Tag Archives: Alan Greenspan
Bulls vs. Bears: Some Profit Margin Stories Are Better Than Others
[M]argins have been rising smartly–faster than Greenspan can ever recall. His only explanation: productivity… Greenspan argues that the U.S. is undergoing a productivity revolution not seen since early this century… In the longer term, he’s betting that as the world … Continue reading
P/E Multiples, Deleveraging and the Big Experiment: Sizing Up the Next Bear Market
We last wrote about stock valuation in August, when we looked at three types of P/E multiples and argued that stocks were more stretched than you would think if you only relied on the simplest measure. Since then, we’ve had … Continue reading
Have Larry Summers and Paul Krugman Just Had Their Dimon/Dudley Moment?
With my kids getting older, I no longer get much chance to play “What’s wrong with this picture?” This is the game you’ll occasionally find on a children’s menu that’s based on a picture with, say, a guy holding an … Continue reading
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Tagged Alan Greenspan, Arnold Kling, Bill Dudley, financial regulation, full employment equilibrium, Jamie Dimon, Joseph Schumpeter, Keynesianism, Knut Wicksell, Larry Summers, Larry Summers speech, natural interest rate, Paul Krugman, Phillips curve, PSST, Tyler Durden, zero lower bound
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Yellin’ for Yellen: I Must Have Fallen Asleep and Woken Up in 2006
After reading the coverage of Janet Yellen’s Fed Chair nomination yesterday, it feels as though it’s 2006 all over again. Confidence in our central bankers seems to be approaching all-time highs, little more than five years after it collapsed alongside … Continue reading
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Tagged Alan Greenspan, asset inflation, Ben Bernanke, forward guidance, Friedman's forecasting, Galbraith, Great Moderation, Huffington Post, Janet Yellen, John Kenneth Galbraith, Justin Wolfers, Milton Friedman, Paul Volcker, QE, Ryan Grimm, the majority is always wrong, Yellen nomination, ZIRP
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Breaking Bad News from the Fed’s Z1: Expansions Tend to Explode Near Current Leverage Multiples
In an earlier article, I argued that the S&P 500 (SPY) is more expensive than you might think if you only compared prices to trailing earnings. I recommended a different approach that suggests today’s valuation is similar to that of … Continue reading
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Tagged Alan Greenspan, Ben Bernanke, Bernanke put, Bernanke successor, Breaking Bad, CIU, CLY, credit bubble, debt ratio, debt-to-profits, financial report of the United States, flow of funds, Greenspan put, JNK, leverage multiple, LQD, moral hazard, NIPA, nonfinancial corporate debt, Robert Shiller, S&P 500, SPY, Walter White, whatever it takes central banking, Z.1, Z1
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Step Right Up and Test Your Central Banking Skills against the Scariest Economy of All
I offer a chance to test yourself as King of the World. By that, I mean top dog at the Federal Reserve Bank. The test is based on two scenarios, one describing our circumstances today and I’ll explain the second … Continue reading
