By many metrics, US stock markets are overvalued. Nobody knows when the next crash will come, but history suggests when irrational exuberance pushes prices above fundamentals, a correction can suddenly happen. The question is if there is a stock market crash in 2026 or 2027, how would it affect you? A good question to ask…
Over the July 4th weekend, the Honorable William Reynolds Archer Jr. passed away at the age of 98. Mr. Archer served in the Texas House of Representatives from 1967 to 1971 and the US House of Representatives from 1971 to 2001, including as Chairman of the House Ways and Means CommitteeThe Committee on Ways and Means, more commonly referred…
A small industry within the history of economic thought continues to churn through the historical record in search of direct links between European ideas in political economy and the American Revolution and Founding. The attraction is understandable. Of particular interest is the alluring prospect of Adam Smith’s influence on the Founders. Put simply, if it was…
Please enable JavaScript if it is disabled in your browser or access the information through the links provided below. July 02, 2026 Federal Reserve Board issues enforcement action with Small Business Bank and announces termination enforcement actions with BNP Paribas S.A., BNP Paribas USA, Inc., BNP Paribas Securities Corp.,…
Just a few months ago, oil prices were surging and there were forecasts it could get worse. But, defying forecasts of doom, oil prices are crashing to levels seen at the start of the war. The Economist predicted $150 oil, now they admit they were wrong. Yet, closing Hormuz was a bigger oil supply shock…
After its dramatic plunge, silver may be experiencing a huge disconnect between its traded value and its importance as a critical material.
We thank Julie Shi, Joe Price, Yuli Xu, and audiences at the International Health Economics Association 2025 and American Economics Association 2026 conferences for comments and reactions that have improved this paper. Ted Telford initiated the data collection underlying this work. Support from National Institutes of Health (NICHD) through Award HD 042731-01 is gratefully acknowledged…
In the 1830s, a French aristocrat named Alexis de Tocqueville traveled through the United States and returned home with Democracy in America, a penetrating analysis of a society marked by energetic voluntary associations and a restless spirit of enterprise. Tocqueville admired much of what he saw, but his verdict was not uncomplicated. Near the end…
News release The Governor of the Bank of England, Andrew Bailey, has announced that Rhys Phillips will be the next Chief Cashier and Director of Notes. He will take up the role on 19 October 2026. Governor Andrew Bailey said: “Banknotes play a central role in public life. They serve not just as a means of…
A new Bureau of Labor Statistics Monthly Labor Review helps clarify the relationship between pay and job satisfaction. The take-home message is a resounding, “It depends.” Using Federal Reserve survey data on workers who changed jobs between 2021 and 2023, the report finds that changes in pay and benefits alone don’t always improve happiness on…