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

Bank seizures 35 and 36 by the FDIC

Edward Harrison May 22, 2009

Strategic Capital and Morton Community Bank were seized by the FDIC tonight. Below are the FDIC announcements on the matter. The FDIC estimates a cost to taxpayers of $173 million (nearly 30% of assets) for Strategic Capital and $106…

News

Links: 2009-05-22

Edward Harrison May 22, 2009

Kevin Phillips: The New Politics of Inflation: Asian and Monetary "As of 2009, from Turkey and the Persian Gulf east to Indonesia, China and Siberia, it's Asia's turn to make the waves, rock the global financial boat and set a new…

Economy

GMAC gets a helping hand

Edward Harrison May 22, 2009

This e-mail came to my inbox from the FDIC last night: The Federal Deposit Insurance Corporation (FDIC) announced today the approval of GMAC Financial Services to participate in the Temporary Liquidity Guarantee Program (TLGP) allowing…

Economy

BankUnited goes bust and is replaced by BankUnited

Edward Harrison May 21, 2009

I was heading to dinner with Marshall Auerback when the news of the BankUnited bust came into my inbox. I see this as fairly big new for what it represents. We are witnessing a sea change in how FDIC seizures are done here with private…

Economy

What Home-Loan Banks reveal about the effects of mark-to-market

Edward Harrison May 21, 2009

Back on the 16th, I posted a link to a Wall Street Journal article by James Hagerty which detailed how the Federal Home Loan Banks were able to prevent asset writedowns because of guideline changes to mark-to-market accounting. I…

Markets

Treasurys are getting killed again

Edward Harrison May 21, 2009

You have probably seen stocks down today. The dow is off nearly 200 points and the Nasda is down 50. But, everything American is getting whacked today. The U.S. dollar, stocks, and bonds. Look at the chart on Treasurys here - especially…

Markets

Rosenberg thinks U.S. market may Test March lows

Edward Harrison May 21, 2009

Now at his buy-side Canadian shop Gluskin Sheff, former Merrill Lynch chief North American economist David Rosenberg is sounding as bearish as ever. He sees the recent market rally as a bear market rally and envisages a re-testing of…

Monetary System

Both initial claims and continuing claims now pointing to recovery

Edward Harrison May 21, 2009

I'm back after a brief hiatus. I would like to present you with some data on jobless claims, an economic data series that will become increasingly important in the weeks and months ahead. The data suggest that a recovery is imminent.…

News

Links: 2009-05-18

Edward Harrison May 18, 2009

I will be out for most of the day, but plan to return for osting by tomorrow. Here are the links. The Destructive Implications of the Bailout - Understanding Equilibrium - John Hussman "One of the features that has enabled the…

News

Links: 2009-05-16

Edward Harrison May 16, 2009

Taipei Times - CLSA strategist warns of long-term asset bubble "A two-month global equity rally that has added US$8.8 trillion to stocks may continue in the short term as risk aversion declines and investors overreact to improving…

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