By Richard Alford, a former economist at the New York Fed. Since them, he has worked in the financial industry as a trading floor economist and strategist on both the sell side and the buy side. Evaluating the recent performance of the Fed is not a straight forward exercise. The turmoil in the financial system, […]
Read more...Team Obama has taken to trumpeting the idea that the recession is over. As Ed Harrison likes to point out, the fact that we will see inventory restocking will produce a statistical recovery, at least in reported GDP. But the US in 1931 and Japan after its bubbles burst both featured a period in which […]
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Read more...Oooh, this is turning out to be fun. Judge Jed Rakoff is not putting up with Wall Street business as usual (no joke, that was part of the defense offered by Bank of America for its failure to disclose the amount of Merrill bonus payments in the merger proxy sent to shareholders to approve the […]
Read more...Submitted by Edward Harrison of Credit Writedowns In 2002, the global economy was weak and equity markets around the world were at multi-year lows following the greatest equity bubble and bust in world history. Many policy makers including Alan Greenspan, chairman of the U.S. Federal Reserve, feared a deflationary spiral of Great Depression proportions resulting […]
Read more...By Swedish Lex, an expert and advisor on EU regulatory and political affairs. The French Commission on the Measurement of Economic Performance and Social Progress presented its final Report written by Stiglitz and other leading economists at an event at la Sorbonne earlier today. The contents of Report is already being discussed widely but at […]
Read more...Maori legend of man-eating bird is true New Zealand Herald Teabaggers Scared To Death of Being Confused With Negro Protesters Wonkette Stuff Some White People Don’t Like American Prospect Americans Bring Home 1 Million Guns In August Boom2Bust Economic Inequality: The Wall Street Journal is Just Wrong Bruce Judson China’s retail sales growth figures are […]
Read more...SA pigeon ‘faster than broadband’ BBC (hat tip reader Michael) MIT Students Take Pictures from Space on $150 Budget iReport Quick Note on Confidence Tim Duy Dame Vera Lynn becomes oldest living artist to have number one album Telegraph Lending in Europe continues to shrink Financial Times Towards a better measure of well-being Joseph Stiglitz, […]
Read more...The UK business press had been even more optimistic about recovery that its US counterpart, so the less than cheery news about retail sales in London is a blow to the view that the worst was indeed past. One of the reasons shopping had held up so well to date was the English capital’s role […]
Read more...It would be better if we were not proven correct on this one, but when the US imposed stiff tariffs on imported tires from China late on Friday, we noted, “This could get interesting in a bad way.” The Chinese responded quickly over the weekend to announce they were investigating US auto parts and chicken, […]
Read more...By George Washington of Washington’s Blog. Top economists and financial experts believe that the economy cannot recover unless the big, insolvent banks are broken up in an orderly fashion. Even the Bank of International Settlements – the “Central Banks’ Central Bank” – has slammed too big to fail. As summarized by the Financial Times: The […]
Read more...Ancient ‘smell of death’ revealed BBC Opinion: The unspoken truth about managing geeks Jeff Ello, ComputerWorld (hat tip reader Skippy) Scientists discover surprise in Earth’s upper atmosphere UCLA Newsroom You Can Start Up, But You Can Never Leave … Rwanda Paul Kedrosky How Does the NYT Know that Republicans Are Opposed to a Public Health […]
Read more...There is a not bad piece at the New York Times on the fates of various ex-Lehman employees a year after the collapse. The story vividly if unwittingly illustrates the old saying that fish rot from the head. The people profiled were all involved in mortgage securitization, either directly or indirectly. Most seem unable to […]
Read more...By DoctoRx, who writes at EconBlog Review: In The Fed, the veteran journalist Martin Mayer has written a real-time prequel of the Great Financial Crisis (“GFC”) of the past two years. People may find it a good read or reread because historians have a point of view. If Mayer were a cheerleader for Alan Greenspan’s […]
Read more...Just as Larry Summers is pushing the message that the crisis is over and Team Obama deserves credit, IMF managing director Director Dominique Strauss-Kahn is telling the media the reverse, that the crisis is far from over. From Reuters: “The global economic crisis will continue, even if Germany and France had some good figures in […]
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