Paul Volcker was right! The Mess That Greenspan Made. On his 2004 warning of a financial crisis.
9 Financial Signs Of A Cheating Spouse Huffington Post
When it comes to emotions, Eastern and Western cultures see things very differently PhysOrg
CITIC Confirms Talks With Bear For More Shares Of Worthless Stock DealBreaker
Agency Mortgage-Backed Bond Spreads Reach Highest Since 1986 Bloomberg (hat tip The Nattering Naybob)
Tabulating the Credit Crunch’s Effects: One Educated Guess Menize Chinn, Ecnobrowser. A nice summary of a paper estimating the GDP impact of the mortgage mess.
Antidote du jour. A Maine correspondent provided this photo of a 122 foot high snow woman in Bethel:
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Charge-offs, or loans written off by a bank as uncollectible, soared to $97.8 million last year in the Twin Cities, 95 percent more than in 2006. Nonaccrual loans, or overdue credits for which banks are no longer collecting interest, were up 100 percent from the year before to $419 million. Banks felt the effect on their aggregated bottom lines, which were 9.7 percent lower last year, according to the Business Journal’s analysis of financial information for 124 local banks.
Fifteen local banks finished the year in the red, not including banks open less than two years.
That’s no snowwoman. I cite a schoolboy joke:
What’s the difference between a fort and a fortress?
A fortress has breastworks.
Apparently the locals consider it to be a snow woman, so I defer to their views.