Is the "New Normal" New?

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Good Economics Revealed

This is a very direct ,hard hitting article on the costs of our collective lack of political will to solve the main economic problems . 1 in 6 Americans receive Social Security ; 1 in 7 Medicare; 1 in 5 Medicaid. Not crafting long term solutions will impact investment returns in the future.

Those with Guns and Those who Dig

Professor Niall Ferguson has a creative idea for solving the U.S. debt spiral...sell assets. We have hundreds of billions of non-defense assets that could be sold to reduce our debt. As he says, so far there is a palpable lack of political will to really do much except at the margins and that won't be near enough.

Don't Fight the Fed

Good article from Larry Kudlow on Federal Reserve actions and the stock market. As he points out, input prices are certainly increasing faster than final prices which means lower margins/profits. At some point this will rear its ugly head.

Investors on the Move

The next issue of our bi-weekly email newsletter, STAT, is available.

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Housing Bubbles

This is a great read on the rarity of housing bubbles . We have been and continue to be in one of those at present although many homeowners still seem to have outsized appreciation as their goal. Professor Shiller makes a good point in the last full paragraph about the danger of viewing a house as an investment. If you protect purchasing power (keep up with inflation) , that should be counted as a victory since you will have enjoyed the utility of the house essentially for no cost.