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

Bernanke outlines Fed’s easy money exit strategy

Edward Harrison Jul 21, 2009

Over the past week, America’s banks have had a bumper earning season, in part courtesy of the Federal Reserve’s accommodative monetary policy. Even before this week, a number of market pundits (including me) began to wonder aloud whether…

Monetary System

Minsky: Turning neoclassical economics on its head

Edward Harrison Jul 21, 2009

This post is going to be a bit wonkish. I apologize for those of you who are not economics geeks. Hopefully, you will find it interesting nonetheless. At the urging of my good friend Marshall Auerback, I have been looking into…

Monetary System

Is quantitative easing really inflationary?

Edward Harrison Jul 21, 2009

On numerous occasions you will have heard me use the term ‘monetizing debt’ to describe what happens when the central bank creates money out of thin air in order to increase reserves in the banking system. The central bank is certainly…

Economy

Earnings results at Swedish banks show large writedowns in Baltics

Edward Harrison Jul 21, 2009

Earnings season is upon us and the Swedish banks have begun reporting earnings. Their results have seen huge writedowns that demonstrate large and continued exposure to souring loans in the Baltics. Handelsbanken and Nordea reported…

Political Economy

California impasse ends as Schwarzenegger reaches agreement

Edward Harrison Jul 21, 2009

This came in overnight via the FT. Most of the shortfall in revenue is made up through spending cuts. Below are the relevant paragraphs: The agreement involves cutting nearly $6bn from schools and community colleges and…

News

News from around the web: 2009-07-21

Edward Harrison Jul 21, 2009

No Longer Alone, Ron Paul Fights the Fed - Real Time Economics - WSJ Paul's bill to audit Fed has 274 co-sponsors. Some bailout firms up lobbying spending in 2Q - Yahoo! Finance Increased lobbying plus climb in shares equals no…

Economy

CIT: $3 Billion Credit Facility and Recap Plan

Edward Harrison Jul 20, 2009

This just hit the wires. NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that it entered into a $3 billion loan facility provided by a…

Monetary System

How about Gold-backed IOUs for Ireland?

Edward Harrison Jul 20, 2009

The bloggers at bloggers at UMKC’s economics blog have been making the case that California’s IOUs are a currency. Randy Wray’s entry last Monday was particularly provocative because he suggests a movement to loosen national…

Economy

China: Growth on track but at what cost?

Edward Harrison Jul 20, 2009

This comes via Brown Brothers Harriman. I have highlighted the parts of particular note. Macroeconomic Update: The economy has slowed along with the rest of the world, as China has become much more dependent on trade as it integrates…

Markets

Rosenberg: Still a bear market rally

Edward Harrison Jul 20, 2009

This comes via David Rosenberg of Gluskin Sheff. The week that was After four weeks of decline with a total loss of 7.0%, the equity market turned in a like-sized gain this past week re-igniting the bulls. With tech leading the…

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