The Green New Deal amendment to the Queen’s Speech

Caroline Lucas tabled the following amednement to the Queen’s Speech resolution this morning: Amendment (a) Caroline Lucas At end add ‘but believe that the measures in the Gracious Speech fail to deliver the urgent transformative action required by the environment and climate emergency; call on your Government to enact a Green New Deal to restructure […]


WTF: Where are the factors?

My colleagues and I have about the fact that factors are long-term drivers of investment returns.  Given this, it’s no surprise that investors are increasingly adopting factor strategies in their portfolios. In fact, we’ve seen record inflows YTD with over $18 billion in investments in iShares Factor ETFs. Logic would follow that investors’ portfolios exhibit […]


Wednesday: Retail Sales, Homebuilder Survey

Wednesday:• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index. • At 8:30 AM, Retail sales for September will be released.  The consensus is for a 0.3% increase in retail sales. • At 10:00 AM, The October NAHB homebuilder survey. The consensus is for a […]


Housing and Recessions

Now that new home sales have reached a new cycle high (in June), I’d like to update a couple of graphs in a previous post (most of this from an earlier post). For the economy, what we should be focused on are single family starts and new home sales. As I noted in Investment and […]

Real Estate

A Typical African American Family Could Afford Just 25 Percent of Homes for Sale Last Year, Down from 39 Percent in 2012

Fewer than one in 10 homes for sale last year were affordable to African American households in San Francisco, Los Angeles, Seattle, Denver and Boston. Less than 1 percent of homes for sale (just 241 out of over 54,000) in San Francisco in 2018 were affordable to African American families. The affordability crisis is the […]


Randy Wray on modern monetary theory and tax

I have already mentioned a piece I had written for the Real World Economic Review on modern monetary theory and taxation recently. Now Randy Wray, one of the leading MMT thinkers has reviewed the price on New Economic Perspectives. I quote at length, as I think that’s fair in this case: [T]his issue of rwer contains what […]