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Business & Economics BLOG |
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The Fed Painted Into a Keynesian Corner
By: Robert P. Murphy
1.22.2008
This morning the Fed announced a surprise rate cut of 75 basis points, the biggest cut in 24 years. Yet the stock market nosedived anyway, with the S&P 500 shedding 1.1% during the session, bringing its total losses to 10.75% for 2008. The Fed is finding that it has lost control over the market: If it stays pat, investors gripe about a credit crunch and stocks plunge, while if it cuts aggressively, then investors assume things are worse than they realized and rush to Treasuries.
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The Writers Strike and Jay Leno's Monologue
By: Robert P. Murphy
1.11.2008
In entertainment news, the excitement this week was the decision by Jay Leno and Jimmy Kimmel to appear as guests on each other’s show. During Kimmel’s appearance on “The Tonight Show,” the issue came up that Leno himself—in his capacity as a writer and member of the Writers Guild—is prohibited from writing jokes. Incredibly, not only is Leno forbidden from writing jokes for Kimmel…he can’t even write jokes for himself. I’m not exaggerating: The official Writers Guild position is that Leno has permission to do a monologue. But if he writes his own monologue, then he has crossed the picket line.
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