On this 225th anniversary of liberté, égalit́́e, and fraternité, Alexis de Tocqueville’s The Old Regime and the French Revolution (L’Ancien régime et la revolution), published in 1856, is, if not as invigorating as La Marseillaise, a worthy reflection upon Bastille Day. Following are some excerpts from Chapter eight, which carries the subtitle: “How, given the facts set forth in the preceding chapters, the Revolution was a foregone conclusion”:
Frederick J. Sheehan is the author of Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession (McGraw-Hill, 2009), which was translated and republished in Chinese (2014). He is research…
As always, there was plenty of talk after Federal Reserve Chairman Janet Yellen held a press conference yesterday, June 18, 2014. Complaints are heard she said nothing of substance, which is true. To what the Fed might do, Yellen answered, “It depends.”
Former Federal Reserve Chairman Paul Volcker (Princeton ’49) returned to campus on May 30, 2014. He was treading in the devil’s den and has been treated accordingly. It is the homeport of Alan Blinder, Paul Krugman, Ben Bernanke and an arsenal of other pint-sized sophists.
This is the story of how concentrated power in a few men’s hands helped only a few people. Alan Greenspan’s decisions made the average person poorer.
The furnace-like roar to prevent financial immolation must move faster all the time.
The Battle of Midway was fought 72 years ago, from June 4, 1942 to June 7, 1942. Air strikes from U.S. aircraft carriers maimed beyond repair the four Japanese aircraft carriers. The Japanese fleet, and Japan, never recovered.
“[Bernanke] gave this stuff out [inside information -FJS], but I didn’t realize what he was saying at the time, so I didn’t do a great trade.”
In “All the Junk Food You Love is Pricier This Year,” Max Nisen writes on Quartz: “Chipotle’s [Grill – CMG: NYSE] food prices were up 34.5% last quarter in total, with big increases in [beef, cheese, avocado, and pork].” Chipotle’s CFO John Hurtung laments: “While we want to remain accessible to our customers, we’re at a point where we need to pass along these rapidly rising costs.” Chipotle’s stock price was $505 at the close on May 14, 2014, up from $49 at the great liftoff on March 9, 2009.
Frederick J. Sheehan is the author of Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession (McGraw-Hill, 2009) and “The Coming Collapse of the Municipal Bond Market” (Aucontrarian.com, 2009…