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

Should Obama forget about prosecuting waterboarding?

Edward Harrison Apr 24, 2009

I say no, he needs to get all of this out in the open and behind us. But the Conservative Wall Street Journal's Jerry Seib makes a compelling argument that he should, using Jerry Ford's pardon of Richard Nixon as a reason. Take a look. …

Economy

Is South Korea de-coupling?

Edward Harrison Apr 24, 2009

This past week, I caught an article in Wirschaftswoche (WiWo), the German Business Week, which suggested that the South Koreans were very confident about their economy and had learned from the Asian Crisis. Just today, the South Koreans…

Economy

An hour with Mikhail Gorbachev and George Shultz on Charlie Rose

Edward Harrison Apr 23, 2009

Former President of the Soviet Union, Mikhail Gorbachev, and former U.S. Secretary of State, George Shultz, reflect on the events surrounding the fall of the Berlin Wall.

Business

German Press: Fiat to sign a deal with Opel, not Chrysler

Edward Harrison Apr 23, 2009

I want to make clear the significance of the Treasury's Chapter 11 bankruptcy plan for Chrysler if Fiat pulls out. It will mean massive job losses and and a huge down-tick in consumer demand. There will be no second half recovery.…

Monetary System

Opel and Fiat spells bankruptcy for Chrysler and GM

Edward Harrison Apr 23, 2009

Press reports coming out of Germany are suggesting that the Germans are looking to hook up Opel with Fiat in order to prevent a lot of job losses when General Motors goes under. In my view, this means curtains for both Chrysler and GM and…

News

Links: 2009-04-23

Edward Harrison Apr 23, 2009

Raghuram Rajan Speaks at 2009 Homer Jones Lecture - St. Louis Fed Financial institutions considered "too big to fail" could be asked to develop a bankruptcy contingency plan that would lay out how they would resolve themselves quickly.…

Economy

How weak is the U.S. employment market?

Edward Harrison Apr 23, 2009

Initial jobless claims came in above 600,000 for the 12th straight week at 640,000. Continuing claims came in at a record 6.1 million, up 3 million from this time last year. Both of these numbers suggest a very weak market and you can bet…

Economy

BofA CEO confirms government coerced him into Merrill deal

Edward Harrison Apr 23, 2009

Bank of America CEO Ken Lewis is fighting to keep his job because earnings at his company have plummeted. BofA's acquisition of Merrill Lynch has been a large part of the problem. Now, understanding that he is being made out to be the fall…

Economy

Pre-payments are reducing value of mortgage-backed securities

Edward Harrison Apr 23, 2009

If you read my recent post on How big banks earned so much money this quarter you would see that much of the income at Wells, JPMorgan, US Bank and others came from refinancing old mortgages. While this may be a boon to present income, it…

Political Economy

Reinhart: Not everybody can be above-average in stress tests

Edward Harrison Apr 22, 2009

Irrespective of whether one thinks the stress tests used to test the U.S. banking system is a sham (10% unemployment is not a worst-case scenario), the fact of the matter is these tests MUST show some differentiation in order to be…

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