Word: arbitrageurs
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...PowerPoint presentations. Not exactly the ideal setting, but as an audience member remarks, "This is the Carnegie Hall for economists who are also comedians." For attendees, it's the biggest night of the conference: boisterous comic relief to end a week packed with enticingly titled seminars such as "Arbitrageur of Capital" and "Dynamics of Asset Returns and Liquidity." "Microeconomists are wrong about specific things, and macroeconomists are wrong about things in general," Bauman quips during his set. "Particularly having successfully predicted nine out of the last five recessions." It's funnier if you're familiar with the inherent tense dichotomy...
...Sachs veteran Rubin (with an assist from Greenspan) who persuaded President Clinton that his dreams of a prosperous American middle class had to be kick-started by balancing the federal government's then blood-red budget books. A credible deficit reduction plan would please the bond market, the former arbitrageur argued, and that would translate into lower long-term interest rates. That in turn would stimulate the economy, which would in turn boost tax revenues, which would in turn make deficit reduction a reality. It's known as a "virtuous cycle." Six years later (with an assist from the Gingrich...
...disappointments, namely his failure to attain the external achievement that the preprofessional student body both in the '80s and today (myself included) has intensely craved. At his upcoming 15th reunion, Kevin will surely not be blind to the inevitable comparison with others in his class, his roommates (one an arbitrageur), his acting buddies, the guy down the hall, the girl from section. Will it make a difference to him whether his life lacks the traditional accoutrements of American success? If it does, will that outweigh the benefits gained by living toward the end of contentment...
...icon of the old capitalism was the backyard inventor (as nostalgically recalled in the movie "Tucker"), the undoubted emblem of the new capitalism is the silk-draped Wall Street arbitrageur. The latter schemes to make money from money, rather than making money from a product that would potentially benefit...
Boesky, known for the last four years as the country's most powerful arbitrageur, is now also known as the largest offender of his profession's mortal sin, insider trading...