Nouriel Roubini's latest post dissects Greenspan's statement to the Senate Budget Committee. On the renminbi, Greenspan notes the negative effects of the peg on China's economy - mentioning sterilization costs and resource allocation distortion - and predicts a revaluation "sooner rather than later." He also distances himself from testimony in 2001 which seemed to support the Bush tax cuts. He now says (as Paul O'Neil claimed in his book) the cuts should have had built-in triggers, limiting them if large deficits resulted.
Sen. Paul S. Sarbanes (D-Md.) said he believed it was "fair to consider how your message would be taken" and that lawmakers saw Greenspan's 2001 remarks as "providing a green light" for tax cuts, which were enacted without triggers.
"I plead guilty to that," Greenspan said. "If indeed that is the way it was interpreted, I missed it. In other words, I did not intend it that way."
..."The federal budget deficit is on an unsustainable path, in which large deficits result in rising interest rates and ever-growing interest payments that augment deficits in future years," Greenspan said in his prepared testimony yesterday.
Pessimism of the Intellect, Optimism of the Will Favorite posts | Manifold podcast | Twitter: @hsu_steve
Subscribe to:
Post Comments (Atom)
Blog Archive
-
▼
2005
(253)
-
▼
04
(20)
- Temporary yuan float
- PIMCO on Bretton Woods II
- Pension funds make FX bets
- Asian cellphone mania
- Roubini parses Greenspan remarks
- Credit boom ending?
- JHU Talk
- Rent-buy arbitrage
- Oppenheimer centenary
- China labor market
- US broadband penetration lags
- Bay area housing bubble going strong
- Test your ancestry!
- New startup
- Super geek radio
- Theorem-proving machines
- New paper
- Friedman and flattening
- Exorbitant CEO compensation
- Oded Shenkar - The Chinese Century
-
▼
04
(20)

Labels
- physics (378)
- genetics (305)
- globalization (282)
- finance (268)
- brainpower (265)
- genomics (255)
- technology (240)
- american society (234)
- China (213)
- innovation (195)
- economics (185)
- ai (184)
- psychometrics (174)
- science (166)
- photos (162)
- psychology (159)
- machine learning (148)
- biology (144)
- travel (142)
- universities (133)
- genetic engineering (132)
- higher education (126)
- human capital (120)
- credit crisis (115)
- startups (113)
- iq (106)
- cognitive science (99)
- podcasts (98)
- autobiographical (88)
- political correctness (88)
- careers (85)
- politics (85)
- geopolitics (84)
- statistics (80)
- credit crunch (78)
- elitism (76)
- evolution (76)
- quantum mechanics (75)
- bounded rationality (74)
- gilded age (73)
- social science (73)
- income inequality (72)
- talks (72)
- genius (71)
- history of science (67)
- caltech (64)
- realpolitik (64)
- books (62)
- MSU (60)
- mma (57)
- sci fi (57)
- academia (55)
- biotech (55)
- harvard (54)
- silicon valley (54)
- mathematics (52)
- history (50)
- kids (50)
- education (49)
- intellectual history (49)
- bgi (48)
- cdo (45)
- derivatives (43)
- neuroscience (43)
- behavioral economics (41)
- jiujitsu (41)
- literature (41)
- video (40)
- physical training (39)
- computing (37)
- ufc (37)
- bjj (36)
- bubbles (36)
- film (36)
- mortgages (36)
- google (35)
- economic history (34)
- expert prediction (34)
- many worlds (34)
- affirmative action (33)
- hedge funds (33)
- nuclear weapons (32)
- race relations (31)
- security (31)
- von Neumann (31)
- black holes (30)
- quants (30)
- efficient markets (29)
- feynman (29)
- foo camp (29)
- movies (29)
- sports (29)
- music (28)
- singularity (26)
- entrepreneurs (25)
- housing (25)
- meritocracy (25)
- obama (25)
- subprime (25)
- berkeley (24)
- taiwan (24)
- conferences (23)
- epidemics (23)
- venture capital (23)
- athletics (22)
- quantum field theory (22)
- ultimate fighting (22)
- wall street (22)
- cds (20)
- internet (20)
- blogging (19)
- scifoo (19)
- gender (18)
- goldman sachs (18)
- new yorker (18)
- cryptography (17)
- dna (17)
- freeman dyson (17)
- smpy (17)
- treasury bailout (17)
- university of oregon (17)
- algorithms (16)
- japan (16)
- personality (16)
- privacy (16)
- autism (15)
- christmas (15)
- cosmology (15)
- happiness (15)
- height (15)
- oppenheimer (15)
- Fermi problems (14)
- fitness (14)
- les grandes ecoles (14)
- social networks (14)
- wwii (14)
- chess (13)
- government (13)
- hedonic treadmill (13)
- india (13)
- neanderthals (13)
- probability (13)
- research (13)
- russia (13)
- war (13)
- aspergers (12)
- blade runner (12)
- malcolm gladwell (12)
- net worth (12)
- nobel prize (12)
- nsa (12)
- philosophy of mind (12)
- Einstein (11)
- entropy (11)
- geeks (11)
- harvard society of fellows (11)
- string theory (11)
- television (11)
- Go (10)
- ability (10)
- art (10)
- climate change (10)
- cold war (10)
- football (10)
- italy (10)
- mutants (10)
- nerds (10)
- olympics (10)
- pseudoscience (10)
- complexity (9)
- crossfit (9)
- democracy (9)
- encryption (9)
- energy (9)
- eugene (9)
- flynn effect (9)
- france (9)
- james salter (9)
- pop culture (9)
- turing test (9)
- alan turing (8)
- alpha (8)
- data mining (8)
- dating (8)
- determinism (8)
- games (8)
- keynes (8)
- manhattan (8)
- pca (8)
- philip k. dick (8)
- qcd (8)
- quantum computers (8)
- real estate (8)
- robot genius (8)
- success (8)
- usain bolt (8)
- Iran (7)
- aig (7)
- ashkenazim (7)
- basketball (7)
- environmentalism (7)
- free will (7)
- fx (7)
- game theory (7)
- hugh everett (7)
- new york times (7)
- paris (7)
- patents (7)
- poker (7)
- simulation (7)
- tail risk (7)
- teaching (7)
- volatility (7)
- anthropic principle (6)
- bayes (6)
- class (6)
- drones (6)
- godel (6)
- inequality (6)
- intellectual property (6)
- markets (6)
- nassim taleb (6)
- noam chomsky (6)
- prostitution (6)
- rationality (6)
- academia sinica (5)
- bobby fischer (5)
- econtalk (5)
- fake alpha (5)
- global warming (5)
- information theory (5)
- iraq war (5)
- kasparov (5)
- luck (5)
- nonlinearity (5)
- perimeter institute (5)
- renaissance technologies (5)
- sad but true (5)
- software development (5)
- vietnam war (5)
- warren buffet (5)
- 100m (4)
- Poincare (4)
- bill gates (4)
- borges (4)
- cambridge uk (4)
- censorship (4)
- charles darwin (4)
- creativity (4)
- demographics (4)
- hormones (4)
- humor (4)
- judo (4)
- kerviel (4)
- microsoft (4)
- mixed martial arts (4)
- monsters (4)
- moore's law (4)
- solar energy (4)
- soros (4)
- trento (4)
- 200m (3)
- assortative mating (3)
- babies (3)
- brain drain (3)
- charlie munger (3)
- cheng ting hsu (3)
- chet baker (3)
- correlation (3)
- ecosystems (3)
- equity risk premium (3)
- facebook (3)
- fannie (3)
- feminism (3)
- fst (3)
- intellectual ventures (3)
- jim simons (3)
- language (3)
- lee kwan yew (3)
- lewontin fallacy (3)
- lhc (3)
- magic (3)
- michael lewis (3)
- nathan myhrvold (3)
- neal stephenson (3)
- olympiads (3)
- path integrals (3)
- risk preference (3)
- search (3)
- sec (3)
- sivs (3)
- society generale (3)
- supercomputers (3)
- systemic risk (3)
- thailand (3)
- alibaba (2)
- bear stearns (2)
- bruce springsteen (2)
- charles babbage (2)
- cloning (2)
- computers (2)
- david mamet (2)
- digital books (2)
- donald mackenzie (2)
- drugs (2)
- eliot spitzer (2)
- empire (2)
- exchange rates (2)
- frauds (2)
- freddie (2)
- gaussian copula (2)
- heinlein (2)
- industrial revolution (2)
- james watson (2)
- ltcm (2)
- mating (2)
- mba (2)
- mccain (2)
- mit (2)
- monkeys (2)
- national character (2)
- nicholas metropolis (2)
- no holds barred (2)
- offices (2)
- oligarchs (2)
- palin (2)
- population structure (2)
- prisoner's dilemma (2)
- skidelsky (2)
- socgen (2)
- sprints (2)
- twitter (2)
- ussr (2)
- variance (2)
- virtual reality (2)
- abx (1)
- anathem (1)
- andrew lo (1)
- antikythera mechanism (1)
- athens (1)
- atlas shrugged (1)
- ayn rand (1)
- bay area (1)
- beats (1)
- book search (1)
- bunnie huang (1)
- car dealers (1)
- carlos slim (1)
- catastrophe bonds (1)
- cdos (1)
- ces 2008 (1)
- chance (1)
- children (1)
- cochran-harpending (1)
- cpi (1)
- david x. li (1)
- dick cavett (1)
- dolomites (1)
- dune (1)
- eharmony (1)
- escorts (1)
- faces (1)
- fads (1)
- favorite posts (1)
- fiber optic cable (1)
- francis crick (1)
- gary brecher (1)
- gizmos (1)
- greece (1)
- greenspan (1)
- hypocrisy (1)
- igon value (1)
- iit (1)
- inflation (1)
- information asymmetry (1)
- iphone (1)
- jack kerouac (1)
- jaynes (1)
- jazz (1)
- jfk (1)
- john dolan (1)
- john kerry (1)
- john paulson (1)
- john searle (1)
- john tierney (1)
- jonathan littell (1)
- las vegas (1)
- lawyers (1)
- lehman auction (1)
- les bienveillantes (1)
- lowell wood (1)
- lse (1)
- machine (1)
- mcgeorge bundy (1)
- mexico (1)
- michael jackson (1)
- mickey rourke (1)
- migration (1)
- money:tech (1)
- myron scholes (1)
- netwon institute (1)
- networks (1)
- newton institute (1)
- nfl (1)
- oliver stone (1)
- phil gramm (1)
- philanthropy (1)
- philip greenspun (1)
- portfolio theory (1)
- power laws (1)
- pyschology (1)
- randomness (1)
- recession (1)
- sales (1)
- singapore (1)
- skype (1)
- standard deviation (1)
- star wars (1)
- starship troopers (1)
- students today (1)
- teleportation (1)
- tierney lab blog (1)
- tomonaga (1)
- tyler cowen (1)
- venice (1)
- violence (1)
- virtual meetings (1)
- war nerd (1)
- wealth effect (1)

No comments:
Post a Comment