The ‘value’ of protecting whales BBC Researchers study hidden homicide trend PhysOrg Boston Suburb’s `Taj Mahal’ Brings Ban on Luxury High Schools Bloomberg Citibank Says Credit Market Doesn’t Work Elizabeth Warren, Credit Slips Bill Gates Secret to Success: Cheating Beat the Press Why the Stock Market Had a Terrible Day Robert Reich Massachusetts Complaint Against […]
Read more...Some readers have suggested increasing tariffs as a way to reduce our trade deficit and shield US workers from foreign competition. High energy prices may be having the same effect. Increased transportation costs are leading companies to rethink how they source their products and shift to local producers where possible. A Financial Times story discusses […]
Read more...If you think the headline above is overly dramatic, BreakingViews ($, free trial) sees the possible outcome of ratchet right provisions in bank capital infusions as a “death spiral”. This potentially ugly situation arises out of a nasty confluence of pragmatism, greed, and desperation. Anyone who invests in bank equity now has to be concerned […]
Read more...We’ve mentioned from time to time the Fed’s fantasy that banks could recapitalize in short order. John Dizard of the Financial Times has been the most blunt in describing the disconnect between the central bank’s wishes and reality: It is not fair to say the Fed does not have a plan. It does. The plan […]
Read more...In a revelation that will further damage the securities industry’s tarnished reputation, Bloomberg reports that Wall Street firms were touting auction rate securities to retail buyers as a safe investment at the same time it was warning issuers that the market was on the verge of serious trouble. Normally, investor disputes with brokers are subject […]
Read more...The Fed’s decision to stay on hold with interest rates is an indirect acknowledgment, despite some brave talk otherwise, that the banking system is plenty fragile (has everyone forgotten that the Fed facilities are a form of life support?) and the concomitant economic downturn may only be in its early innings. There have been some […]
Read more...Remarkably, a post at VoxEU, “The dangers of increased transparency in monetary policymaking,” by Ellen Meade and David Stasavage suggest in that one of the effects of the Fed’s change in 1993 to publish the minutes of FOMC meetings was less candid discussion (no surprise) which led to greater Greenspan influence over interest rate policy, […]
Read more...Heartbreak over cub confiscation BBC Children concerned by parents’ web habits The Local A quarter of adults to face ‘anti-paedophile’ tests Telegraph. Key section: But the increase in child protection measures is so great it is “poisoning” relationships between the generations, according to respected sociologist Professor Frank Furedi….As a result ordinary parents – many of […]
Read more...Economic Policy Institute discusses a troubling pattern. Historically, when the economy went south, a larger proportion of workers retired early. It isn’t clear whether they were offered packages, were sacked, or left for other reasons (say their job was redefined and they no longer enjoyed it), but the point is they left the workforce. Now […]
Read more...I find this simultaneously impressive and a tad repellant (I’m never clear when informed citizenry slips into prurient interest as far as other people’s disasters are concerned). Hat tip Jojo. The state of California now has Google Maps that track fires, although the site dutifully warns visitors that the information is approximate. We can’t embed […]
Read more...The UK, which like the US went on a binge of consumer debt creation, is similarly in the hangover phase. Individuals are increasingly resorting to the refuge of the desperate, namely, payday lender. From the Times Online: Consumers are increasingly turning to short-term loans charging interest of more than 1,000 per cent to tide them […]
Read more...Please have a look at our article, “Barrel Fever: Does Anyone Know How Much Oil There is in the World?” We’ve covered some of the same ground in posts here, but hopefully readers will still enjoy it.
Read more...California joins Illinois in deciding to go after subprime lender Countrywide for less than savory lending practices. Note both suits were filed the day shareholdeers are to approve the increasingly dubious deal (although Bloomberg tells us that tax breaks resulting from Countrywide losses will pay for the purchase price. Yes, but will the also be […]
Read more...The latest news from American Express, that its customers are increasingly falling behind in payments, is a negative indicator for two reasons. First, the deterioration exceeded Amex’s forecasts, and comes even though the company has been aggressive in cutting credit limits to customers that look at risk of getting into difficulty. Second, the card issuer […]
Read more...Although we don’t always agree with his views, we are fans of Thomas Palley posts because he is willing to question economic orthodoxy. We were particularly taken with his piece, “Demythologizing Central Bankers and the Great Moderation.” In his latest offering, Palley disputes the idea that the recent runup in oil prices is entirely the […]
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