Marine Le Pen flunked the final debate. Over the course of three hours, she tried to portray her opponent, Emmanuel Macron, as President Hollande Mark 2, as a candidate promising five more years of failure. Voters would prefer her populist confection of anti-elitism, anti-globalism and anti-immigration. It was a flawed tactic. After the debate, her… more
“If the housing market tanks, so does the stock market. No matter who you are, this is hugely impactful. And no one is talking about it. No one realizes it.” —Ryan Israel, partner at Pershing Square Capital Management. On a bitterly cold gray day in December 2014, there was a strangely large crowd at the… more
What are the risks remaining to the global financial system in the wake of the crisis of 2008? I have thought a lot about this topic, but I’ve always believed that trying to forecast the cause of the next meltdown is an exercise in futility. One rule about financial crises that seems to hold true… more
In Brockton, Massachusetts, you can purchase a car at Shoe City Auto Sales, drive it to the Shoe City Tavern, and afterward, recycle your bottle at the Shoe City Redemption Center. What you can’t do is manufacture a shoe—not since 2009, when workers at Brockton’s last remaining shoe factory, FootJoy, threaded their final eyelets and… more
The American Dream is built upon American homes. "Most countries have socialized health care and a free market for mortgages. You in the United States do exactly the opposite," Mervyn King, the former governor of the Bank of England, once told business journalist Bethany McLean. If you own a home, chances are you took out… more
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