29 November 2010

Foreclosure crisis in the US

Here: http://bit.ly/hZia0m.

The banks have a huge paperwork problem regarding mortgages they hold. Either they can't find, or they may have destroyed, key paperwork. Then, they try to push foreclosure through the courts using possibly phony documents.

Right now there is a 18 month wait on foreclosure proceedings. So, from the home owner's point of view, if you are underwater with your mortgage and about to default, the rational thing to do is to stay in the house. You can get 18 months rent- and mortgage payment-free.


Robert Lucas on income inequality and Malthus

This is an historical review of economic growth: http://bit.ly/9M0OA1.

He makes the points that (1) productivity gains underlay economic
growth and (2) productivity gains are the cause of the income


Niklas Blanchard's

ten books to rule them all (http://bit.ly/cpVeoX).

I am a sucker for lists of books, lists of movies, or lists of
professors that have influenced people.


Lucy Kellaway makes sense of

promoting people at random (http://bit.ly/9wVhj9).


Yes men

A Theory of Yes Men by Prendergast: http://bit.ly/eFRHTr.

The idea is that, if managers give incentives based upon subjective
data, then you'll get "Yes Men." If you don't want conformity and want
creativity, do not give incentives based subjectively.


A Fable of the OC

by Michael Munger: http://bit.ly/gY7dp2.

The OC is not only Orange County, but also Opportunity Cost. OC is a
difficult concept.


Interview on US insider trading

with a former prosecutor: http://bit.ly/ewCvIU.