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Financial Bubbles

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Back in the 1990s stock bubble it was common for analysts to say things like price-to-earnings ratios (PE) no longer mattered. They were right, at least for a while, as the stock valuations of companies like AOL and Priceline soared way beyond anything that could conceivably be justified by current or future earnings. Of course... Read More
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SHARMINI PERIES: Just prior to the economic collapse of 2007-2008 there were several economic indicators which could have given us a clue of the impending disaster. If we look at the economic situation today in the US, we find many of these very same indicators. Housing prices are getting very high. Credit card debt has... Read More
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The Education of an Economist
I did not set out to be an economist. In college at the University of Chicago I never took a course in economics or went anywhere near its business school. My interest lay in music and the history of culture. When I left for New York City in 1961, it was to work in publishing... Read More
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It’s “Why Didn’t Interference Work?”
I suppose much of the journo commentariat was born since 2008 and therefore has no memory of TARP, Too Big To Fail, or Jamie Dimon rolling around naked inside a gigantic vat of taxpayer money, so there has been a considerable amount of handwring about how the CCP defiled the purity of the stock market... Read More
Wall Street is buzzing, and it’s all about bubbles. In fact, according to Google Trends, interest in the term “stock bubble” was higher in November 2013 than anytime since October 2008. And that should be expected given that the Dow Jones just broke through the 16,000-mark while the NASDAQ sailed-past the 4,000 milestone for the... Read More
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Stagnation Hysterics
America’s “highest profile economist” thinks we need more asset bubbles to battle negative real interest rates and persistent secular stagnation. In a controversial post on his blogsite, New York Times columnist Paul Krugman argues that bubbles may be necessary to make up for insufficient demand, high unemployment, and sluggish growth. Here’s the clip from his... Read More
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Who Wins and Who Loses
Assets bubbles require massive amounts of leverage. But too much leverage can destabilize the system, so it needs to be regulated. But Wall Street doesn't like restrictions on leverage because it can make more money by borrowing like crazy, inflating a ginormous bubble, skimming off the profits, and cashing in before the crash. So, the... Read More
The presentation from Professor Michael Hudson’s Sydney talk ‘Forever Blowing Bubbles’. The screen size is small to reduce the file size.
It is warm and sunny in Jaffa, a fishing harbour on the Eastern Mediterranean just south of Tel Aviv; the skies are blue and the sea rather calm, with the clientele of sidewalk cafés enjoying their milky arak and coriander-laced coffee. The economic crisis never arrived here; there are few lay-offs, prices have remained high,... Read More
A Counterpunch Special Report I am writing this article about Fannie Mae and Freddie Mac while sitting in the Queens Botanical Garden. This was not my plan today. The central air conditioning in my apartment broke down six weeks ago and still has not been fixed. (It’s a nice condominium building, but accidents happen.) It... Read More
By STANDARD SHAEFER (Interview with Michael Hudson, author of Super Imperialism, Pluto Press, 2003) Now that even the LA Times has begun to show a modicum of willingness to discuss US foreign policy in terms of a potential imperialism, it has become clear that those on the right have avoided this debate so far only... Read More
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