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OldGimletEye

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About OldGimletEye

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    Assistant To The Assistant Manager

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  1. OldGimletEye

    US Politics: Money, Money, Money Makes the World Go Round

    You can either reduce the public's demand to hold cash, which fiscal policy is largely about, or you can supply the public's demand for money. I'm realistic enough to know that fiscal policy won't be forthcoming. With the FED rate at 0, that leaves you with trying NGDP or Price level targeting or something similar. But, I'm not certain we will even get those, with certain sorts people going all Austrian on us last time. But, who knows, if Trump is still president, then maybe he will be for them, which cause certain sorts of people to change their tune. And then Trump will be held as a genius by the same certain sorts of people.
  2. OldGimletEye

    US Politics: Money, Money, Money Makes the World Go Round

    Have you playing around with OLG models again? Well, I don't blame you. Multiple equilibrium and sunspots are pretty interesting.
  3. OldGimletEye

    US Politics: Money, Money, Money Makes the World Go Round

    All this is relevant. But, the main worry is the fact the Fed Funds Rate is still too low and what the government response is going to be. I wonder what sort of shenanigans we will get next time. Well it probably will be similar to the last time. Another 10 year recession. Good times.
  4. OldGimletEye

    US Politics - Primary Numbers

    I consider myself left of center and moral relativism is something that I dislike, along with some of the other epistemological confusion that goes on the left, that in my opinion needs to be fought against and doesn't serve left wing interest. I get the impulse for moral relativism, as it provides an argument for respect for other people's personal choices, and in the view of some, provides an argument against intervening in other societies. That said, a moral relativist stance works against progressive interest and often makes the left looked confused and hypocritical.
  5. OldGimletEye

    US Politics: I Say a Little Prayer for You!

    Yeah, about the only way I would endorse Bloomberg over all other Democratic candidates would be if I thought that he a significantly greater chance than all other candidates of defeating Trump, as I think that is becoming my number one priority. That would be about the only reason I would hold my nose and pull the lever for him. It would be akin to being in hell and desperately needing a glass of ice water. But, yeah, I don't see him having a great electibility argument.
  6. OldGimletEye

    US Politics: I Say a Little Prayer for You!

    I consider him to be basically a Republican who left the Republican party because the Republican Party went completely insane. Aside from his policing record, I don't care for his saying that raising taxes on the wealthy would be "unAmerican". Nor do I appreciate his unsubstantiated comments that single payer will cause the nation to go "broke". What will cause the the nation to go broke is our current healthcare system. I think he views the world as your typical Wall Street person. But, yeah, sure he is better than Trump. And so is Satan.
  7. OldGimletEye

    US Politics: I Say a Little Prayer for You!

    Scott I agree. As I noted, the real cost education have been rising since the 1970s. And we do need to find ways to bend the supply curve. While I think its vital everyone has the opportunity to get a good education, we could be more efficient about it.
  8. OldGimletEye

    US Politics: I Say a Little Prayer for You!

    Since our current systems does impose cost, it maybe wiser to give outright grants of money rather than loans. But even if we have a grant based system, we still need to find a way to contain the costs.
  9. OldGimletEye

    US Politics: I Say a Little Prayer for You!

    No it makes it a bad loan. It doesn't make into some kind of mystical "monopoly money". Was the GFC due to too much "monopoly money" or bad loans? The fact is that there is always going to be inherent risk to student loans that you won't find in other lending markets where this collateral or financial information to asses the risk of the loan.The reason is that the student's main asset (for most students at least) is his lifetime income. Also there can be an informational problem in the student lending markets because banks don't know how hard students will work and so forth. And since most students can't post collateral this means the cost of obtaining a loan is more expensive than what would be the case if informational problems did not exist. Non of this would be such a problem if there weren't often significant barriers to entry in labor markets. But there are. I'm not against in attempting reforms to bring down student debt levels. They are too high. But, there does need to be talk about how to reform the educations system on the supply side. And of course, I'm against any type of libertarian fantasy that there is no economic case for government involvement in higher education.
  10. OldGimletEye

    US Politics: I Say a Little Prayer for You!

    One of the problems with libertarian types is they often see themselves as steely-eyed realist, while everyone is doing "feels before reals", evidently. But, the fact of the matter libertarians often get over emotional about the "free market". And what I'm going to say here isn't just some stuff I pulled out of Marx, but stuff you'll find in any decent advanced micro textbook. Libertarian types often believe that education serves mainly as a signaling device. And I believe there is some truth to that. But that argument pre-supposes that there are informational problems in the labor market. And if there are informational problems in the labor market, then the purely competitive model doesn't really apply. In a nutshell you can't have it both ways. You can't sit there and say that education serves mainly as a signal that let's employers know about someone's basic abilities and then other hand argue that minimum wage laws are destined to have bad outcomes using a purely competitive model of the labor market. You're going to have to make up your mind and commit to one model or the other.I guess the fact that libertarian types don't see the contradiction in these two sets of arguments is because they are putting "feelings before facts". Also, the purely competitive model pre-supposes very few barriers to entry. And in many labor markets, there are significant barriers to entry.
  11. OldGimletEye

    US Politics: I Say a Little Prayer for You!

    This might come as a shock, but the competitive market of labor model you learned in econ 101 is bullshit. The fact is there are barriers to entry to the labor market, a college education being one of them. And where there are barriers to entry, some government involvement is justified. Also loans are not "monopoly money", unless you think corporations are obtaining "monopoly money" to pay for capital investments by issuing bonds or equity. The Net Present Value of the investment may not justify taking the loan, depending on the return your looking for. There are good reasons to think that a college education or education in general has positive returns. I'm not sure what the term "monopoly money" means here unless the idea is to pay for everything upfront in gold bullion. Also it's behind well known for quite a while that neither the growth of capital nor labor can explain economic growth. The key element seems to be idea generation. That's what Romer won a nobel prize for. Accordingly, having an educated public would seem to be in our collective interest. Also, I'll point out that not everyone has a computer growing up. In my case, college was my first exposure on how to use them. Granted I'm older, when computer ownership was less common, but no so old that computer ownership was uncommon in upper middle class households. Also I too got to college on a scholarship. Not because I had any particularly great skill set or was particularly smart, I just happened to be pretty good at running down and tackling people. So I kind of got a college education on a fluke. A fluke that ended up having a positive outcome for me. I'm of the general opinion that the people of this country shouldn't have to rely on flukes to have shot at a decent life. That said, having to spend 130K to be competitive on the job market is ridiculous. So finding ways to contain cost is necessary. And I am open to alternatives to the traditional 4 year degree.
  12. OldGimletEye

    US Politics: I Say a Little Prayer for You!

    Since the 1970s the real cost of education have been going up. That's easy to understand since there is a significant income premium to going to college. Critics of mass higher education, which tend to be libertarians, pretty much think the value of education is a signalling device to employers. I don't think they are quite correct, but I think some of what they are saying might be true. To the extent that it is true, that is hell of lot of money to spend to demonstrate that your competent to do a job. Overall, I do think education does help people to improve their skills. But, we do need to figure out a way to bend the cost curve. That needs to be addressed.
  13. OldGimletEye

    US Politics: I Say a Little Prayer for You!

    And Stephen Moore, with other certain sorts of people, will go back to being a monetary hawks, and no one will notice.
  14. OldGimletEye

    US Politics: I Say a Little Prayer for You!

    Here, let me give an example. Warren's website says: Now asking people's salary history is one of corporate america's dirtiest tricks. In a nutshell, corporations are trying to gain an informational advantage. And it's good policy to ban corporations from doing it. And less you make your living from stock ownership, it's good for everyone. It may help out minority women more than any one else and you, know that is good to go. Good. I'm happy that will be the case. But, it is not a race conscious law.
  15. OldGimletEye

    US Politics: I Say a Little Prayer for You!

    Which one of those aren't just anti-discrimination laws. See the thing is I don't think those are race conscious laws, not in the way that certain theorist actually mean.
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