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.

Political Economy

Juncker: It may not be enough even if Greece defaults with 60 percent haircut

Edward Harrison Oct 11, 2011

In an interview carried on Austrian Television station ORF, Euro Group President Jean-Claude Juncker admitted that the present bailout package for Greece will not stand. The 21% discount worked out just a few months ago will become 50 or…

Business

Netflix does an about-face on DVD rentals

Edward Harrison Oct 10, 2011

If you are a shareholder, should you be heartened by this about-face or alarmed? At Hewlett Packard for instance, when the board of directors fired Leo Apotheker, markets were not excited by seeing Meg Whitman in his seat even though the…

Economy

Large writedowns at Austrian bank connected to Hungary, Romania and CDS losses

Edward Harrison Oct 10, 2011

Whether the writedowns make investors feel relieved because of the alleged balance sheet transparency remains to be seen. However, the balance sheet woes at Erste highlights how active banks within the EU are in cross-border relationships.

Economy

“Dexia was not a bank but a hedge fund”

Edward Harrison Oct 10, 2011

If you recall Global Macro Monitor’s post on Europe's Bank Problem last week, the IMF chart showed very well how banks were struggling to wean themselves from short-term funding sources and increase tangible common equity. The Belgians had…

Economy

UK real wages are falling

Edward Harrison Oct 10, 2011

These numbers are well under the inflation rate and show British consumers becoming victims of stagnating and negative real wage growth.

Political Economy

In which Jim O’Neill says muddling through leads to deepening crisis

Edward Harrison Oct 10, 2011

Muddling through means deepening crisis for the euro zone.

Economy

Manufacturing inflation in a wage deflationary environment

Edward Harrison Oct 10, 2011

How does manufacturing CPI inflation benefit an economy in which incomes are falling? When inflation rises and incomes are stagnant or falling, the economy rolls over.

News

News Links 10/10/2011

Edward Harrison Oct 10, 2011

Recession Officially Over, U.S. Incomes Kept Falling - NYTimes.com In a grim sign of the enduring nature of the economic slump, household income declined more in the two years after the recession ended…

Economy

Belgian PM says nationalised Dexia is “200% safe”

Edward Harrison Oct 10, 2011

As we reported on Friday, Dexia, the troubled Franco-Belgian bank, has been nationalised over the weekend. At the time, I indicated this would be a negative for the sovereign’s creditworthiness. Moody’s, the ratings agency, agrees and has…

News

News Links 10/09/2011

Edward Harrison Oct 9, 2011

Another Frightening Look At The Real Mega Bears tags: bear market history…

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