2020-04-09 16:43

Always nice to see the workers leveraging circumstances to their advantage, as I expect them to do over the next year or two.

emperor Justinian railed against scarce workers who “demand double and triple wages and salaries, in violation of ancient customs” and forbade them “to yield to the detestable passion of avarice” — to charge market wages for their labor…

Source: How Will the Coronavirus Affect Workers?

2020-04-04 10:45

Boy are these guys in trouble:

Over the past 40 years, schools, particularly less selective ones, have fought ever harder to attract students. The conventional wisdom held that the best way to do so was to upgrade facilities, build new dormitories and student centers, and provide increasingly luxurious amenities. The result has been a flood of debt…

Source: Coronavirus: U.S. Colleges and Universities Reach Breaking Point

2020-02-07 10:50

I observed a year ago that post-crisis bank regulation amounted to the Fed admitting that it was a failure, with banks treating reserves like pre-1913 banks treated gold. So I’m pleased to see that at least some Fed officials understand that this is a problem.

it is worth remembering that a principal reason for the Federal Reserve’s creation was to facilitate the movement of reserves when needed from banks with an excess reserve position to those in need of reserves

Source: Federal Reserve Board – The Economic Outlook, Monetary Policy, and the Demand for Reserves