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

FDIC Thursday Night Special? John Warner Bank

Edward Harrison Jul 2, 2009

This is number 46 this year. Very small. Why not wait? Holiday weekend? The John Warner Bank, Clinton, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking,…

Markets

Is the new affordable FHFA loan program predatory lending?

Edward Harrison Jul 2, 2009

Let’s say you’re an American named Maria living in Southern California. The year is 2006. You make $45,000 and your husband David makes another $40,000. You have two children aged six and four and your two-bedroom apartment is getting…

Economy

The weak employment situation summary for June 2009

Edward Harrison Jul 2, 2009

The labor market in the United States lost 467,00 jobs in June. But this was just the headline number as unemployment rose to 9.5%. Unfortunately, the deep dive shows a situation that mirrors this weakness. Establishment Survey…

Economy

Jobless claims still above 600,000

Edward Harrison Jul 2, 2009

The U.S. Department of Labor released the latest data for unemployment insurance as it does every Thursday at 830ET. The seasonally adjusted numbers reported were 614,000 initial claims and 6.702 million continuing claims. While this…

Economy

Bill Gross thinks the June unemployment data is bad

Edward Harrison Jul 2, 2009

Now, Bill Gross, the Bond King, knows that bonds go up in price when bad economic data comes out. So, leaving aside the desire to talk one’s own book, I think Gross makes a number of good points on CNBC about the unemployment data…

Economy

467,000 jobs lost in the U.S. in June 2009

Edward Harrison Jul 2, 2009

Here is how the Bureau of Labor Statistics describes the situation. THE EMPLOYMENT SITUATION: JUNE 2009 Nonfarm payroll employment continued to decline in June (-467,000), and the unemployment rate was little changed at 9.5 percent,…

Political Economy

The purpose of health care reform

Edward Harrison Jul 2, 2009

As Americans ponder the health care reform initiatives now coming from Congress and the Obama Administration, I want to say a few words about what the subject means to me. America is often touted as the richest country in the world. It…

News

Links: 2009-07-02

Edward Harrison Jul 2, 2009

La tercera petrolera china ofrece 12000 millones por la filial argentina de Repsol - Finanzas The Chinese are all over the natural resource sector. CNPC has offered $17 billion for Repsol YPF assets in Argentina. Now CNOOC another…

Economy

Consumer credit down a massive 33% in Spain

Edward Harrison Jul 1, 2009

Credit in Spain is contracting at an unprecedented rate, down 33% in the first quarter as Spain faces a housing bust and near 20% unemployment. Below is my translation of part of a Spanish-language article explaining the situation.…

Markets

Can I borrow the full amount and an extra 25% too?

Edward Harrison Jul 1, 2009

Apparently the answer to this question is yes. CNBC is reporting that home ‘owners’ who refinance their mortgages through loans backed by Fannie and Freddie will be able to borrow up to 125% of their homes’ value (hat tip Marshall…

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