The National Association of Realtors’ Housing Affordability Index remained high in May (171.6%) by historical standards (see chart above, data here), but fell by 7.2 percentage points from April’s record high of 178.8%, mostly because of the increase in the … read more
The problem with socialism is that eventually you run out of other people’s money.~Margaret Thatcher
Many people, especially Federal Reserve people, tell all of us not to be concerned about inflation. The history of the 1960s and 1970s makes me skeptical. During the 1970s, members of the Fed’s open market committee promised themselves and each … read more
Last week, the Congressional Budget Office (CBO) updated its estimates of the long-term budget outlook. Unfortunately, there’s not much change from the grim projections CBO released in December 2007. Under CBO’s “alternative fiscal scenario,” which most closely reflects current policies, … read more
Since he is writing a the history of the Federal Reserve, I figure it makes sense to ask Allan Meltzer about the following: Allan, the conventional wisdom today as I see it recognizes that large budget deficits coupled with a … read more
