It’s always worth remembering the past that never was:
“When I came to CBO in March 1995, the budget office was projecting deficits of 3 percent of GDP 'as far as the eye could see.' This projection was based on what appeared to be reasonable assumptions at the time.”

4 years…

Look at that! Barry and I agree!

Yes, inflation adjusted assets are higher. Two points.
1) 'Liabilities' include future retirement needs. Young people have an interesting idea of retirement.
2) Valuation of assets plays a critical role. Millenials paying 55% more for assets than Boomers.

Unemployment by Demographic Group

Early bird special is where it's at...

Money left over

Is it coming in hot?

It's very rare to see this level of tailoring of messages nowadays, even on the wealthy. Clearly Eric Balchunas has never considered a spread collar for illiquid assets

I find it inspiring that students are paying $90K a year for Outward Bound courses… Go Quakers! Like go… really, really far away from here.

Gappy, my love knows no bounds

(on Grossman-Stiglitz) 'The papers represent much of what is wrong with academic finance today. These are just-so stories, unfalsifiable, in which the community congratulates itself for being able to tell the story in some stilted language (in the…

Margins appear to have reached a permanently higher plateau /s

Ah yes... ECI and home prices... that's what we should be watching...

Sigh... ECI combines hours worked and wages. There was a decline in hours worked (2nd chart).

If I go, there will be trouble...
And if I stay, it will be double

'pretty strongly'? Has Bill been kidnapped and is signaling for help?

Just your regular reminder that the 'copper tailwind from electrification' is nowhere to be found. Much more powerful to have a 'copper tailwind from institutionalization' a la 2005.

I find these takes to be ridiculous. I just walk into the restaurant, hand my wallet to the waitstaff and leave for home where I can get great food and good service. The rest of you are doing this wrong.

I sense a trap…

Maybe I misunderstood what part was halvening...

Airlines are an industrial? Hmmm... seems much more like 'time to visit the grandkids now that our money markets are paying 5%.' Or maybe we should take a cruise....