US Savings Rate 1981-2011
The personal savings rate came in at 4.9%, the lowest since October 2008 before the Lehman crisis caused savings rates to jump up. Below are a few charts for a historical perspective.
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Remember when I said banks were under-reserving?
Listen to what Jeffrey Gundlach has to say about subprime bonds -- yes subprime. Hint: he thinks banks will have to take more credit writedowns.
Steve Keen on a Double Dip and Private Debt
Australian Professor Steve Keen explains why private sector debt dynamics drove both the Great Depression and the Great Recession.
‘Too Big To Fail’ in 80 seconds
Apparently, the upcoming film on the credit crisis ‘Too Big To Fail’ can be boiled down in these 80 seconds of preview clips.
Enjoy.
Roubini: “Greece is clearly insolvent”
Greece is clearly insolvent. The Europeans should put a plan in place to deal with Greece and to reduce contagion. The contagion to Italy and Belgium is happening because of uncertainty and the inability to put forward a credible solution…
Thoughts on LinkedIn
I was on Headline, BNN’s midday show on financial news, talking to presenter Paul Waldie and fellow guest Jacquie McNish this past Wednesday. The big news then was LinkedIn (LNKD). The first guest, Bill Buhr of Morningstar, spoke to the…
US Financial Institutions Make Accounting Gain of $29 Billion
You should notice that the title of this post is “make accounting gains” instead of “earned” because it is not clear at all that US banks earned $29 billion. After all, the FDIC has indicated that these accounting gains are driven by lower…
Greece will eventually restructure
Yesterday, I had the pleasure of talking on CNBC along with Marc Chandler of Brown Brothers Harriman about the European sovereign debt crisis. I also wrote a piece in the New York Times about the same issue, concentrated on Greece. While…
Pigs on the Wing (Part 1 and 2)
This is what I’m listening to tonight. Enjoy. P.S. – I was on CNBC with Marc Chandler of Brown Brothers Harriman and wrote a piece in the New York Times this afternoon on the European sovereign debt crisis. I will have more on this and the…
Largest Widening CDS Spreads: Guess Who?
When the pejorative acronym PIGS was first created, it was supposed to be a moniker for the southern European states (Portugal, Italy, Greece and Spain). However, Italy has done much better than housing-crisis stricken Ireland and so…