Famous Last Words: Financial Version…..The Next Housing Crash… Econ Recon: Gross domestic freebies….Some People are Hard to Teach….A Little Thanksgiving Fun

“There is one day that is ours. Thanksgiving Day is the one day that is purely American.”

 O.  Henry  (1868-1910) American Short Story Writer

Author of “The Ransom of Red Chief” and creator of “The Cisco Kid”

 Famous Last Words: Financial Version

Finance (Personal or Business) is an increasingly important part of our lives. It’s not surprising then that an ever increasing list of “gibberish, nonsense, garbage, and drivel” has crept into our thinking and speaking about matters financial. Check out this list of frequently cited financial wisdom and some thoughtful rejoinders challenging same .

 The Next Housing Crash

The 2008 housing crash was caused in part by too many people buying housing they could not afford. The next one will have a different cause and may not be far off: Demographics. Take a minute for this article from the Atlantic Monthly which asks  “When the Boomers downsize, what will happen to the suburbs?”

Econ Recon: Gross Domestic Freebies…..Some People are Hard to Teach

Gross Domestic Freebies:  “Gross Domestic Product” is one of the most frequently cited economic statistics and is defined as the final market value of the goods and services produced in the economy. The key assumption here is that somebody bought something. What about all the stuff on the web for which we don’t pay? How do we measure that? “Digitization is distinctive because much of the value it creates for consumers never becomes part of the economy that G.D.P. measures.” We may need some new measures to gauge the economy we help create. How do we measure GDP in the age of free? Check out this one page article on “Gross Domestic Freebies.”

Some People are Hard to Teach: Vistage Staff Economist and ITR Economics Principal Alan Beaulieu looks at the latest tax proposal from US Senator Max Baucus and asks “Does anyone actually believe that the Senate would use the additional revenue to shrink the deficit as opposed to finding new and creative ways to spend the money?  I don’t. “ I seem to remember a president of 30 years ago who observed “that if you want LESS of something, TAX it.

Thanksgiving Fun

 Ever wonder what was really served at the first Thanksgiving? Foodies will like this article from the Smithsonian which shares the fare from that big meal in 1621. If you have interest as to the origins of this truly American holiday, the last section of the article recounts how the editor of a popular magazine spent nearly 40 years pitching the idea of a Thanksgiving Holiday to a series of US Presidents until she succeeded.

Finally, click here or on the image below for a little Turkey Day fun….from the turkey’s point of view !