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

Are jobless claims peaking?

Edward Harrison Apr 2, 2009

Tomorrow, we all await the unemployment number with anticipation. In all likelihood, it is going to be a nasty number edging us ever closer to the 9.0% I once saw as a sort of upper range number for 2009. Meanwhile, jobless claims for…

Political Economy

Mark-to-market is dead

Edward Harrison Apr 2, 2009

This comes via Marc Chandler of Brown Brothers Harriman and is an even-handed review of what just happened: As widely expected FASB modified fair value accounting rules. The key seems to be for assets for which there is not a market. The…

News

Links: 2009-04-02

Edward Harrison Apr 2, 2009

Before I provide the links I want to add some clarifying points about previous articles. Regarding the story about Larry Summers, Summers did not dismiss the employee in question. So, the post title is rather misleading. My apologies.…

Political Economy

Did Larry Summers fire derivatives whistleblower at Harvard

Edward Harrison Apr 1, 2009

I am sure you realize by now that I believe Larry Summers is soft on derivatives, soft on regulation and soft on banking executives. He exemplifies the self-regulatory zeal of the previous boom. Given his indifference to responsible…

Economy

Eastern European economic growth to crater in 2009

Edward Harrison Apr 1, 2009

This comes via Angus Robertson over at Research Recap: Fitch Ratings forecasts that Emerging Europe (EE) will suffer its steepest fall in real GDP since the collapse of the Communist planned economic system in the early 1990s, reflecting…

Economy

U.S. banks’ derivatives exposure explodes to $200 trillion

Edward Harrison Apr 1, 2009

The OCC’s Quarterly Report on Bank Trading and Derivatives Activities for the Fourth Quarter 2008 is out. And derivatives exposure is way up. U.S. commercial banks now have a massive $200 trillion in derivatives exposure, which is 14x U.S.…

Economy

More credit card writedowns are coming

Edward Harrison Apr 1, 2009

Of course you know I think credit cards are going to produce a tsunami of writedowns, right? Things are looking more and more like that tsunami is right around the corner: Credit card writedowns soared to record levels in February,…

Economy

ISM: U.S. manufacturing contracting slower

Edward Harrison Apr 1, 2009

The March 2009 Manufacturing ISM Report on Business is out. The widely-followed figure of 36.3 for the purchasing manager's index (PMI) shows a manufacturing sector contracting quickly, albeit at a slower pace. Last month, the PMI was…

Political Economy

Obama sacks Geithner and Summers, calls for change

Edward Harrison Apr 1, 2009

This post was an April Fool's joke. We all know this is not going to happen anytime soon.

News

Links: 2009-04-01

Edward Harrison Apr 1, 2009

Lessons from Japan’s failed fiscal stimulus - Vox Eu Obama’s Ersatz Capitalism - Joseph Stiglitz, NY Times hat tip Mark Thoma The Future of Investing: Evolution or Revolution? - Bill Gross NBER: Household and NFP Differences Are…

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