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One of the best scenes in a movie, "Jaws," full of them is the confrontation between the salty Captain Quint, played by Robert Shaw and the PhD oceanographer, Matt Hooper, played by Richard Dreyfuss.  The exchange is prompted by a fish - which Hooper had earlier and erroneously dismissed as a 'gaming fish' and not the killer great white shark they were after - biting through a steel piano wire

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One of the signature moments of the Federal Reserve's complete ignorance of the enormous housing and credit bubble that was metastasizing under its collective nose was an interview Ben Bernanke gave in July 2005.  At the time, people had already started to discuss the possibility of a housing bubble.  Indeed, housing, in terms of homeownership, peaked over one year earlier, in April 2004.  (See

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Ben Bernanke fancies himself as an economic super-hero.  Given his leading economic role in the years immediately leading up to the crisis - he was a member of the Fed's open market committee (FOMC) from 2002-2006 and Fed chairman 2006-2014 - this is a pretty remarkable conclusion for Bernanke to reach.  In his defense, he has heard nothing but praise from the financial media who universally ha

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This past week - on January 29th to be exact - Bill Dudley, Goldman Sachs' former chief economist, the former president of the Federal Reserve Bank of New York and now a visiting 'scholar' at Princeton's economic department, dismissed the notion Federal Reserve policy was behind the stock market's relentless advance.  In an interview with Bloomberg, Dudley said, "The notion that the Fed's actio

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In last week's blog post, we discussed the virtue signaling latent in Microsoft's declaration that it would soon be not only carbon neutral, but carbon negative.  Microsoft's entire reason for existing is computers and computers inhale electricity.  For Microsoft then to make much of its carbon neutrality when it is in an industry that completely relies on prodigious amounts of electricity gene

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