Ten Second News

Technicalities

John Carney has some interesting commentary on the first day of the Financial Crisis Inquiry Commission hearings.  He writes: A structured credit product—whether its as simple as a mortgage backed security or a complex CDO—is not necessary flawed if it produces losses. Even enormous losses. Indeed, it might be perfectly well-designed but still deliver the…

Growth vs/equal to Prosperity?

Will Wilkinson reprints the response of John Cochrane to the Brad DeLong-Luigi Zingales debate at the Economist.  [The whole debate is very much worth the read]. Cochrane begins: Nobody is Keynesian now, really. Keynes distrusted investment and did not think about growth. Now, we all understand that growth, fueled by higher productivity, is the key…