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John Tamny

John Tamny is editor of RealClearMarkets, a senior economic adviser to H.C. Wainwright Economics, and a senior economic adviser to Toreador Research and Trading (www.trtadvisors.com). He can be reached at jtamny@realclearmarkets.com.


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Recent Articles

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  • The Sanctification of Irresponsible Borrowers - October 30, 2008
    • Thomas Sowell once commented that in the politically correct world of today, individuals previously known as “bums” have become “homeless.” In a similar way,...
  • Why Obama Gets Capital-Gains Taxes Wrong - October 28, 2008
    • First the obvious. Taxes are nothing more than a price. The higher the tax on any activity, the more expensive it is to engage in same. Looked at from the perspective...
  • The False Death of Trickle-Down Economics - October 23, 2008
    • In a New York Post story dated September 25, the proprietor of Soho-based Five Point Fitness spoke of his inability to attain financing for his popular workout facility....
  • Ben Bernanke Still Misses the Point - October 21, 2008
    • To omit any mention of the dollar at this stage of the game is for Bernanke to miss the point. At the heart of the present financial crisis lies investment mismatches,...
  • The Bankrupting of Henry Paulson - October 16, 2008
    • Indeed, this week’s announcement that Henry Paulson’s Treasury will buy stakes in U.S. banks regardless of their health, and regardless of their desire for...
  • Our Everyone Gets a Trophy Economy - October 14, 2008
    • The same unfortunate mindset meant to shield children from reality has polluted U.S. economic policy. Rather than expose Americans to the very failures that teach us how...
  • The FDIC, and How Soon We Forget - October 9, 2008
    • Fast forward seventeen years, change the words a bit to the “worst banking crisis since the Great Depression”, and you have more problems in the banking sector...
  • A Costless Bank-Rescue Proposal - October 7, 2008
    • Politicians touted the Paulson plan as a way to liquefy markets that were supposedly frozen, but in doing so, they ignored the obvious truth that markets for certain...
  • Mark to Market Accounting Reflects Reality - October 2, 2008
    • This is notable now when we consider the controversy over “mark-to-market” accounting. Supposedly the latter accounting abstraction to some degree explains the...
  • Economic Crises Are 'The Health of the State' - September 30, 2008
    • So while the House's failure yesterday to pass the financial rescue package perhaps lends short-term firepower to the arguments of those who support passage, it should...
  • The SEC Wants to Ban Reality - September 25, 2008
    • As it turns out, the century that ensued was very much England’s when it came to economic prominence. Though the loom did destroy jobs, the capital that was freed up...
  • The Banking Crisis Through the Eyes of Amity Shlaes - September 24, 2008
    • RealClearMarkets: Can you draw parallels between the 1930s and now?Amity Shlaes: The underdiscussed parallel is the international component. Back then the world seemed...
  • Time to Ease Up, John & Barack - September 23, 2008
    • Happily, stock markets are most useful for pricing in the future, and with Sarbox’s passage a near certainty, the S&P 500 proceeded to fall nearly 175 points over the...
  • The Fleeting Nature of Investment Banks - September 18, 2008
    • This is all relevant now given the events of the past week. Indeed, had anyone said just one year ago that alongside 5% unemployment Wall Street was on the verge of...
  • The Phillips Curve Is Dead, Except at the Fed - September 16, 2008
    • In a 2003 speech made while he was vice chairman at the Fed, Bernanke spoke about the possibility of future inflation; specifically that “the effective slack in the...
  • Is China Really an Economic Threat? - September 9, 2008
    • Happily, the above is really pretty irrelevant. As George Mason professor Donald Boudreaux reminds us in his essential book, Globalization, when we look at trade from...
  • Markets Boo McCain's VP Choice - September 4, 2008
    • Stocks were presumably booing a running-mate choice that will greatly aid Barack Obama’s election in November. Running against a candidate suddenly much less credible...
  • The Good and Bad of Obama's Tax Plan - August 19, 2008
    • In the above sense Obama is making plain that “we’re all Reaganites now.” Nowhere in his plan does he say we should return to the confiscatory rates weathered...
  • Gordon Brown's Problem is the Dollar - Daily Telegraph - August 15, 2008
  • What to Make of Oil's Weakness - August 12, 2008
    • Looked at over a longer timeframe, from 1970 to 1981 the price of gold rose 1,219 percent, versus a rise in the price of oil 1,291 percent. This wasn’t coincidental. ...
  • The Wisdom of Crowds, Year Two - August 7, 2008
    • Each year AFG hosts a client conference in Las Vegas. As part of the proceedings, the clients in attendance fill out a survey which asks them to make various market and...
  • Back to Kenneth Rogoff's Austere Future - August 5, 2008
    • Rogoff’s basic message is that in order to insure long-term economic health, we must crash the world economy now. It would be a hard to find a more impoverishing and...
  • The Real Shame About Fannie & Freddie - July 29, 2008
    • For the above alone, Fannie and Freddie’s problems are a major shame. Thanks to the guarantees that are part and parcel of institutions chartered by the federal...
  • Nothing Naked About Short Sales - July 23, 2008
    • Investors speculate whether they're long or short on company shares. When they expect a company to prosper, they go long on those shares and existing shareholders...
  • Nothing Naked About Short Selling - New York Sun - July 23, 2008
  • A Review of Thomas Donlan's A World of Wealth - July 22, 2008
    • Sure enough, while Thomas Edison did not invent the light bulb, Donlan reminds us that Edison did create the first manufacturable bulb thanks to capital provided by J.P....
  • Oil, the Dollar and Comparative Advantage - July 17, 2008
    • The above number is important in many ways, but most notably it’s a reminder that even if future oil discoveries make the U.S. energy “independent,” U.S. consumers...
  • The CPI Understates Inflation - July 15, 2008
    • Indeed, increased sales taxes have nothing to do with changes in the value of the dollar, but when it comes to the CPI, they are booked as inflation. If hotel rooms in...
  • Respectfully Disagreeing with Bill Gross - July 11, 2008
    • Regarding the economic mess, Gross failed to point out the main reason why that is so. It’s really simple, and is explained by the late John Maynard Keynes who noted...
  • Memo to Washington: Let GM Fail - July 9, 2008
    • While GM’s vitality is increasingly irrelevant when it comes to the health and size of the U.S. economy, it is sadly a very relevant entity within the friendly...
  • In 2008, Shades of October 1987 - July 1, 2008
    • Notably, Fed policy was not the only variable at play when it came to our currency. Back in September of 1985, the top treasury officials of the G5 countries met at New...
  • Trade Embargos Are an Unworkable Myth - June 26, 2008
    • The reason is that while Nike is an American firm, its brand is international. If it happened to be that Castro preferred Nike track suits, he could simply have had one...
  • The Recession Debate Misses the Point - June 24, 2008
    • Indeed, thanks to weak-dollar driven price increases after the 1971 collapse of Bretton Woods, real GNP under Richard Nixon grew 8.8 percent in the first quarter of...
  • David Brooks and the 'Seduction of Debt' - June 17, 2008
    • More realistically, Americans are not only great savers, but they’ve been successful investors too. The capital gains that have often been the reward for past...
  • The Floating Dollar in an Unstable World - June 10, 2008
    • First off, it became apparent amidst the GOP primaries in 1980 that the Republicans would nominate a tax-cutting deregulator who was very public with his belief that no...
  • Bernanke Mentions the Dollar - June 5, 2008
    • The problem there is that savings gluts are very much a misnomer. Owing to the basic truth that we live in a world of infinite wants with entrepreneurs ever eager to...
  • Review of Robert Auerbach's Deception and Abuse at the Fed - June 3, 2008
    • Whether readers possess a little or a lot of knowledge concerning the Fed, what will strike them most about Auerbach’s account were the boldly dishonest measures taken...
  • Taxes Matter, but the Dollar Matters More - May 22, 2008
    • As for the Democrats, both Barack Obama and Hillary Clinton have made plain their desire to sunset the 2003 legislation. In revealing their preference for a 2010 repeal...
  • NFL Draft Reveals Folly of Antitrust - May 15, 2008
    • To show how difficult it is to predict what’s ahead, the world of sports offers easy to understand examples. In particular, last month’s National Football League...
  • Wall Street IS Main Street - May 13, 2008
    • Last this writer checked, investment of any kind is uncertain. If housing, equity or art purchases offered only rising returns, those seeking to enter any of those...