Thread by @delong

BRIEFLY NOTED: FOR 2021-11-03 We, by @delong braddelong.substack.com/p/briefly-note…

First: Jason Zweig soft peddles the idiocy of Kevin Hassett and James Glassman on the 18 years-late Dow 36000 day. Buy-and-hold is a good investment strategy for the U.S. stock market. The strategy... 1/

... Hassett and Glassman were pushing—borrow money, leverage up, and go highly long stocks near the peak of a valuation-ratio bubble—led to bankruptcy in 2000 for anyone who acted on the recommendations of Dow 36000. Jason here is much kinder than I would have been... 2/

...:

Jason Zweig: Dow Crosses 36000—Making a Book’s Prediction Just Two Decades Late <wsj.com/articles/dow-j…>...

What is Kevin Hassett saying today, on Dow 36,000 day? In my inbox:

In a wide-ranging interview with _Washington Post Live_ today, author Kevin Hassett... 3/

... discussed his warning that high inflation will drive the U.S. economy into a recession and his new book, The Drift: Stopping America’s Slide Toward Socialism. Hassett is a former senior adviser and chair of the Council of Economic Advisers under President Donald Trump… 4/

One Video: Pat Gelsinger: Intel CEO Q&A Roundtablee <>:

Very Briefly Noted: Jason Furman & Wilson Powell III: Worker Bargaining Power Has Been No Match For High Inflation: ‘Real compensation growth has been below trend in all sectors apart from... 5/

... leisure and hospitality <piie.com/blogs/realtime…>

Gideon Rachman: The Moment of Truth Over Taiwan Is Getting Closer: ‘The US and China are engaged in a dangerous game of military poker over the future of the island… <ft.com/content/9833d4…>... 7/

...Rajiv Sethi: Notes on a Remarkable Finding from Finland: ‘the understanding of meritocracy in public discourse is terribly impoverished. If one wTre to design a truly meritocratic policy, it could well have features that resemble the pursuit of representation targets.... 8/

...Meritocratic policies will not, in general, involve the application of a common score threshold across all candidates….

Michael Pettis: China’s Economy Needs Institutional Reform Rather Than Additional Capital Deepening: ‘Consider European countries after 1918... 9/

...or Europe and Japan after 1945… highly advanced economies that had been devastated by war and thrown into poverty, but because their institutions remained largely intact, they were nonetheless able to grow extremely quickly…. They had… very high Hirschman levels… 10/

... But after many years of spectacular growth driven by capital deepening (in large part restoring the infrastructure and manufacturing capacity that had been wrecked by war), each of these countries reached that point again, after which their growth rates slowed rapidly.... 11/

...Their actual levels of investment had “caught up” not to the capital frontier set by the United States but rather to the Hirschman levels consistent with their own domestic institutions. The same has been true of China.... <carnegieendowment.org/chinafinancial…>
12/

...
Don Kalb: HAU Not: For David Graeber & the Anthropological Precariate <focaalblog.com/2018/06/26/don…>

Enrique Martino: The Bullshit Hit Job: David Graeber & the Hau “Coup” <eprints.ucm.es/id/eprint/6074…>... 13/

...Gregori Galofré-Vilà & al.: Austerity & the Rise of the Nazi Party <cambridge.org/core/journals/…>

Alberto Alesina & al.: ‘On the Origins of Gender Roles: Women and the Plough <scholar.harvard.edu/files/alesina/…>... 14/

...Gillian Brunet: Stimulus on the Home Front: The State-Level Effects of WWII Spending <berkeley.app.box.com/v/JMP-Brunet-c…>... 15/END