Money Archives - Page 16 of 27 - Pittsburgh Quarterly

If you Google “Should I fire my financial advisor?” you will land on a lot of brain-dead articles. If any of the reasons listed in those articles apply to your financial advisor and you haven’t fired him, you’re probably hopeless. But in the interest of comprehensiveness, let’s take a quick look at reasons to fire your advisor right …

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Creative Capital

Firing Your Financial Advisor

by Greg Curtis

“You’re fired!” – Donald Trump. The incredible—and incredibly long—bull market in both stocks and bonds that has persisted since the end of the Global Financial Crisis is now teetering. Whether or not the market bloodbath that occurred in October continues, the bull will in fact come to an end one of these days. When that …

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Creative Capital

On Children’s Literature

by Greg Curtis

“Why do we give children the illusion of a world that doesn’t exist and which all their lives they will compare with a harsh reality?” –Georges Simenon A few weeks ago I published my 300th post since I launched the blog back in 2013. In recognition of this dubious anniversary I’m going to talk about …

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Creative Capital

Why We Don’t Take Our Meds: The Conclusion

by Greg Curtis

“If you torture data long enough, it will confess anything.” –Nobel Laureate Ronald Coase “[Medical] science is really hard to turn around. People get emotionally invested, financially invested, professionally invested.” –Dr. Jonathan Moreno, Professor of Bioethics, University of Pennsylvania Last week I pointed out that a ridiculously expensive drug ($15,000/year) that had to be taken …

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Creative Capital

No More “Bad Cholesterol”? Not So Fast…

by Greg Curtis

Men occasionally stumble over the truth, but most of them pick themselves up and hurry off as though nothing had happened – Winston Churchill It was mid-2015 and I knew I was in trouble as soon as I walked into my doc’s office – he was grinning from ear to ear and waving a piece …

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Creative Capital

The Heart Cholesterol Complex

by Greg Curtis

It is difficult for a man to understand something when his income depends on his not understanding it. H.L. Mencken About the time World War I was breaking out in Europe, doctors conducting postmortem exams on heart attack patients discovered that those patients’ coronary arteries were gunked up with cholesterol. “Aha!” said medical science, “People …

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Creative Capital

The Really Horrible Versus the Ordinarily Horrible

by Greg Curtis

By “PVCs” I don’t mean the stuff they make pipes out of. I mean “premature ventricular contractions.” When people have heart attacks, especially serious ones, heart muscle dies and turns into useless, deadweight scar tissue. To make matters worse, hearts that are pocked by scar tissue conduct electrical waves very differently than hearts that are …

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Creative Capital

How Many Heart Beats Do You Want?

by Greg Curtis

So there I was, at the end of April 2015, off all my prescription meds. (I still took a baby aspirin and a multivitamin, don’t ask me why.) I was feeling great and knew I needed to exercise, but knowing and doing are two very different things. Before my heart attack I had a very …

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Creative Capital

Who Says There’s Really “Prediabetes”?

by Greg Curtis

I want to launch this post with a disclaimer—don’t do what I did. On the other hand, the usual advice—consult with your physician—might be even worse, for the reasons I’ll get to. After my 2015 stress test (described in last week’s post) I had a very depressing follow-up call with my doc. “Your ejection fraction …

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Business

Death Becomes Her

by Elizabeth Wiethorn

“Why?” is the obvious question: dead bodies of all ages (arriving daily), grieving families, being surrounded by sadness and despair, not to mention dealing with the more unseemly but necessary “physical” aspects of the job. As a family business—sure, that makes sense—family pressure can go a long way, and there is no shortage of customers, …

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Creative Capital

My Eureka Moment

by Greg Curtis

So there I was in early 2015, six months after my heart attack and open heart surgery, taking 12 meds and being urged to add another two to the regime. Instead of rebelling, I was Mr. Goodpatient, passively doing whatever I was told, however insane it seemed. When you’ve had a heart attack, one of …

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Creative Capital

Why We Don’t Take Our Meds (Again)

by Greg Curtis

Recently, two journalists (Tim Harford and Simon Kuper) working for the Financial Times of London attended the FT Weekend Festival. The topic of their onstage conversation was “the nightmare of writing a weekly column.” Tell me about it. I don’t know about Harford and Kuper, but when I’m stumped for a subject to write about …

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Creative Capital

Fed Folly and its Practical Effects

by Greg Curtis

“The… task of economics is to demonstrate to men how little they really know about what they imagine they can design.” –Friedrich von Hayek Adam Smith was the first to name the “the invisible hand” so felicitously, but he was hardly the first to notice the existence of such a phenomenon. The idea of an …

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Creative Capital

The Red-Tape Fed

by Greg Curtis

The long and deep recession of 1930–33 finally ended in March of 1933. Once it ended, the Fed, believing that the economy could now—and should now—fend for itself, backed off. The result was one of the most powerful economic expansions in U.S. history, an expansion that lasted three decades. The short and shallow recession of …

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Business

The Working Life

by Madison Nicole Snyder

Work is a fact of life for nearly 1.2 million southwestern Pennsylvanians. Some love what they do; others, not so much. Either way, work consumes a healthy share of their time and energy. Their weeks are structured around it. It’s what puts money in their pockets. What do Pittsburghers think about their jobs? Pittsburgh Quarterly’s …

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Creative Capital

The Fed’s Act of Cowardice

by Greg Curtis

We are talking about America’s Monetary Keystone Kops, who have, since 1987 (when Greenspan became chair of the Federal Reserve), been masquerading as central bankers. (Or maybe it’s the other way ‘round, it’s hard to tell.) The Fed’s finest hour was saving Bear Stearns while wiping out its equity holders and senior management—that is, the …

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Creative Capital

Bernanke’s Blunders

by Greg Curtis

We’ve assessed the successes and failures of central bankers in the 1930s. Now let’s turn our attention to their modern counterparts. I will argue that, unlike the earlier central bankers, whose record was mixed but a net positive, our modern central bankers have done almost everything wrong—and for 30 years running. To wit: Like the …

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Innovation

Work Disrupted

by Jeffery Fraser

The past and future of work collide on a 178-acre graded-flat stretch of brownfield in the Pittsburgh neighborhood of Hazelwood. There, on what is known as Hazelwood Green, the skeletal remains of Mill 19 stand as one of the last reminders of the Jones and Laughlin steel works that spanned the Monongahela River to the …

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Creative Capital

Why Gold Had to Go

by Greg Curtis

The “gold standard,” which prevailed in the developed world for many decades, simply means that some fraction of a country’s paper currency has to be backed by—that is, convertible into—gold. In the U.S. that fraction was 40 percent. Since a government on the gold standard can’t print money without increasing its gold reserves, society-destroying events …

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Creative Capital

Central Bankers Then and Now, Part III

by Greg Curtis

Scholars of the Great Depression typically blame policymakers of the 1930s for failing to do four things: They failed to rein in the 1920s economic boom, allowing its collapse to lead to the worst depression in US history. Following the Crash of ’29, they failed to inject sufficient liquidity into the economy, causing it to …

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Creative Capital

The Great Depression vs. the Great Recession

by Greg Curtis

Subsequent to the Global Financial Crisis, U.S. GDP has grown, in the aggregate, 37%. During the period of the Great Depression, U.S. GDP grew, in the aggregate, 40%. In the 1930s, the U.S. economy declined 26% between 1930 and 1933 and unemployment rose to 25%. During the Great Recession the U.S. economy declined 3% and …

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Creative Capital

Central Bankers Then and Now

by Greg Curtis

Not that anyone cares, but in these pages I’ve been highly critical of the “unconventional” policies pursued by every central banker on the planet since the Financial Crisis. My arguments have been many and simple: The policies not only didn’t work, they actually stunted economic growth. The policies were “immoral” in the sense that they …

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