I was quite taken with this post of our occasional guest blogger Cassandra (who holds forth at Cassandra Does Tokyo). I hope you enjoy it as well. From Cassandra: Thumbing through the sell-side research from their multitudes of Strategists, I notice some recurring phrases, small and innocuous as they may be, that trouble me. Time […]
Read more...Price deflation isn’t necessarily a bad thing if it is short-lived and does not lead to downward pressure on wages. But falling wages produces a nasty spiral. Not only do consumers have less to spend, but worse, even if they keep their jobs, they can be legitimately worried about even lower pay packages down the […]
Read more...One of the ugly features of the Great Depression that in many (but not all) cases worsened the severity of the contraction was that countries adopted “me first” policies with little regard to their broader ramifications. The poster child of this pattern is Smoot Hawley. Although there is some dispute among economists as to whether […]
Read more...Sticky Savior: U.S. Army Readies a New Blast-Protection Adhesive for Deployment Scientific American People ‘still willing to torture’ BBC Wind farms ‘overstated’ Telegraph Church attendance ‘to fall by 90%’ Guardian Who Wants to Kick a Millionaire? Frank Rich, New York Times (hat tip reader Crocodile Chuck) New figures show that recession is deepening Times Online […]
Read more...Despite a not-as-bad-as-feared Black Friday (the day after Thanksgiving), retail sales fell in November. Analysts expect the financial releases next week to show a continued contraction in consumer spending (a broader measure, including services, is due for release this week). And housing data is anticipated to be not-so-hot either. I don’t pretend to have any […]
Read more...Well, what we all suspected has now been made official. From the New York Times: Mr. Paulson and other senior advisers to Mr. Bush say the administration has responded well to the turmoil, demonstrating flexibility under difficult circumstances. “There is not any playbook,” Mr. Paulson said. Why am I not surprised to see that what […]
Read more...US economists have relentlessly harangued the Japanese for their supposed mismanagement of their post bubble era, which has lead to nearly 20 years of low growth, borderline deflation, with a not-much-discussed, robust export sector. Along with others, we complained in the early days of the Fed/Treasury emergency response that they were taking one of the […]
Read more...L’affaire Madoff continues to garner front-page coverage. Yet I find the stories peculiarly unsatisfying, since they are peeling the onion one layer at a time, failing to answer the questions I find most interesting: was his fund ever a legitimate operation, or was it a con from the beginning? And where did the money go? […]
Read more...So where is my bailout? Now even hedge funds can borrow super cheap if they invest in securitized consumer loans. Really, the Fed is going about this all wrong. Why let hedge fund have all the fun? Private citizens have perilous little to show for all the kazillions thrown at the financial system. The Fed […]
Read more...Swiss glaciers ‘in full retreat’ BBC Chill out, you beautiful people, the Versace beach is refrigerated Times Online Really High Maintenance New York Post. Divorce again reveals details of the lifestyles of the rich and famous. Option ARMs for Dummies: Why 4.5 Percent Mortgages Rates will do Absolutely Nothing for these Toxic Assets Dr. Housing […]
Read more...We are two years old today! Thanks to all you great readers! AstraZeneca row as corruption claims engulf Nobel prize Times Online To Avoid Paying $25 Million, Insurance Co Claims Smoke Killing 3 In Fire Was “Pollution” Consumerist Credit-Card Users Feel Pain as U.S. Banks Reap Gain Bloomberg Tax Break May Have Helped Cause Housing […]
Read more...The end of days must be closer than I realized. Conservative stalwart Fox News is not only taking on the officialdom, it is going after Republican authorities. This is almost as much fun as learning that J. Edgar Hoover was a cross-dresser. But then again, Fox is going after the AIG rescue and the TARP, […]
Read more...This is by Cassandra, who sometimes does us the favor of guest blogging: Mr. Ogechukwu Kanma (Bank Manager)Union Bank PLC Lagos Branch Lagos, Nigeria Attn/President/CEO Dear Sir, I am Ogechukwu Kanma, Bank Manager of Union Bank PLC, Lagos Branch. I got your contact from the World Trade Center (W.T.C.) Regional office in Lagos, Nigeria although the details of […]
Read more...Earlier today, George Bush made a surprisingly candid set of remarks, signaling a desire to avoid a disorderly collapse for the large US car manufacturers, and ambivalence about Chapter 11. The stock market started downward, and the trajectory accelerated with Standard & Poors putting GE’s ratings outlook at “negative,” meaning it is at risk of […]
Read more...Are biofuels still economically feasible? Tech.Blorge Hot heads and other myths debunked Guardian Weather rocket kills man and blows up his body at cremation Telegraph Citi to Integrate Corporate and Investment Banking – 10 Years Too Late Roger Ehrenberg Madoff Scandal Shaking Real Estate Industry New York Times. Among other things, developers had pledged Madoff […]
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