Submitted by Edward Harrison of Credit Writedowns. This is a re-post of an article I wrote last night at Credit Writedowns where I stressed a U.S.-centric view of Faber’s comments that the Fed is a money printer. However, here I have re-dubbed the post to reflect Faber’s comments, which are more comprehensive, in effect pointing […]
Read more...Planet Robo: Population Will Exceed 1 Million Worldwide by 2010 Planet Galaxy (hat tip reader John D) Domestic violence as pre-existing condition? 8 states still allow it McClatchy (hat tip reader John D) Goldman to be paid $1bn if CIT fails Financial Times Xmas Season Orders Don’t Bode Well for Chinese Exporters China Stakes (hat […]
Read more...The New York Times tonight features a generally very good piece, “Buyout Firms Profited as a Company’s Debt Soared,” by Julie Creswell that falls short in one important respect: it fails to call a prevalent and destructive practice of private equity firms by its proper name. PE firms in the risk-blind environment preceding the credit […]
Read more...The media seems curiously indifferent to the continued and deserved anger of the public regarding bank bailouts. Of course, the fundamental problem is that we were sold a bill of goods. The money was clearly going to fill existing black holes in financial firms’ balance sheets. That would have been a legitimate use of taxpayer […]
Read more...Nouriel Roubini, who has backed off from what was once his signature bearishiness (he has been calling for an U or perhaps a W shaped recovery) nevertheless thinks the current market rallies are considerably overdone. From Bloomberg: New York University Professor Nouriel Roubini, who predicted the financial crisis, said stock and commodity markets may drop […]
Read more...More and more real-world data and forecasts are conflicting with the “green shoots-surely things are getting better” story. One view comes from Institutional Risk Analytics’ Chris Whalen. In his monthly Special Feature (pdf only, no online source), Whalen suggests that banks are far from out of the woods. Although he believes that damage will not […]
Read more...By Satyajit Das, derivatives expert and author of Traders, Guns, and Money. Tom Wolfe writing in Bonfire of the Vanities created the term – ‘Masters of the Universe’: “He considered himself part of the new era and the new breed, a Wall Street egalitarian, a Master of the Universe, who was only a respecter of […]
Read more...A Unified Theory of Superman’s Powers Ben Tippett (hat tip reader John D) Earthworms come out above humans and dinosaurs in table of top 100 species Telegraph (hat tip reader John D) The Truth About Jobs That No One Wants to Tell You Robert Reich, Huffington Post Bluehenge unearthed: Prehistoric site that could be famous […]
Read more...Submitted by Edward Harrison of Credit Writedowns. Janet Tavakoli was a recent guest on “On the Edge with Max Keiser” and had some troubling things to say about the state of the present U.S. financial system. She believes the liquidity pumped into the system will not be sufficient to reflate the economy because of over-leveraged […]
Read more...By George Washington of Washington’s Blog. Why isn’t the government breaking up the giant, insolvent banks? We Need Them To Help the Economy Recover? Do we need the Too Big to Fails to help the economy recover? No. The following top economists and financial experts believe that the economy cannot recover unless the big, insolvent […]
Read more...Algorithm and Blues New York Times Rep. Alan Grayson May Just Fuck Your Shit Up Rude Pundit. Well done despite or perhaps due to the liberal use of profanity. TARP Anniversary: By The Numbers Shahien Nasiripour Huffington Post Housing Derivatives Rortybomb US storms troops into the Philippines Asia Times Patent Law Independent Accountant U.S. Unemployment […]
Read more...You have to hand it to those bankers. They are very creative in finding ways to argue that life for them should continue more or less as it did before, despite the spectacular damage that they have exacted on the global economy. Had the industry put together a reform program, or even fessed up to […]
Read more...An interesting post at VoxEU by Andrew K. Rose and Mark M. Spiegel does a series of analyses looking to explain how the crisis evolved internationally, but the obvious connections don’t provide an answer: The 2008 financial crisis is sometimes characterised as one where financial difficulties in the US spread to the rest of the […]
Read more...Submitted by Edward Harrison of Credit Writedowns. Yves’ posting will be at a low ebb over the next week (post-book trauma!). So, I will be covering some of the bases in the interim. Expect at least a post per weekday through next week. Below is one I wrote on the employment numbers which came in […]
Read more...Dear readers, apologies for thin posts. Had 4 hours of book stuff, thought I was past that, put me very much behind schedule. Also still a bit burned out. Please send links, they are very helpful. Doomed Dome: The Future That Never Was h+ (hat tip reader John D) A planet that rocks Buffalo News. […]
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