The news that Manhattan real-estate prices took a plunge last quarter may not be the loud crack in the sky presaging doom, but it is less than happy tidings. The New York Times reports that prices dropped a startling 13 percent in a three-month period.
It also reports a similar weakening of the real-estate markets Read More
It’s the new economy, stupid. Not the “New Economy” that
stock touts use to sucker the rubes with, but another new economy-one that’s
less obvious and less automatic when it comes to the making of millionaires.
A conjunction of old- and new-economy elements has aligned
itself in a pattern not seen before. We’re into Read More
In Hollywood, the screenwriter William Goldman has notoriously remarked, nobody knows anything.
Another venue about which the same might with increasing justice be said is the Op-Ed page of The New York Times , especially when it comes to economic matters.
In a way, this is both understandable and inescapable. The Op-Ed page has Read More
Maestro: Greenspan’s Fed and the American Boom , by Bob Woodward. Simon & Schuster, 270 pages, $25.
Like Saddam Hussein, Alan Greenspan has the knack of outlasting U.S. Presidents. Appointed chairman of the board of the governors of the Federal Reserve in 1987, Mr. Greenspan has seen out Ronald Reagan and George Bush, and will Read More
City, state and nation, we have slipped our moorings and are rising up into the sky. We’re not on a course for new dreams and new adventures, however, but are merely high enough to be on a level with the square miles of inflated nonsense floating around in our smoggy cerulean. At these altitudes, you Read More
The current systemic mess in Asia’s financial markets, by some seen perhaps to be moving ominously eastward with the sun toward this country, represents as fine an hour as doublespeak and gobbledygook have ever known, presenting an opportunity for pontifical chin-stroking and finger-steepling that man-kind hasn’t seen since the great and good of Munich had Read More