Some of them, according to this New Yorker piece by Lizzie Widdicombe, are being sent in by Madoff victims to raise cash:
Back in midtown, business was brisk at the Madison Avenue headquarters of CIRCA, a jewelry-buying firm, where Madoff-related jewels had been incoming all month, like expensive shrapnel.
As I was getting coffee in the faculty lounge, I started talking to a senior colleague who is nearing retirement. He said that he avoided a lot of the market pain of the last year because he had only about 25 percent of his savings in stock. (Now with the market drop, he has an even smaller percentage!) But his . . .
Turkey fryers are fixtures at southern holiday parties. As I watched my friend’s husband gleefully fry his turkey in a big vat of boiling oil this Christmas, I became a bit concerned for his and my safety … and rightly so. Underwriters Laboratories has refused to put its label of approval on turkey fryers out of concern that “backyard chefs . . .
The American Economic Association meetings are taking place. There is a young economist whom I have never met, but who is doing some really interesting research. So I wrote him and asked if he wanted to get together over a beer to talk about his work. The first sentence of his response was: I would really like to be very . . .
… you can show them this chart, courtesy of the Congressional Budget Office, via Greg Mankiw: Lowest quintile: 4.3 percent Second quintile: 9.9 percent Middle quintile: 14.2 percent Fourth quintile: 17.4 percent Percentiles 81-90: 20.3 percent Percentiles 91-95: 22.4 percent Percentiles 96-99: 25.7 percent Percentiles 99.0-99.5: 29.7 percent Percentiles 99.5-99.9: 31.2 percent Percentiles 99.9-99.99: 32.1 percent Top 0.01 Percentile: 31.5 . . .
I typed this from 10,000 feet, while on my way to the annual econ gabfest known as the ASSA meetings. I was lucky enough to score an upgrade to first class, and as I settled into my seat I was informed about the most astonishing cost-cutting measure: U.S. Airways has taken the coat hangers out of its planes.
Our resident quote bleggar Fred Shapiro, editor of The Yale Book of Quotations, is back with another request. If you have a bleg of your own — it needn’t have anything to do with quotations — send it along here. Turning from comic strips to a weightier arena, I would welcome suggestions of notable quotations from United States Supreme Court . . .
In recent years, the federal government has taken various actions to make it harder to bet on sports over the internet. That’s lucky for me, because when I used to bet on football, one of the key pieces of information I used was whether or not a team was a home underdog. For whatever reason, bettors don’t like to bet . . .
In a New York Times Op-Ed on Saturday, Sonja Lyubomirsky wrote that subjective well-being has remained high during the recession. But she’s dead wrong. Here’s the gist of her piece, titled “Why We’re Still Happy” : Research in psychology and economics suggests that when only your salary is cut, or when only you make a foolish investment, or when only . . .
Sorry, moms: it turns out that reading in low light won’t make you go blind; going hatless in the winter won’t make you freeze to death; and you could eat poinsettias all day and not be poisoned. All this holiday medical myth-busting and more is courtesy of our somber friends at the British Medical Journal (part one and part two). . . .
The winter holidays listed by Wikipedia word count. (Earlier) Is this blogger a financial Nostradamus or a really clever insider? The economics field takes time for some self-reflection. (Earlier) Lighten up with The Economist‘s Credit Crunch board game. (Earlier)
The last thing in the world I would have predicted at that time (as I headed off to management consulting) was that I would be included as one of the rising stars of the profession in the follow-up article the Economist wrote 10 years later.
Last week I did something that felt very 1990’s: I purchased a compact disc. The CD wasn’t for me; it was a Christmas present.
As I wrapped the CD, I pondered the silliness of the whole enterprise. After all, the recipient — like most of us these days — listens almost exclusively to MP3 files. In fact, I’m not even sure if he has a CD player beyond his laptop, which he will use to convert his disc-shaped gift into a more useful set of MP3 files.
There was a lot of noise last week about how the banks who’ve been drawing down the government’s Troubled Asset Relief Program fund can’t account for how the money is being spent. It’s not like $700 billion can just disappear, right? Well, a reader named Gannon Hubbard wrote in with a hunch as to where the money is being spent. . . .
Nothing grabs headlines like dire warnings about homicide trends. And there is no criminologist better at garnering headlines than James Alan Fox, whom you might remember from Freakonomics for the ominous reports he produced about juvenile homicide for Attorney General Janet Reno in the 1990’s, even as crime began to plunge. James Alan Fox is baaaack with a new report . . .
English is everywhere — the lingua franca (should be lingua anglica) of today’s world! Its universal usage minimizes transaction costs in an increasingly integrated world — and that integration has increased interest in learning the lingua anglica. I feel guilty about this, and all American economists should: It’s easier for us to write our scholarly papers than it is for . . .
I just received the following e-mail from my accountants, who have several clients invested with Bernard Madoff. They are passing along some year-end tax advice that contains at least a sliver of good news: Taxpayers who invested in Bernard L. Madoff Investment Securities LLC directly, or through a fund of funds, have a loss that is most probably categorized as . . .
Time‘s Amanda Ripley reminds us that last week’s crash of a Continental Airlines Jet in Denver wasn’t especially unusual. That’s because, as is typical of plane crashes, everyone survived. In this case, flight attendants and passengers worked together to evacuate the plane quickly after it veered off the runway during takeoff, crashing into a ditch and bursting into flames. Levitt . . .
If you’re looking for a silver lining in this bad economy and especially in a dismal Christmas retail season, you can at least console yourself with the thought that there will be less deadweight loss this year than in past Christmases — that is, less inefficiency generated by people spending money to buy things for other people who value the . . .
Alex Rigopulos started playing video games at 3 years old on a Magnavox Odyssey console, and has been an avid gamer ever since. He earned his B.S. in music from the Massachusetts Institute of Technology and his M.S. from the computer music group of the M.I.T. Media Laboratory. In 1995, he co-founded the video-game development company Harmonix with the goal . . .
On Bloomberg.com, John Lippert presents an interesting and extremely well-reported article on the financial crisis’s impact on the thinking of Chicago economists. It does a nice job of capturing the multifaceted nature of the institution, with people on all sides of the issues. I absolutely love the following excerpt, which better captures what it is like to hang around with . . .
The car companies can barely give away an S.U.V. these days. The latest evidence of this comes in the form of three more closings of factories making S.U.V.’s. According to that New York Times article, S.U.V. sales plunged by more than 40 percent this year, compared to a 16 percent decline for new vehicles overall.
One of the most important but underreported financial indicators is the CBOE‘s Volatility Index (^VIX), which measures the market’s expectation of future volatility in stock prices. (The CBOE has written a nice technical white paper describing how it is calculated, here.) Traditionally, the annualized volatility of the S&P 500 has been 20 percent, but last month when I went to . . .
When I casually offered some Freakonomics schwag to the person who could find the most compelling similarity between prostitutes and rice, I didn’t expect much of a reader response, especially given that the contest wasn’t mentioned in the headline and came buried after paragraphs of rather dry economic argument. I knew, however, that I was mistaken as soon as the . . .
Chinese cities today have more than 130 million migrant workers, most of whom have relocated from more rural parts of China, writes Leslie Chang in her recent book Factory Girls: “Together they represent the largest migration in human history — three times the number of people who emigrated to America from Europe over a century.”
I just spent a great week in London with the family (see here, and here) and yes, I did run across a few pasties, including these, in the breathtaking food halls at Harrods: I find it hard to believe that the food halls can be profitable; part of the spectacle is the volume and variety of every sort of food . . .
Sudhir Venkatesh wondered recently on this blog why the Wall Street meltdown hadn’t set off a wave of rioting in the streets. But riots may not be so far off, if the continuing unrest in Greece is any indication. (Take a look at a compelling set of photos from the always-compelling Big Picture blog.) In The Atlantic, meanwhile, Robert Kaplan . . .
I’m not a big fan of focus groups (when it comes to businesses figuring out what customers want) for a number of reasons. First, they are unnatural settings with a very high degree of scrutiny, which may distort how people respond. Second, it seems likely that people will tend to say what they think others expect them to say, or . . .
If things keep going as they are, Billboard is going to have to start a new Hot 100 chart just for songs about the Great Recession. Earlier we posted a music video of “Fannie Mae Eat Freddie Mac and Cheese.” Here now are two more recession blues: “Credit River,” by Constantines: Constantines – Credit River And “Everybody’s Getting Bailed Out . . .
My wife announced yesterday that she is “traveled out.” I’m not surprised — I am too: Since mid-August we’ve taken trips (mostly long weekends) to Istanbul, Munich, French Switzerland, northeast Italy, Amsterdam, Dublin, London, Barcelona, and, starting tomorrow, Paris plus London again.