The Nobel Prize committee has never withdrawn a prize. It might want to consider it. In Tuesday’s New York Times, prizewinner in economics, Paul Krugman reveals either that he knows nothing about economics…or that there is nothing worth knowing in it. We’re beginning to think it’s the latter. “From an economic point of view,” he…Read more…

Nothing much to report from the markets. The Dow gained 28 points yesterday. Gold lost $6. The dollar was weak…as was the bond market. The Fed came out with a report from its regional banks. Almost all the indicators showed a slowing economy. Not that we’re headed into a double-dip. We haven’t even gotten out…Read more…

Harrisburg, Pennsylvania, is defaulting; Half Moon Bay, California, is disincorporating; and the City of Miami, Florida, declared a “state of fiscal urgency,” then broke contracts with workers. Yet, Pennsylvania, California, and Florida municipal bond funds managed by Blackrock are trading at or near 52-week highs. Short sales look timely. Still, there are advantages to a…Read more…