In a recent speech Federal Reserve Chairman Ben Bernanke1 spoke of the importance of financial education.  People commonly make financial mistakes such as saving too little, taking on too much debt, holding too little life insurance, making bad investment decisions and, in general, paying fees that are unnecessary.  The consequences of these mistakes can be… Read more

The Survey of Consumer Finances (SCF) shows that median net worth for baby boomers (households with head of household aged 55-64 in 2010) was $179,000 in 2010, down from $226,000 in 2007.  The median is defined to be the lowest of the top 50% (or the greatest of the bottom 50%).  At first glance, it… Read more

Former Bain partner Edward Conard has published a controversial book “Unintended Consequences”1 in which he provides a positive case for income and wealth inequality and for market solutions to societal problems.  His story is an unabashed defense of market capitalism (and private equity).  A NYT reviewer has labeled the book “The Most Hated Book in… Read more

The BLS Employment Situation was released today, indicating a job increase that exceeded the expectations of the consensus forecast. This information is based on a survey of employers. The 163 thousand job increase over June contrasts with the Bloomberg median consensus of 100 thousand and our forecast of 80 thousand. It is the most rapid… Read more