Are the Winklevii the whiniest multi-millionaires in the world? Yes, they are — WSJ
Paul Krugman has been railing against what he calls “the false government-family equivalence” for a while: what’s true at the family level — if your income goes down, for instance, you need to spend less money — is not necessarily true at the government level.
After taking phone calls about Rupert Murdoch on Brian Lehrer’s show this morning and then immediately doing an hour-long diavlog with Alex Massie on the subject, I’m beginning to get a little Murdoch-ed out. But there are three newish points that are worth raising.
It’s never possible to know for sure, at any given time, whether it’s a better idea to rent or to buy. If rents and prices both go up in the future, then buying’s likely to have been a good idea. And if they both go down, then renting is sure to have been the better idea.
After my post on financial advisors last week, Josh Brown, a/k/a the Reformed Broker, got in touch saying that at some point he and I should discuss action bias — the way in which advisors feel the need to do something just to make their clients think they’re earning their keep. I was happy to oblige.
I’ve always had a bit of a cognitive disconnect with respect to Larry Summers. Many of the people I respect the most, and pretty much everybody I know who has spent much time with him, are clear: he’s absolutely brilliant. Most of them would give him some kind of Japanese-style Living National Treasure status.
Utterly depressing column by Nathan Myhrvold, patent troll — Bloomberg
How to differentiate an economist from almost anyone else in society — Gelman
Paying taxes your employer keeps, by David Cay Johnston — Reuters
Wendi Deng’s Five Best Enraged Expressions — Awl
SNL’s “Ronald Reagan mastermind” sketch — YouTube
US Treasury Awards $142.3 Million to Benefit Organizations Serving Economically Distressed Communities Nationwide — CDFI