Author

Edward Harrison 7783 posts 575 comments

Edward Harrison is a senior Editor at Bloomberg. He is also the founder of Credit Writedowns newsletter, a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

Economy

On Investors Who Expect QE3 in 2012

Edward Harrison Apr 16, 2012

Quantitative easing hasn't worked to lower interest rates in the past but has caused a huge uproar from those opposed to the policy in the US. QE is therefore both ineffective and politically-charged. But a lot of people still expect it.

Business

Video: The Transparent Factory

Edward Harrison Apr 16, 2012

I thought I would mix it up a bit with this clip of a Volkswagen factory in Dresden, Germany. The factory is very cool.

Political Economy

Argentina is not the model

Edward Harrison Apr 16, 2012

There have been a lot of people talking about Argentina as if it were the model for other governments in sovereign difficulty to follow. Yes, Argentina's decision to default was realistically the right call given the crushing debt load. And…

Political Economy

Herbert Hoover: Nothing is more important than balancing the budget with the least increase in taxes

Edward Harrison Apr 16, 2012

The following is a March 1932 speech by then US President Herbert Hoover about the growing US deficit. As I indicated in previous posts on Hoover's travails, the President earnestly wanted to balance the budget (see Herbert Hoover: White…

Monetary System

Keen: Instability in Financial Markets

Edward Harrison Apr 15, 2012

Steve Keen's talk at INET is now up on the web (hat tip BT). His talk is billed as a primer on Hyman Minsky. In it, Steve argues that one cannot model Minsky using a New Keynesian or traditional neoclassical approach because of the reliance…

Economy

Gary Shilling: Bearish on the US economy; calling for a crash

Edward Harrison Apr 13, 2012

Gary Shilling recently wrote a five-part series for Bloomberg News on the economy. His view is that GDP growth comes primarily from consumers spending from either higher income or from reduced savings and debt accumulation. In his view, the…

Markets

Kashkari: PIMCO doesn’t expect margin pressure

Edward Harrison Apr 13, 2012

I thought I should present the somewhat bullish view of the margin issue we have been discussing here. PIMCO's Neel Kashkaari is out with a note that underscores what the bulls are thinking about the issue.

Markets

LTRO operation is pushing Spanish banking system closer to collapse

Edward Harrison Apr 12, 2012

I thought I'd point out that the already severely undercapitalised Spanish banking system is being crushed by the spike in Spanish sovereign yields. I continue to expect Europe to continue the extend and pretend approach, creating…

Daily

Daily Commentary: On Spain’s Insistence It Will Not Need A Bailout

Edward Harrison Apr 12, 2012

I am increasingly worried about what is happening in Spain. It seems that the crisis there is hitting a flashpoint with no obvious means of turning things around. Over the past few days, I have been reading and listening to Spanish media…

Economy

The economy is nowhere near as robust as stocks would have you believe

Edward Harrison Apr 11, 2012

The jobs numbers were disappointing. From a policy perspective, the hope is that we can keep stimulus in the queue long enough so that the cyclical hiring trends pick up before overindebted consumers get fatigued again. But underneath…

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