Daily Archives: March 12, 2017

Beatles – Ticket to Ride (Live at Wembley Stadium 1965)


High US health care spending is quite well explained by its high material standard of living

Random Critical Analysis

About two years ago I created a long blog post arguing that the United States is not an outlier in healthcare expenditures per capita.   Following renewed interest from a link from Marginal Revolution recently and some criticism from a few people on various comment threads, I thought I’d take the time to update the evidence, address some areas of criticism, and muster yet more lines of evidence to support my argument.   This post should largely make the earlier post obsolete, but I will keep the earlier post up for posterity and to retain data/information that won’t necessarily be perfectly duplicated in this post.

There exist several popular plots like these that people use to make the argument that the United States spends vastly more than it should for its level of wealth.





These plots and the arguments that usually go with them give the strong impression that US spends about…

View original post 6,655 more words

Does the Fed Control Interest Rates?


Strong statements about the effects of Federal Reserve actions on interest rates are common in the media and among academics. I’ve long been puzzled by such claims since the Fed seems to be a minor player in financial markets. In recent years total U.S. credit market debt, as reported in Federal Reserve Flow of funds tables, is in excess of $50 trillion. Prior to the financial crisis of 2008, total financial assets held by the Fed are less than $1 trillion, or less than two percent of the U.S. market. In response to the financial crisis of 2008, total financial assets held by the Fed jump to over $2 trillion and are almost $2.5 trillion at the end of 2010. This is huge by historical standards, but still less than five percent of the U.S. market. Many large banks (e.g., J.P., Morgan Chase, Bank of America, Citibank, Wells Fargo, etc.)…

View original post 112 more words

Fire Me: U.S. Attorney In Manhattan Reportedly Refuses To Resign [UPDATED]


Bharara,_Preet_HeadshotThe United States Attorney for Manhattan, Preet Bharara, appears to believe that he is working for a different branch of government.  After Attorney General Jeff Sessions asked for the resignations of all U.S. Attorneys, a standard change of political appointees in a new Administration, Bharara reportedly indicated that President Donald Trump would have to fire him.  Just as with the bizarre conduct of Sally Yates as Acting Attorney General, Bharara has shown a curious understanding of this position and his obligations as a federal officer.  If these media reports are true, President Trump should immediately accommodate him and Bharara will have to explain to future employers how he justifies such an unfounded stance. [Update: Bharara has been fired]

I sincerely hope that the reports are not true or that Bharara quickly reconsiders and gets his letter of resignation in today.  This is not the way to close a successful career as U.S…

View original post 367 more words