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Residential Construction AD&C Lending Declines
The volume of total outstanding acquisition, development and construction (AD&C) loans posted an additional decline during the first quarter of 2024 as interest rates remain elevated and financial conditions are tight. However, AD&C loan conditions will ultimately improve when the Fed begins reducing the federal funds rate. The volume of 1-4 unit residential construction loans…
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Government debt fears – more fiction from the mainstream media – William Mitchell – Modern Monetary Theory
After all these years of trying, the insights provided by Modern Monetary Theory (MMT) still haven’t cut through. One doesn’t even need to accept the complete box of MMT knowledge to know that, at least, some of it must be factual. For example, how much brainpower does a person need to realise that a government…
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MiB: Jeffrey Sherman, DoubleLine Deputy CIO
This week, we speak with , deputy chief investment officer at . Sherman oversees and administers DoubleLine’s investment management subcommittee; serves as lead portfolio manager for multisector and derivative-based strategies; and is a member of the firm’s executive management and fixed-income asset allocation committees. Prior to joining DoubleLine in 2009, Sherman was a…
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The aviation industry claims more flying is essential for the economy, the numbers say…
Latest data shows that in 2023, there were 3.9 million fewer business air trips compared to 2019 This week I attended an event the aviation industry hosted in parliament aimed at convincing the next UK government of the “crucial role of the sector in underpinning economic growth”. The decline of business use of air travel…
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Inside a Macroeconomic Policy Blunder
Already bored with the election? Here is a bit of economic history instead. To many readers of this blog, 1979-83 will seem like ancient history. To some of us, it was part of our formative history as adults. I joined the Treasury as an economist in 1974, straight after finishing my undergraduate degree. At…
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Preference for New Homes Keeps Rising
The desirability of new homes continues to grow. Faced with the alternative of choosing between an existing home and a newly built home, 61% of home buyers in a recent NAHB study* indicated a new home is their first preference. That marks the highest share of buyers leaning toward a new home since 2007, when…
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Australian government proves it can end poverty, but refuses to, and is deliberately pushing more people into that state
The Australian – – was created in 1998 as a result of an amalgamation between the Industry Commission (established 1990), the Bureau of Industry Economics (established 1978) and the Economic Planning Advisory Commission (established 1983). As you will read below, its antecedents go back to 1921. The Commission is one of many government-funded institutions that…
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MiB: Anand Giridharadas on Persuasion in a Free Society
This week, we speak with Anand Giridharadas, author of , and . A former foreign correspondent and columnist for the New York Times, he has also written for the New Yorker, the Atlantic, and Time. He has received the Radcliffe Fellowship, the Porchlight Business Book of the Year Award, Harvard University’s Outstanding Lifetime…
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New Economics Podcast: Do we need to fight for the right to protest?
In February, the prime minister warned that “mob rule is replacing democratic rule” in the UK. He encouraged police to take action on pro-Palestine protests which, he said, had descended into “intimidation, threats, and planned acts of violence”. Over 50 organisations responded by accusing this government of placing draconian restrictions on the right to protest.…
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State Level Employment Situation: April 2024
Nonfarm payroll employment increased in 38 states and the District of Columbia in April compared to the previous month, while 11 states saw a decrease. Alaska reported no change during this time. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 175,000 in April, following a gain of 315,000 jobs…