and analysis on yield curves for high-grade corporate bonds since the beginning of 2008, seeking to determine whether changes in these curves are consistent with the hypothesis that the current economic crisis has given rise to regime uncertainty. If it has done so, the yield curves should...
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Tags: Bailouts, corporate bonds, economic contraction, Economics, Federal Reserve, Free Market, Inflation, Keynesian economics, New Deal, Politics, price inflation, Property Rights, regime uncertainty, Regulation, stimulus, Taxation, The State, Treasury yield, yield curve
By Robert Higgs | Tuesday August 24, 2010 at 11:04 AM PDT | 27 Comments
Regime uncertainty has gained increasing recognition as the current economic troubles have persisted with little or no improvement since the economy reached a cyclical trough early in 2009. As described in my 1997 paper, regime uncertainty pertains to the likelihood that investors’ private property rights in their capital and the income it yields will be...
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Tags: American History, Austrian School of Economics, Bailouts, bond market, bond yield, Budget and Tax Policy, Business, Corporatism, Crisis and Leviathan, Depression, Economics, Employment, Fascism, FDR, Free Market, government bond, government deficit, government spending, Government subsidies, Great Depression, Keynesian economics, Labor, labor markets, Liberty, macroeconomics, Monetary policy, Money and Banking, Nationalization, New Deal, Obama, Obamanomics, private bond, Property Rights, recession, Second New Deal, Socialism, stimulus, Taxation, Taxes, U.S. Treasury securities, Unemployment, yield curve