Frozen Contract Terms

From John Cochrane at The Grumpy Economist, Missing mortgage contract innovation: So why are we here, and given that we are here why does this strange contract seem so resistant to innovation. I think the answer is simple: 15 and 30 year fixed rate mortgages were a...

Benign Neglect

from Kevin Williamson at National Review, Just Say ‘Yes’ to Prosperity; The notable thing about the technology economy is that it is a peerless machine for turning intelligence into money. Sure, there are physical inputs for a company such as Apple, and warehouses and...

The Other Friction Costs

From Maria Bartiromo in The WSJ, Dow 24000 and the Trump Boom: Year One has been nothing short of excellent from an economic standpoint. Corporate earnings have risen and corporate behavior has changed, measured in greater capital investment. Businesspeople tell me...

A Uniquely American Problem

Once a government program is established to provide benefits to a prescribed group, there is soon to follow a movement to expand the definition of that group to include more people (voters).  Lobbyists will form to expand the new institutionalized benefits.  A portion...