links for 2011-09-03
Vitriol for Bernanke, Despite the Facts - NYTimes.com
(tags: federal-reserve politics)
Alistair Darling memoirs: 'Working with Gordon Brown was like having…
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FHFA Sues 17 Firms to Recover Losses to Fannie Mae and Freddie Mac
The complaints seek damages and civil penalties under the Securities Act of 1933, similar in content to the complaint FHFA filed against UBS Americas, Inc. on July 27, 2011. In addition, each complaint seeks compensatory damages for…
Rosenberg also sees Operation Twist QE3
David Rosenberg was on Bloomberg and sees operation twist. But he also says he doesn't see how the Fed could prevent a US recession. His view is that the recession is already baked in. He goes further and says that Ben Bernanke is ‘always…
Goldman’s Hatzius sees Operation Twist QE3 due to weak jobs number
The jobs numbers in the US were weak. There was no change in non-farm payrolls. Unemployment was unchanged from July at 9.1%. Underemployment was 16.2%. Total revisions to previous months’ data were –58,000, meaning the number today was…
Chart of the Day: European bank funding starting to dry up
Today, it is euro banks that are the problem. For example, Goldman Analyst Alan Brazil suggests that euro banks need $1 trillion in additional capital. This has created distress in funding markets, particularly because of US money market…
links for 2011-09-02
CARPE DIEM: Corporate Profits Surge to Record High in Q2
Corporate profits in the second quarter (both nominal and inflation-adjusted using the business sector price deflator) reached all-time record highs…
Hoover’s Great Depression
An excerpt from the August 1932 Republican Nomination Acceptance Speech by Herbert Hoover and commentary about his policy choices and ours today
Dumb things bloggers say
Alright, I have a mea culpa here. Check out this quote from June 2008
Should our government borrow more at negative real interest rates?
If real returns remain low, it will skew capital investment. When recession hits, debtors backing those losing investments will be caught out and forced to delever aggressively as resource misallocation becomes evident.
August Manufacturing Survey down but above expectations
I would highlight three key points: new orders and production are contracting while inventories are growing. So, overall, I would consider this a weak report that also exhibited soft forward-looking sub-components.