A number of New York Times employees have told me that they think the newspaper has a good reputation for telling the truth, and deserves the benefit of the doubt and a little charity when it gets one wrong in its eagerness to get there first.
In April 1777, Continental Army Major General Philip Schuyler ordered the 3rd New York Regiment under the command of Colonel Peter Gansevoort to occupy and rehabilitate the fort as a defense against British and Native incursions from Quebec. Arriving in May, they immediately began working on the fort's defenses. Although they officially renamed the fort to Fort Schuyler, it was still widely known by its original name.
...Never have so many done so much to reveal so little than in the collected journalism about presidential nomination contests. The personality-driven trivia. The hokey generalizations. The bogs of conventional wisdom. The day-by-day scorekeeping that ends up worse than uninformative; it is anti-informative. (Just ask Presidents George Romney, Edmund Muskie, Scoop Jackson, John Connally, Richard Gephardt, and Hillary Rodham Clinton.)
I guess I first ran into this mode of doing economic "theory" back in 1984, when Ed Prescott came through Cambridge, MA presenting a paper and did an absolutely awful job at explaining his model. Unless you had worked through his math carefully--or had talked to somebody at all--you left Prescott's seminar thinking his results were much more general than they were, and with next to no insight as to which of his assumptions were crucial and which were simply ornamental to produce the results he wanted to get.
Over at Equitable Growth: On about four of the seven days in a week, my view is that the problems lumped under the heading of "secular stagnation" are primarily monetary-financial problems. Now comes Barry Eichengreen to review the case that these problems are at their root instead of also technological-fundamental. And I must say he has raised the frequency of my view that the problems are primarily monetary-financial from four days a week to five. READ MOAR
Delivered to Hiroshima, Nagasaki, and 33 other Japanese cities on 1 August 1945. One side of the leaflet had a photo of five U.S. bombers unloading bombs and a list of the targeted cities. The other side had the text:
Read this carefully as it may save your life or the life of a relative or friend. In the next few days, some or all of the cities named on the reverse side will be destroyed by American bombs. These cities contain military installations and workshops or factories which produce military goods. We are determined to destroy all of the tools of the military clique which they are using to prolong this useless war. But, unfortunately, bombs have no eyes.
Comment of the Day: Charles Steindel: Runup to Hiroshima: "The [Potsdam Ultimatum] document makes a reference to the 'self-willed militaristic advisors'...
...and in the same sentence refers to Japan as an 'Empire.' Later on the demand is made for the elimination of the authority of 'those who have misled and deceived the people of Japan.' It's clearly directed at the people in power at that time, which could include the Emperor, but there's nothing here that demands the complete dismantling of the imperial institution. 'Unconditional surrender' is specifically directed to apply to the Japanese armed forces. Also, the term 'utter devastation' is a strong indication of what might be coming.
Live from Bullwinkle Plaza: Ezra Klein: On Paul Krugman's theory of hipsters: "Krugman suggests that hipsters are signaling a rejection of the workaday bourgeois world by flouting conventional dress codes...
Must-Read: Richard Fisher became President of the Federal Reserve Bank of Dallas in April 2005. He spent ten years as a regional bank President. I cannot think of a single case in which he was pulling the Federal Reserve Open Market Committee toward a more correct assessment of the current economic situation and of the major risks to it. And I cannot think of an episode in which, after events had proved his views of major risks erroneous, he ever marked his beliefs to market in any substantive ways.
Surely that is worth mentioning at least once in an article about the Dallas Fed? Can anybody make a case to me that Wall Street Journal reporter Michael Derby's failure to even whisper this in his article is any way professional?
Must-Read: The process of creating a market--especially as delicate and complicated a market as a market for debt and equity investments in relatively large-scale enterprises--is not a straightforward process. Here Venture and Voth argue that the spillovers from the creation of the "technology" of a debt marketplace were enormous, as only after the government had dug the channels through which debt would flow for its own war-fighting purposes could first canal companies, then manufacturing companies, and then railroad companies take advantage of them.