Musings on Assessing "Irrational Exuberance"
Dan Gross Is Unhappy with Ed Prescott

Why Oh Why Can't We Have a Better Press Corps? (Yet Another National Review Edition)

At National Review, he writes:

Larry Kudlow on Federal Reserve on NRO Financial : I still can't forgive the [Federal Reserve] for decimating and deflating the bullish stock market economy five years ago, a move that temporarily ended the great productivity surge of the Internet revolution.

Productivity growth in the American economy, nonfarm business sector:

1996 2.7%
1997 1.6%
1998 2.7%
1999 2.8%
2000 2.8%
2001 2.5%
2002 4.4%
2003 4.4%
2004 4.2%

I can't stand it. I really just cannot stand it.