Author Archives: Felix

A Third PATH Station to Rise at the WTC Site

Has there been yet another Port Authority cock-up?
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Euphemism Watch

What to say when you’re stuck with a house you can’t sell.
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When Emerging Markets Change

If you track an index, beware the index itself changing.
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The Silver Lining to Banking Crises

Prosperity is closely linked to homeownership. But to get there, the occasional banking crisis might not be such a bad thing after all.
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Nuclear Proliferation Keeps Rupert Murdoch Up At Night

Can Rupert Murdoch help save the world from nuclear holocaust?
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The Effects of Illegal Workers on Productivity

Official employment figures are still very high in the construction industry.
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How Derivatives Caused the Property Boom

Sitting on the property panel with Bob Toll was Steven Green, of Greenstreet
Partners. He had a very good explanation for the run-up in US property values
in recent years: financial derivatives.
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Bob Toll on US Housing

Toll Brothers CEO Bob Toll gives his take on the US housing market.
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Immigration Datapoint of the Day

How immigration drives US prosperity.
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Will The US Adopt Principle-Based Regulation?

You expect to hear about "regime harmonization with Europe" when
the subject is something that Europe has a lot of and the US has none of –
carbon trading, for example. But today we heard it from Michael Oxley,
on the subject of something the US has a lot of and Europe has much less of:
capital-markets regulation.
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Posted in technocrats | 1 Comment

Why Can’t Small Companies Go Public These Days?

Whatever happened to the days when small VC-backed companies could exit onto the public stock market?
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New York Congestion Pricing: On the Way

New York will charge $8 to drive into Manhattan on weekdays.
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Hedge Funds: Just Misunderstood?

Meme of the day is whether all the current calls for hedge-fund regulation
come not because these funds pose some enormous systemic risk, but rather because
they’re simply not understood.
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Carbon Emissions: Regulation Versus Cap-and-Trade

John Kerry wants a cap-and-trade system. But until he can get one, he’ll use regulation instead.
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First Thoughts on the Barclays-ABN Deal

It’s good for Varley, good for Lewis, and good for Groenink.
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On the road

I had a glorious 35th birthday in Chicago on Saturday. The weather was absolutely perfect all weekend: bright and sunny without being too hot — great for architecture tours, bike riding along the lakefront, or just wandering around. Not that … Continue reading

Posted in Not economics | 3 Comments

Google: More Cash Than It Knows What To Do With

Google needs to spend money, because returning it to shareholders would barely have any effect on its overheated stock price.
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Ryan Changes his Mind About Treasury Job

To lose
one undersecretary of international
affairs
could be considered a misfortune; to lose
two
– especially when #2 hasn’t even started in the job yet –
looks suspiciously like carelessness.

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Ashraf Ghani for World Bank President?

Gabriel Rozenberg has a startling
article
in the Times today saying not only that the White House was "drawing
up a list of candidates to succeed" the embattled Paul Wolfowitz, but that
"most prominent on the list" is Ashraf Ghani.

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“For a $10m Loan, it’s not Worth Sending Someone to a Meeting”

$10 million is chump change for hedge funds these days.
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New York to get Congestion-Pricing Plan

Congestion pricing is never popular before it is introduced. But if the experience in London and Stockholm is any guide, people will learn to love it – just as they learned to love New York’s smoking ban – once they see how much better the city becomes as a result.
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Bank Shareholders vs Bank Clients

It’s possible for small advisory boutiques to sit on the financing and investing sidelines – and some very old and venerable names do just that. But they tend not to be publicly-listed companies. If you submit to the tyranny of the shareholder, then your clients will necessarily always come second.
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The Emerging Markets Grow Up

Emerging markets used to be an exciting, wild-west asset class. It now trades a long way through US high-yield debt, and is fast converging on US investment-grade spreads. In other words, it’s becoming boring.
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New Union to Have 3.4 Million Members

The biggest task facing a new union will be to help manage globalization and bring its benefits to labor around the world, rather than to rail against it in a knee-jerk manner.
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Third Time Lucky for MetroPCS

Finally, gloriously, MetroPCS has raised an eye-popping $1.15 billion with its initial public offering.
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