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.

Political Economy

U.S. Bailout: the mother of all carry trades?

Edward Harrison Sep 26, 2008

There are some great ideas out there about what the U.S. bailout is all about. Earlier, I mentioned my belief that it had everything to do with marking to market. Just a while ago, I caught a post that has a very intriguing angle on the…

Economy

Bradford & Bingley may suffer Northern Rock’s fate

Edward Harrison Sep 26, 2008

Earlier today I highlighted a number of banks that were under severe selling pressure in their respective home markets. This list included Fortis, Macquarie, NCC, Wachovia and CIT. The UK's Bradford & Bingley is certainly on that list…

Economy

Fortis to speed asset sales

Edward Harrison Sep 26, 2008

The Dutch-Belgian bank Fortis has come under pressure in the aftermath of the WaMu bankruptcy. With the credit markets seized up globally, weaker banks are being attacked regardless of nationality - Wachovia, NCC and CIT Group in the US,…

Political Economy

How the Bailout deal unraveled yesterday

Edward Harrison Sep 26, 2008

The NY Times has a story on how yesterday's bailout deal failed. This is an insider's tale with blow by blow detail. It is a fascinating view into how the U.S. conducts government policy. Below is a snippet from the post and a link to the…

Economy

$700 Billion? Try $5 Trilion – So says Marc Faber

Edward Harrison Sep 26, 2008

Faber thinks that the U.S. needs a lot more money than the Paulson Economic Patriot Act suggests. I agree 100%. His figure is $5 trillion! That's a lot of dosh.Here is how he is quoted on Bloomberg:"The $700 billion is really nothing,''…

Economy

New Zealand in recession: who’s next in Asia?

Edward Harrison Sep 26, 2008

Last night, on Bloomberg TV I heard that New Zealand had become the first Asian economy to officially slip into recession. Today, I have seen the stats confirming this. Jim O'Neill, Chief Economist at Goldman Sachs, says the chance of…

Monetary System

Quote of the day – Richard Fisher, head of the Dallas Fed

Edward Harrison Sep 26, 2008

Richard Fisher of the Dallas Fed shows that some of the Fed Presidents get it. He is now on record for saying that interest rate cuts won't solve America's credit crisis problems. In fact, interest rate cuts will make them much worse. If…

Economy

Lehman’s gone, WaMu’s toast, who’s next?

Edward Harrison Sep 26, 2008

Judging from today's open on Wall Street, it looks like that's the question people are asking. Wachovia and NCC are the two companies under the heaviest selling pressure, both down about 20% already at 9:45.Remember that National City is…

News

News Round-up: 26 Sep 2008

Edward Harrison Sep 25, 2008

I am going to do this round-up of news early because the news cycle is very fast. Top billing today is the WaMu bankruptcy and asset seizure by the FDIC and immediate asset purchase by JP Morgan Chase. Please see my synopsis here.There is…

Economy

JP Morgan Chase buys WaMu out

Edward Harrison Sep 25, 2008

JP Morgan Chase has taken over the deposit taking subsidiary of Washington Mutual. The transaction is effective immediately, meaning it has closed. This is the biggest deal in FDIC activity yet. Note: I originally heard this story just…

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