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He also argues that much, though not all, of the "greenium" has been squeezed out of the market. Valuations on renewables are way down, if not deeply discounted. That makes that more economically rational purchases now than they were two years ago.High costs shift people's attention from the long-term - the need for renewables and global heating - to the short term - the need to cover the bill.
Remember the old quote "how do you become a millionaire? Become a billionaire and then buy an airline." :)CNBC: "Hawaiian’s stock nearly tripled on Monday to $14.22 a share, though still below the proposed purchase price. Alaska’s shares lost 14.2% to end the day at $34.08."
I'm still not planning to ever invest in any airline. That's a change from years ago, for me. For those so inclined, here's a major dip in ALK shares. Have at it. :)
There's an old saying that a house is not a home. The Fed presents data on its Home Ownership Affordability Monitor. It includes "all single-family attached and detached properties combined" (quote is from the Fed site). Nowhere does the Fed use the word "house".House are about 30% more expensive (https://www.atlantafed.org/center-for-housing-and-policy/data-and-tools/home-ownership-affordability-monitor)
https://generations.asaging.org/older-adults-aging-place-affordable-safeAs the largest expenditure in most older households’ budgets, housing costs figure heavily into financial security in older age. Incomes decline in older age, and not just at the point of retirement: while the 2017 median income of pre-retirement households ages 50 to 64 was $71,400, it was $46,500 for households ages 65 to 79 and just $29,000 for households ages 80 and older, according to analysis of data from the American Community Survey; and author tabulations. While these numbers show a pattern across all older households, individual households frequently see declines in incomes as they age [the opposite of what happens with first-time buyers]. As a result, affordability concerns can emerge as a new problem even for those in their 80s and older.
This is a 2020 article where "Krugman acknowledged that he had "reacted badly" and retracted his prediction three days after the election."FD1000
For a guy who claims to keep up, you really don't keep up, do you?
https://www.foxnews.com/media/paul-krugman-trump-economy
Krugman, The Long Haul, NYTimes Nov 11, 2016There’s a temptation to predict immediate economic or foreign-policy collapse; I gave in to that temptation Tuesday night, but quickly realized that I was making the same mistake as the opponents of Brexit (which I got right). So I am retracting that call, right now. It’s at least possible that bigger budget deficits will, if anything, strengthen the economy briefly. More detail in Monday’s column, I suspect.
On other fronts, too, don’t expect immediate vindication. America has a vast stock of reputational capital, built up over generations; even Trump will take some time to squander it.
The true awfulness of Trump will become apparent over time.
Krugman, What Happened On Election DayNow comes the mother of all adverse effects — and what it brings with it is a regime that will be ignorant of economic policy and hostile to any effort to make it work. Effective fiscal support for the Fed? Not a chance. In fact, you can bet that the Fed will lose its independence, and be bullied by cranks.
So we are very probably looking at a global recession, with no end in sight. I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened.
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