Dwight Jaffee shows that mortgage foreclosures in Europe are still rare, even in distress countries such as Spain and the United Kingdom. The question is why. I have heard people in seminars suggest that it is because of recourse--it is ubiquitous in Europe. But perhaps it is because the social safety net in Europe is [...]
My wife gave me a Kindle for Christmas. The first thing I should say is that it is really great: my eyesight isn't what it once was, and I find it very easy to read.. The second is that I will continue to buy books at Vroman's (a Pasadena bookstore), because I want them to stay in [...]
Hamilton "cemented" the Union by getting congress to agree to assume the states' debts from the American Revolution; in exchange, he gave up his desire to have New York be the federal capital. Ron Chernow's recounting of Hamilton's genius at getting assumption done. These thoughts cross my mind as I hear people say that the [...]