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David P. Goldman is a senior editor of First Things.

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It’s 1940 in the Middle East

From First Thoughts

Between the Anglo-French declaration of war against Germany in September 1939 and the German invasion of France in May 1940, the world had eight months of “phony war” or Sitzkrieg (“sitting war”). Sitzkrieg continued on the Eastern front until June 1941, when Hitler at length . . . . Continue Reading »

A Depressing Double Dip

From Web Exclusives

Barack Obama won the presidency by making his mantra, “Yes, we can.” It seems downright un-American to say, “No, you can’t,” but it is getting harder and harder to avoid the conclusion that the American economy is the little engine that couldn’t… . Continue Reading »

Deflation and the Equity Risk Premium

From First Thoughts

I posted this piece earlier today at the Asia Times “Inner Workings” blog. Normally I don’t double post, but this is a cool piece of analysis. Pardon me for repeating myself. In the crudest version of the dividend discount model, the stock price P is a function of earnings and . . . . Continue Reading »