Fred Sheehan

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The Old Regime and the French Revolution

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”:

The Full Yellen

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.”

Confusion

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.