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

U.S. consumer spending down 1% in December

Edward Harrison Feb 2, 2009

U.S. consumer spending contracted more than anticipated in December 2008, declining by 1.0%. However, this number is a look into the past and does little to help predict how spending will trend going forward.

Economy

The U.S. is exporting unemployment with ‘Buy America’

Edward Harrison Feb 2, 2009

Everyone should be concerned about the increasing tone of trade friction in the global economy. While Chinese Premier Wen and U.K. Prime Minister Gordon Brown are setting a positive tone in London today regarding bilateral trade…

Economy

Chinese migrants losing jobs three times faster than reported

Edward Harrison Feb 2, 2009

A survey in China has determined that job losses amongst migrant workers are three times worse than had been reported. In fact, 20 million workers in China have already lost employment.

Economy

MagnetBank failure as a canary in the coalmine

Edward Harrison Feb 2, 2009

In 2008, the FDIC successfully shut down 25 banks. This year it has already been six. To date, the FDIC had generally been able to find a buyer of one of the failed banks' deposits. After all, outside of IndyMac, the large majority of…

Political Economy

‘Buy American’ will translate into a 21st century Smoot-Hawley

Edward Harrison Jan 31, 2009

Politicians in Washington D.c. have cooked up a nice way to re-create the mistakes of the Great Depression by attaching a 'Buy American' provision onto the stimulus bill making its way through Congress. Apparently the Canadians and…

Economy

TurboTax: targetting ads to Obama’s team problems

Edward Harrison Jan 31, 2009

This is pretty funny actually (Hat tip Michael Turk).

News

Links: 2009-01-31

Edward Harrison Jan 31, 2009

Remember to switch your RSS feed to https://www.creditwritedowns.com/feed since FeedBurner has not been forwarding my feed correctly. The Most Popular Twitter Acronyms - Digital Inspiration Wall Street suffers worst January - BBC News…

Economy

Job cuts represent structural job losses

Edward Harrison Jan 30, 2009

Evidence that companies think that much of the downdraft in the economy represents a structural shift to a lower revenue base instead of a cyclical shift comes from the enormous goodwill writedowns companies are taking. Case and point is…

Economy

GDP: imports, inflation and local government are the story

Edward Harrison Jan 30, 2009

I have been out the entire morning and haven't been able to read any news reports on the GDP numbers. However, I have just now had a chance to look at the data and wanted to share my thoughts with you, unfiltered by the media reports. I…

Markets

Wall Street Journal: Right Forecast by Schiff, Wrong Plan?

Edward Harrison Jan 30, 2009

Wading into the controversy surrounding Peter Schiff's investment under-performance, the Wall Street Journal has released an article which calls into question the fundamental arguments for Schiff's investment strategy. Schiff, a fund…

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