Links 1/3/08

Banks defy Brown’s call to free up credit Guardian

What I really think about Finance Robert Waldmann, Angry Bear

December’s JPMorgan Global PMI Shows Just How Far The Infection Has Spread Global Economy Matters, Good concise recap.

Why We Keep Falling for Financial Scams Wall Street Journal. Who do you mean by “we”? (I did not believe there were WMDs in Iraq either) Interesting nevertheless.

Refuted economic doctrines #2: The case for privatisation John Quiggin

Fannie Mae’s Last Stand Bethany McLean, Vanity Fair. VF also has a feature on Cate Blanchett.

If this is like 1932, there will be hope as well as pain John Authers, Financial Times. If 1932 is any guide, we will see both a monster rally this year, and lower lows.

Reflections on Madoff Richard Bookstaber

Antidote du jour:

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  1. Anonymous

    @Antidote du jour, keep my family out of this please, show some decorum.

    They are cute though, proud parent syndrome. Lets just hope they absorb good information in the the early years to kick start their life, unlike their father and his ancestors. The softness of youth lost to the melancholy introspection of mid-life adult hood.


  2. Anonymous

    The softness of youth lost to the melancholy introspection of mid-life adult hood.” – Skippy

    You been on the sauce again, Skip?

  3. Anonymous

    DIA syndrome or mabe the closet is overflowing, thinking of instaling a crematoriom in there.


  4. ruetheday

    John Taylor (yes, THE John Taylor after whom the Taylor Rule is named) has publicly stated that the Fed has abandoned monetary policy and is now, in his opinion, pursuing industrial policy. He stated that what the Fed is doing is NOT quantitative easing, which he said would require targeting a money supply growth rate. Instead, the Fed is targeting specific sectors for direct investment, and this sort of overreaching will threaten their independence.

  5. Anonymous

    I don’t know if you can really say the Fed is not *attempting* quantitative easing. The problem is that they created so much credit it now occupies the vast majority of the money supply, and in a deflation it’s easy to rapidly lose control of the credit side of the equation. Just because Bernanke cannot (yet) put a gun to bank presidents’ heads and force them to lend, doesn’t mean that isn’t the outcome he’s looking for.

    This isn’t to say that the Fed is not *also* pursuing industrial policy, it’s favored industry obviously being finance and money shuffling of all kinds.

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