Wednesday , November 20 2019
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The Angry Bear

The ARAMCO IPO Stumbles Out The Door

The ARAMCO IPO Stumbles Out The Door Finally after numerous delays, the potentially largest Initial Public Offering (IPO) of stock has finally become for fully state-owned ARAMCO in the Kingdom of Saudi Arabia (KSA).  MOst of the delays had involved an unwillingness by the Saudi royal family to publicize financial and other factual details about the company, although issuing an IPO for 5 percent of the company was a part of the Vision 2030 plan of Crown...

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Another Look at Drug Pricing, Costs, and Why

Median total costs Table for the most common prescriptions of each of the 49 high-volume brand-name drugs from 2012 through 2017 as detailed in JAMA Network Open’s “Trends in Prices of Popular Brand-Name Prescription Drugs in the United States” 2019.” A Bit of A Summary: This particular table relates back to a post I wrote; Does Trump Read JAMA Network Open? which reviewed the latest JAMA findings (Trends in Prices of Popular Brand-Name Prescription Drugs...

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Has Tyler Cowen or John Cochrane Ever Heard of Monopsony Power?

Has Tyler Cowen or John Cochrane Ever Heard of Monopsony Power? I’m going to replicate one portion of a long winded rant about alleged cognitive dissonance: The argument for a minimum wage is that labor demand is inelastic — employers will hire the same number of workers. They will just absorb the higher wages or pass along the costs to customers. Workers get all the benefit. If labor demand is elastic, employers cut back on the number of employees. Of...

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Innovative bureaucrats?

by David Zetland    (Via One handed economist) Innovative bureaucrats? The Dutch are fond of subsidies for arts, sustainability and… innovation. These subsidies arise when bureaucrats with “topical portfolios” award cash to winners of various “promise to stimulate [topic]” contests. On the one hand, I am pleased to see the government providing public goods, i.e., stimulating efforts to help everyone. On the other hand, these programs tend to find the...

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Buried Lede … all time record

They got the goods, but some editor made them semi bury them. By Mark Mazzetti, Eric Lipton* and Andrew E. Kramer note that the first shipment of Javelin missiles to Ukraine was mysteriously held up by the OMB until April 2018 when then prosecutor general Yurii Lutsenko froze the investigation of Paul Manafort. This isn’t a scoop. Both events were reported at the time. To me the odd thing is that the key evidence is reported in the second to last...

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October jobs report paints a portrait of a full (or nearly full) employment economy

October jobs report paints a portrait of a full (or nearly full) employment economy HEADLINES: +128,000 jobs added (+148,000 ex-Census) U3 unemployment rate up +0.1% from 3.5% to 3.6% U6 underemployment rate up +0.1% from 6.9% to 7.0% Leading employment indicators of a slowdown or recession I am highlighting these because many leading indicators overall strongly suggest that an employment slowdown is coming. The following more leading numbers in the...

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It would not be safe for Democrats to play it safe.

Many liberal Democrats vote for the more moderate candidates in primaries, because they think half a loaf is better than none. The claim is that to win in the USA (or any first past the post system) you have to capture the middle. This is based on silly theory which requires the assumption that the set of eligible voters and the set of people who actually vote are the same. The contrasting view is that the key issue is getting people who might or might...

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The consumer / employment sector of the economy continues powering along

The consumer / employment sector of the economy continues powering along ….. aaaaand, I’m back. Did you miss me? Here is the essence of my view of the economy right now: 1. The producer sector of the economy is struggling, partly due to higher interest rates in the last two years filtering through the system, and partly due to stupid and irrational trade wars. 2. The consumer + employment sector of the economy, on the other hand, is moving right along,...

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