Writer at The New Yorker. Economics, politics & other stuff. Books: "How Markets Fail" & "Dot.Con." Currently working on another one.

New York City
Joined September 2009
1/2 Thrilled to say that in June my book publisher, FSG/Picador, is putting out a new edition of my 2010 book, How Markets Fail.
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John Cassidy retweeted
Once again, the problem is that tests are $23 at the store in the U.S. instead of $1 at the store like they are in Europe because in America the FDA blocked firms who wanted to sell better cheaper tests from doing so. This is a competition problem.
The Biden administration should purchase and send out at-home tests rather than directing insurers to reimburse private purchases of them. But also: There’s no reason a state with a more swift-moving legislature, like California, couldn’t lead the way on this instead.
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The "Nifty Fifty" is now the Nifty Five
Wwithin the Nasdaq (3765 stocks) 5 stocks Microsoft, Google, Apple, Nvidia, Tesla account for 71% of 19% YTD gain: BofA
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John Cassidy retweeted
Something strange has been happening beneath the surface of the S&P 500. Star stocks that were beloved by retail and hedge fund investors are getting slammed, with some saying the price action and factor crush is reminiscent of the quant crisis of 2007. bloomberg.com/news/articles/…
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Team Transitory still has one big supporter: the bond market. 30 year Treasuries now yielding 1.71% with inflation at 6.2%. The market is discounting secular stagnation not stagflation or inflation.
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Good day to remind people the #JobsReport is two reports not one. November payrolls survey 210K; household survey figure: 1.1M. Go figure.
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2. Just in case you weren't confused enough, the previous month's payrolls figure was adjusted substantially and there are huge seasonal variation adjustments at this time of year.
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3. Overall, the takeaway is employment is rising and the economy is still expanding as Omicron hits, and the unemployment rate is down to 4.2%. That's what the Fed will see, so the taper acceleration is still on track.
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Excellent data journalism
NEW: today’s update from Gauteng, now on a log scale to better show current trajectories. Steepness of lines shows how much faster the growth in cases and positivity is now vs past waves, and hospital admissions are now steepening too as the acceleration in cases feeds through.
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John Cassidy retweeted
May have said this before, but I'll say it again for the record. Skidelsky's 3-volume biography of Keynes is a magnificent piece of work. No other word for it. Learn something new every time I open it.
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John Cassidy retweeted
As Donald Trump’s campaign sought to undo his shocking loss of the state of Georgia in the 2020 presidential election, it hatched a conspiracy theory that sparked hundreds of terroristic threats against two election workers — a mother and daughter reut.rs/2ZII1ab
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John Cassidy retweeted
Six years ago this month, Hillary Clinton tweeted that "A Republican president could nominate as many as 4 Supreme Court justices" & linked a warning that it could lead to the end of Roe v. Wade. Her replies were filled with left-wingers accusing her of "fear mongering."
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John Cassidy retweeted
Right on schedule, omicron is diagnosed in the USA today. Patient arrived from SA on 11/22, became symptomatic 11/29. The person was fully vaccinated and is experiencing "mild symptoms, which are improving at this point.” cnn.com/2021/12/01/health/us… 44/
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That's what I call a captain.
Great win under the lights. Football is for everyone 🌈 MOT
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They should assign this article in business schools instead of all those IRR calculations.
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