Was it cathartic?

Photographer: Daniel Acker/Bloomberg

A Raucous Night in Philadelphia

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They're Chanting 'Boo-Ernie'

Democrats were at their polished best onstage and their quarrelsome worst elsewhere on the first night of the party's national convention Monday, with Elizabeth Warren and Michelle Obama delivering standout speeches and disaffected Sanders supporters booing all the while. So, is the glass half-full or half-empty for the Dems? Albert R. Hunt sits down for some postgame analysis with Republican adviser Vin Weber and Democratic strategist John Sasso, while Jonathan Bernstein considers the role the media will play in shaping the day-after narrative. 

What to Expect From the Fed

With the Federal Open Market Committee's two-day meeting set to start today, Mohamed A. El-Erian offers six predictions about what will happen next (hint: Don't expect an interest-rate hike ... yet). Meanwhile, former president of the Minneapolis Fed Narayana Kocherlakota says Janet Yellen desperately needs to give markets a framework for understanding which factors shape the central bank's policy decisions. 

To Understand China's Future, Look to Its Past

Supercharged growth has buoyed the Chinese government in recent years, so would an economic slowdown undermine its authority? Pundits say yes, but Tyler Cowen says history suggests otherwise: For centuries, autocratic Chinese regimes have proven stable even amid economic stagnation. 

The Case for Taxing Wealth 

Textbook economics says that taxation reduces productivity -- but what if the reverse were true? Noah Smith points to new research suggesting that if the U.S. replaced its capital taxation scheme with a well-designed wealth tax, nearly everyone would benefit (save a few heirs and heiresses).   

Ritholtz's Reads

  • The evidence against a recession -- for now (Barron's)
  • The incalculable value of finding a job you love (The Upshot)
  • People don't trust economists anymore  (Quartz)

(Read Barry Ritholtz's full daily news roundup.)

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