Submitted by Edward Harrison of the site Credit Writedowns. If you thought the bailout of too big to fail institutions was a massive gift from taxpayers to captains of Wall Street, the news that TARP funds are being repaid should confirm your beliefs. Just today the U.S. Treasury has agreed to allow 10 financial institutions […]
Read more...Submitted by Rob Parenteau, CFA, and sole proprietor of MacroStrategy Edge and editor of The Richebacher Letter. He also serves as a research assistant to the Levy Institute of Economics. A combination of falling asset prices and falling nominal incomes against the back drop of high private debt loads tends to pose a serious challenge […]
Read more...Submitted by Leo Kolivakis, publisher of Pension Pulse. Consultant Luc Vallée, the former chief economist at the Caisse de dépôt, started writing his own blog which he aptly calls The Sceptical Market Observer. In his first post, Luc asks: Are we out of the woods yet? Don’t count on it! and concludes by stating the […]
Read more...John Dizard in today’s Financial Times highlights a news-worthy development that has somehow gone largely under the radar, namely, that the one reasonably well functioning US cap and trade regime has come under a legal cloud, not only to detriment of the market, but also to pollution emissions. The legal beef is that the EPA […]
Read more...The bits of evidence that provided the strongest support to green shoots backers have been the rise in stock prices and possible signs of slowing in job losses. However, the rally warrants considerable critical scrutiny. First. violent rallies are more characteristic of bear market head fakes than new bull markets. And this rally has featured […]
Read more...This is Ed Harrison submitting the links for Yves today. It’s the usual economic fare with a few technology, political and science stories to boot. Of course, there is always the antidote du jour. Enjoy. Citigroup Gains Geithner Backing as Pandit Bucks Bair Bloomberg (hat tip DoctoRx) The Economy Is Still at the Brink Sandy […]
Read more...This is now getting interesting. Conventional wisdom among most bankruptcy commentors was that the objections to the Chrysler deal were not strong from a legal standpoint. Thus the fact that the Supreme Court has decided to stay the deal comes as a surprise, particularly to Team Obama, which has put its prestige and considerable muscle […]
Read more...Dear readers, I am in Amsterdam and the connection here STINKS. I am told it will be better in 2-3 days (!!. It takes me an hour to do what ought to take 15 minutes (news sites load VERY slowly when they load at all). Please send links via e-mail to yves@nakedcapitalism.com and please label […]
Read more...Submitted by Edward Harrison of the site Credit Writedowns. Hi everyone. I will be cross-posting a lot more this week as Yves is out on holiday. I want to start things off with a video that outlines a bear market rally point of view that is very much consistent with my market view (For more, […]
Read more...Readers have been sending various Pangloss/Orwell sightings on a daily basis, with one’s take on whether they fall in the absurdist or merely creeping authoritarian camp depending on one’s degree of cynicism. I have only posed about 1/10th of them simply because it often takes a fair bit of parsing (headline v. meaningful comment close […]
Read more...Submitted by Thomas Forest Outliers: The Story of SuccessMalcolm Gladwell, Little Brown and Company, (2008) Have you read Fooled by Randomness by Nassim Taleb? Malcolm Gladwell has, “(Fooled by Randomness) is to conventional Wall Street wisdom approximately what Martin Luther’s ninety-five theses were to the Catholic Church.” And Taleb has been reading Gladwell. For example […]
Read more...Dear readers, I am traveling this evening and will be overseas for the next two weeks. I am still working but will have a satellite connection, and thus may not be posting at quite my normal level of frequency. I also hope you do not mind if some of my posts are more terse than […]
Read more...I am throwing a line of thinking out in the hope of getting reader input. I put a post up a couple of days ago on looting and am still puzzling the question. I believe that deregulation led to looting, in the Akeloff/Romer sense, that people at Wall Street firms were overpaid relative to the […]
Read more...Submitted by Leo Kolivakis, publisher of Pension Pulse. Sydney Freedberg and Connie Humburg report that Florida stands to lose $1 billion because of Lehman Brother’s bankruptcy: A price tag is now emerging for what last year’s collapse of investment giant Lehman Brothers could cost the state of Florida: more than $1 billion. The losses could […]
Read more...Bats ‘recognise other’s voices’ BBC Did a meteor bring down Air France 447? Discover Does climate change affect economic growth? Melissa Dell, Benjamin Jones, and Benjamin Olken, VoxEU How Pharma and Insurance Intend to Kill the Public Option, And What Obama and the Rest of Us Must Do Robert Reich The return of Bretton Woods […]
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