Its pretty amusing — give it a few seconds to get going . . .
(3 million page views in 2 weeks is pretty good!)
It’s been a whole year since Uncle Jay has SUNG an entire episode, and here’s the reminder why! It’s the year-end review of the news, and maybe it’ll seem a little better with music.
12-22-08
Some of the most serious fallacies of traditional economics have been due to confusion between optimum and equilibrium conditions; the apparent influence of Dr. Pangloss upon the development of economic thought is for the most part nothing but pure intellectual error. —J. R. Hicks, "The rehabilitation of consumers' surplus," Review of Economic Studies 8(2), February 1941, pp. 108-116, footnote 1, p. 112.
I know its late Friday and I'm sorry for the rant but a headline across the tape forced my hand. From a speech on June 25th to the BIS that the Fed officially released today, Fed Vice Chairman Kohn said that "the root cause of our problems was the underpricing of risk as the financial sector interacted with nonfinancial sectors" and that "leverage was a symptom rather than a cause of the underlying crisis." He has a Ph.D and I don't but I want to correct him that easy money policy under Greenspan that had the fed funds rate at...
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January 4th, 2009 at 1:12 am
This is funny. Had never seen him before, so I looked at another one and it has a good explanation of fed policy towards the end:
http://www.youtube.com/watch?v=vly2aL-Hxac&feature=related