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My back-to-work morning train WFH reads: • The sneaky economics of Ticketmaster : Ticketmaster’s maligned fees and customer service issues are again under the microscope. Yet the fundamental math of bond returns bodes well for 2023, our columnist says. ( Will American music fans ever see anything better? ( New York Times ). •
Which has in turn triggered the more skittish stock investors to run for the exits and completely change their view of our economic future, flooding the financial news with red ink and scary headlines. Now that we’ve covered the background, we can get into some better news: This is all a normal, healthy part of the economic cycle.
So it was a pretty different situation from 2001, where the whole dot-com bust, but more importantly, the telecom implosion. since the ‘80s regarding economic mobility, that there used to be a huge ability to move up, or at least be in a better situation than your parents were. Some — RITHOLTZ: Lots of work.
For example, there were alleged budget surpluses in four consecutive years, 1998 through 2001. 2001 had a reported surplus of $128,236 billion. 2022 Math The 2021 year end debt was $29.621 trillion. Nearly 50,000 economic illiterates like that Tweet. Yet ,debt rose by $281,223 billion. That was in 2000. I don't know.
I’m kind of in intrigued by the idea of philosophy and math. So I found myself getting kind of bored with my math problem sets, and then I could shift to philosophy and then go back and forth. So it’s been, you know, back in, in 2001, strategists were telling you to put about 70% of your money in stocks.
And we sold our stake in the business to Barry Diller in 2001. So here’s the math, Barry. We’re all, I mean, it’s like a Bloomberg Stream, constantly sharing news analysis, politics, economics, company specific venture capital, because we care. We would eventually, not only eventually, so that was 1999.
Jeffrey Sherman : Well, what it was was, so I, as I said, with applications, there’s many applications of math, and the usually obvious one is physics. Barry Ritholtz : It seems that some people are math people and some people are not. The, the math came easier. And I really hated physics, really. It’s so true.
I started out math and, and physics, and in high school I was a rock star in math and physics. Economic data, GDP data, employment data, bond prices, auction, I, I have auction, you know, data going back on a spreadsheet back to the 2000. You gotta go back to the 2001 recession. But those guys are great, right?
Professor Stephanie Kelton teaches Public Policy and Economics at SUNY Stony Brook. You get a bachelor’s, a BA and a BS in Economics and Business at California Sacramento, then University of Cambridge, master’s in Philosophy and Economics, then a PhD in economics at the New School. I happened to pick that one.
Barry Ritholtz : This week on the podcast, another extra special guest, Peter Goodman, is the award-winning investigative reporter and economics correspondent for the New York Times, his latest book, how the World Ran Out Of Everything Inside The Global Supply Chain. And I was ostensibly the economic writer.
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