Thursday, May 28, 2015
A bit of news
Been busy with school and busy with work, but in addition I haven't come across much in the way of news that's not bullshit so I didn't want to saddle you with crap.
But here's a few things:
New Deal Demoncrat - maturing expansion. He says "beginning in 2016 the expansion is on borrowed time". I guess he's given up hope of ever seeing a corp capex boom? Or does he think we're still in a secular bear market? I don't trust his opinion because far too many people fall for recency effect. We'll see.
WSJ RTE - pay inequality is growing more between firms than within them. Interesting, and might be thebeginning of the necessary bifurcation of the factor market consumers into the successful companies (those who recognize the value of human capital) and the failures (those who pay their workers chickenshit wages). I guess if you can't count on the employment model to raise wages (because it doesn't take employer market power into account), you can still hope for the market to separate intelligent employers from assholes.
Martin Wolf - why finance is too much of a good thing. Again, it's because finance is a form of rent-seeking, and it diverts far too much human capital out of productive work. No surprise here, you've been reading that for years.
Mike Konczal - proof "centrism" is dead. By "centrism", what I think he actually means is right-wing Washington Consensus market fundamentalism, not centrism. But I guess he can call it "centrism", since it's still to the left of von Mises, Ayn Rand and Zerohedge.