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Doug French



Articles by Doug French

Can the Stock Market Protect Wealth Better Than Gold and Silver?

25 days ago

Trying to stay ahead of the government printing press is the modern citizen’s constant worry. There are no hard money central bankers, let alone politicians. Central bankers have stood the idea of present value on its head in attempts to stimulate dead economies and zombie enterprises while providing interest bills to governments with the possibility, although …

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How the CARES Act Is Still Kicking the Can

September 4, 2020

Despite double-digit unemployment rates, banks are keeping loan-loss provisions low, no doubt assuming Uncle Sam will keep everyone’s boat afloat. But all good things come to an end. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: “How the CARES Act Is Still Kicking the Can​​”

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Why Homeowners Hate Real Estate Developers

September 3, 2020

Homeowners believe their property rights extend far beyond their property lines. They want to dictate who lives near them, how much money their neighbors make, and what the houses in their neighborhood look like. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: “Why Homeowners Hate Real Estate …

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Monetary and Fiscal Sorcery Make Home Price Magic

September 3, 2020

Make the money cheap enough and government intrusive enough, and incongruous headlines appear side by side. For instance, from the Las Vegas Review-Journal comes this head-scratcher: “Las Vegas Housing Market ‘on Fire’ as Economy Limps Along.” Almost Daily Grant’s reminds us the Federal Reserve is on the job 24/7/365, There’s more where that came from. Last week’s release of …

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How the CARES Act Is Still Kicking the Can

August 27, 2020

During Real Vision’s Daily Briefing of August 13, Ed Harrison asked rhetorically, “How is it possible for you to have a bull market, a new leg up in the business cycle when bank stocks, the traditional value cyclical trade are 30% off their highs? That’s not a signal of bull, it’s a signal of secular stagnation.” The …

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Why Homeowners Hate Real Estate Developers

August 26, 2020

On August 12 the president tweeted “The ‘suburban housewife’ will be voting for me. They want safety & are thrilled that I ended the long running program where low income housing would invade their neighborhood. Biden would reinstall it, in a bigger form, with Corey Booker in charge!” Commentators on MSNBC and CNN took issue …

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Stocks Always Go Up. Until They Don’t.

July 15, 2020

When confidence is extreme, there’s no scrutiny. There’s always a “this time it’s different” mindset, the belief that anything is possible. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: “Stocks Always Go Up. Until They Don’t.​​”

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Stocks Always Go up. Until They Don’t.

July 8, 2020

Economist Irving Fisher famously said just before the 1929 stock market crash, “Stock prices have reached what looks like a permanently high plateau.” Whoops. Fisher wasn’t just any old economist. Joseph Schumpeter called him “the greatest economist the United States has ever produced.” Milton Friedman and James Tobin agreed. After the sharp March COVID crash, …

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1918: A Study in How Disease Can Shape Public Policy

July 1, 2020

Did the hardliners win at Versailles because the Americans were too weak with the flu to object? If so, it would be just one way that disease profoundly affected public policy in the wake of the 1918 flu. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: “1918: …

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As the Fed Pumps, the Stock Market Is Increasingly the Only Game in Town

June 30, 2020

In the midst of a stock market bubble like this one, everyone from Warren Buffet down to the shoeshine boy has some great tips for you.. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: “As the Fed Pumps, the Stock Market Is Increasingly the Only Game in …

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As the Fed Pumps, the Stock Market Is Increasingly the Only Game in Town

June 27, 2020

While the economic storm caused by COVID-19 has seemed to wane (temporarily?), the stock market can’t seem to go but one direction—up. Graham and Dodd’s meaty 700-page Security Analysis has soared to number 7695 on the Amazon best-seller list. According to Warren Buffett, the book is “A road map for investing that I have now been following …

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1918: A Study in How Disease Can Shape Public Policy

June 19, 2020

I suppose the first I read of the Great Influenza was in the first few pages of the Charles Portis masterpiece True Grit. The book’s heroine, Mattie Ross, tells readers about Yarnell Poindexter, whom Mattie’s papa left at the farm to look after her mama and the family while he went to Fort Smith. Mattie …

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The Flexner Report and Our Modern Medical Cartel

June 18, 2020

The medical profession has long employed the state to pad doctor salaries and influence. Before the Flexner Report, mechanics made more than doctors and the brightest students avoided the profession to enter the clergy. Narrated by Daniella Bassi. Original Article: “The Flexner Report and Our Modern Medical Cartel​”.

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The Flexner Report and Our Modern Medical Cartel

June 10, 2020

Although we’ve been given a brief respite from COVID-19 pandemic news, it’s likely that the killer of over one hundred thousand so far in America will leap back to the front page and that continuous calls to flatten the curve will return to top of the mind. As a friend and fellow ex–University of Nevada …

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Pandemic Wagering: Tesla or Table Tennis?

June 2, 2020

One clue as to why the stock market has rebounded while daily economic news grows worse could be the flood of new punters betting on stocks, from high-flying tech shares to dead-in-the-water leisure stocks. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: “Pandemic Wagering: Tesla or Table …

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Some Insightful Entrepreneurs Planned for a Pandemic

May 7, 2020

Listen to the Audio ​Mises Wire version of this article. Does a pandemic trump entrepreneurial foresight? Many in business will say yes, “nobody saw this coming.” Lack of customer demand and government lockdowns are “no fault of their own.” But Penny Chutima, co-owner of the Lotus of Siam restaurant, did see it coming. Chutima and her …

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Some Insightful Entrepreneurs Planned for a Pandemic

May 7, 2020

Although many claim “nobody saw this coming,” some entrepreneurs planned ahead and also have found ways to cater to customers under new conditions. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: “Some Insightful Entrepreneurs Planned for a Pandemic”

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The Convention Center Bubble Will Soon Pop

April 21, 2020

The COVID-19 depression will expose the Las Vegas convention center bubble for what it is: a massive malinvestment. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: “The Convention Center Bubble Will Soon Pop”

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The Convention Center Bubble Will Soon Pop

April 21, 2020

Listen to the Audio Mises Wire version of this article. The Las Vegas Strip continues to be a ghost town. The entertainment capital of the world is now a shadow of itself, boarded up by order of the state’s governor. Also sitting vacant is all of the city’s convention and meeting space, totaling 11.5 million …

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Builders in Denial

April 13, 2020

The year 2006 seems like a lifetime ago. The housing boom seemed to be going full throttle, but danger lurked. I wrote on LewRockwell.com in March of that year, concerning a Las Vegas real estate seminar, that “nary a discouraging word was spoken.” But despite the happy talk coming from the podium that day, pleasing the …

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The Oakland Raiders Spike the Ball on Nevada Taxpayers

March 7, 2020

The departed Al Davis, who owned the AFL’s and then NFL’s Oakland Raiders, was famous for saying “Just win, baby.” The Raiders are now operated by Al’s progeny, Mark, whose motto must be “Just raid the taxpayers, baby.” After the City of Oakland wouldn’t kowtow to Davis the younger’s stadium demands, Mr. Davis went east from …

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Private Sector Truck Drivers Are Nepal’s Lifeline to Clean Water

February 8, 2020

Increasing numbers of Americans are losing sleep about the climate and agitating that healthcare is a human right. Residents of Flint, Michigan, and Newark, New Jersey, want government to provide clean water, and again the rallying cry is that water is a human right. But the water disasters in Flint and Newark are miniscule compared …

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Shhhh: Repo Operation in Process

February 5, 2020

In a bit of holiday news no one will care about, the Treasury announced it would return to selling twenty-year treasury bonds to aid in funding the nation’s trillion-dollar deficit. It was 1986 when the Treasury last issued twenty-year paper. Of course the question is: who or what will be the buyers? Daniel R. Amerman, CFA, is …

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Are Housing Markets Still Clearing out the Trash of the Last Bust?

January 20, 2020

The SPDR S&P Homebuilders ETF closed the other day at 45.65, poking higher than February 2006’s 44.70. The conventional wisdom is: “Teamed with a resilient job market, low mortgage rates have helped boost home buyer demand,” Matthew Speakman, an economist at real estate data provider Zillow, told CNBC. “An extreme shortage of for-sale listings, particularly …

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A Flawed History of Doom

September 30, 2019

One of my borrower customers told me a long time ago, “builders build, when lenders lend.” That could have been the title of Richard Vague’s new book. Instead, his book is entitled “A Brief History of Doom: Two Hundred Years of Financial Crisis.” If you’re looking for academic theory to explain boom and bust episodes, …

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White Collar Welfare: What It’s Like to Work for the Federal Government

August 15, 2019

Shannon O’Toole, according to the author’s biography on Amazon, “worked extensively to identify fraud in multiple government programs. She received countless accolades and honors for her achievements and finally the prestigious HUD Secretary’s Award for her work.” The talented Ms. O’Toole was a single mother needing a job when she showed up at the FDIC, …

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“Regulating” Boom and Bust

August 1, 2019

It was announced earlier this month that Piper Jaffray is buying boutique investment banker Sandler O’Neill & Partners L.P. for $485 million. The Wall Street Journal reported, Sandler O’Neill is a leader in advising small and midsize banks on deals, having been involved in 355 bank mergers since 2010, according to Dealogic. It is an …

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A Bookmaker With the Mind of Mencken

July 19, 2019

The Supreme Court has opened the door for legalized sports betting around the country. In May more money was wagered in New Jersey on sports than Nevada. In its first full year, New Jersey books have taken in $3 billion in wagers. Other revenue-starved states are sure to jump on the sports betting bandwagon, after …

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Boombustology: Can Mises and Minsky Help Investors Spot Bubbles?

June 19, 2019

The everything bubble continues with a Monet landscape going for a record $110.7 million. Katya Kazakina wrote on Bloomberg, “Painted in 1890, ‘Les Meules,’ from the artist’s series featuring haystacks, had been estimated [to sell] at $55 million. The final price includes fees.” Six bidders took the price from $45 million to $97 million in …

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