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Weakest employment market since the Great Depression
Recently Allan Meltzer, a former Vice Chairman of the Federal Reserve, wrote a widely noted and provocative article in the Wall Street Journal called “What Happened to the ‘Depression?’” He called for an end to deficit-inducing stimulus…
Unemployment claims stuck at 570,000
The Department of Labor reported that jobless claims in the latest week decreased 4,000 from a revised 574,000 in the previous week. The figure was higher than analysts anticipated. Initially, the last week was reported as 570,000.…
News from around the web: 2009-09-03
Boeing Set for Victory Over Airbus in Illegal Subsidy Case - WSJ.com "The World Trade Organization is expected to rule Friday that European governments illegally subsidized Airbus aircraft, in the first significant ruling in a…
Sheila Bair and the case against a super-regulator
There is an effort underway to install the Federal Reserve as super-regulator for all banks and financial institutions, concentrating power in one institution. I find these efforts one of the most disturbing outgrowths of the financial…
Morning Links: 2009-09-02
Light posting this morning. But I may be back later this afternoon. Let’s see what markets do today. Right now, it’s not looking good as Europe and Asia sold off and U.S. futures point to a selloff stateside. So, if you need a…
Night Time Reading: 2009-09-01
Since I have a ton of links, I am making an extra night time reading version today. Expect more tomorrow, but posting may be light as I will be away. American Casino, The Most Dangerous Man in America review : The New Yorker…
Selling the good news does not a bull market make
So we started September in an ugly way. With the markets down 2% across the board, and oil and bond yields also falling. Forgive me for thinking this is a bad sign, but selling on good news doesn’t sound very bullish. And the…
Gross: The new normal for “the next 10 years and maybe even the next 20 years”
Bill Gross has a piece out now on Pimco’s website suggesting we are about to witness a sea change in saving and spending habits, government intervention, and a host of other issues. This is not a buy-the-dips kind of atmosphere and it will…
Chanos: I warned Brown and Geithner of financial calamity
Evidence is now surfacing that Timothy Geithner and Gordon Brown were among policymakers warned in April 2007 of an impending financial crisis. Famed fund manager and shortseller Jim Chanos met with the policy makers at the time, along with…