The big news is the economy and President-elect Obama’s reaction to it. The pundtitocracy has really been hammering him on his staff picks and the meat of his stimulus package. To be sure, there have been a few positive notes about Obama’s plan and what he has to say, but there have also been a number of voices of skepticism.
I would say in defense of Obama that he is trying to spend stimulus money, but only on things that are not wasteful and pork-barrel spending. I don’t think his stimulus is enough but I appreciate his efforts to stop government waste.
The first section below is dedicated to that theme. Beyond that, I also have a number of news items from around the web on the global economy. Soon it will be the weekend. So enjoy and have a great weekend.
Obama reactions
Democrats attack Obama on economy – BBC News
Obama Not Doing Enough – New Republic
Paul Krugman: The Obama Gap – Mark Thoma
Obama at GMU – Marginal Revolution
Obama’s Big Speech – Felix Salmon
Obama Remarks on the Economy – Real Time Economics
Bankruptcy
Icahn says bankruptcy reform could help banks – Reuters
California’s fiscal woes: Crimson tide – Economist
It Looks Like Mortgage Cramdowns Are Coming – Tom Lindmark
Citi Supports Mortgage Cram-Downs – Calculated Risk
The global economy
Great Depression jobs parallel may not be far flung – Reuters
Andrew Mellon vs Bailout Nation – PIMCO
UK manufacturing output plunges – FT
Spanish industrial output plunges – BBC News
Unemployment Way Worse than 7.2% Due to Birth / Death Adjustment – EconomPic Data
Staying out of the euro has spared us a Spanish-style catastrophe – Telegraph
More Pain to Come for Healthcare – Mark Reiboldt
What Are the Chances of a Depression? – FiveThirtyEight.com
Banking sector
Paulson Bailout Didn’t Give Taxpayers What Goldman Gave Buffett – Bloomberg.com
Moody’s Downgrades BofA, Wells Fargo – HousingWire
Citigroup sees $1.4 billion charge over LyondellBasell – Reuters
OECD blames weak bank regulation for financial crisis – Times Online
Financial blogger arrested in South Korea – FT.com (Paul Kedrosky had a funny post that it was Barry Ritholtz who was arrested)
Nick Leeson: how the original rogue trader at Barings Bank is thriving in the credit crunch – Telegraph
Canadian Banks May Be Alone in Not Needing Bailouts, Clark Says – Bloomberg.com
The markets
China hasn’t (yet) lost its appetite for US Treasuries … – Brad Setser
Trade the market and not the economy – INO.com
Blowing bubbles, US treasuries edition – FT Alphaville
Odds and Ends
Palin: Kennedy gets free ride from media – Andy Barr, Politico.com
The Bush years — then and now – First Read – msnbc.com
Images of Cristiano Ronaldo’s car crash – Guardian