By some estimates, income and wealth inequality are near their highest levels in the past hundred years, much higher than the average during that time span and probably higher than for much of American history before then.

It slightly worries me that when people find a problem, they rush to judgment of what to do.

I'm just opposed to a pure inflation-only mandate in which the only thing a central bank cares about is inflation and not employment.

Will capitalist economies operate at full employment in the absence of routine intervention? Certainly not.

If it were possible to take interest rates into negative territory I would be voting for that.

One common way of judging whether housing's price is in line with its fundamental value is to consider the ratio of housing prices to rents. This is analogous to the ratio of prices to dividends for stocks.

Stores don't order merchandise unless they think they can sell it right away. Manufacturers and builders don't produce unless they have buyers lined up. My business contacts describe this as a paradigm shift and they believe it's permanent.