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

Picture of the day: waiting in line in LA

Edward Harrison Jul 14, 2008

This comes from the LA Times: October 7, 2003, Simi Valley In Simi Valley, in 2003, people camped out for the chance to buy a yet-unbuilt condo for about $300,000. Photo Credit: Bob Carey, L.A.Times July 14, 2008, Pasadena…

Markets

Martinsa Fadesa: the largest bankruptcy in Spanish history

Edward Harrison Jul 14, 2008

Martinsa-Fadesa, a large real estate company in Spain has gone to the wall. As is usual, bankruptcy came in the form of a liquidity crisis, not as a technical bankruptcy. Below is a report from El País in Spain, followed by a report from…

Economy

Some people may get stiffed by the FDIC: check your bank

Edward Harrison Jul 14, 2008

With IndyMac having gone bust, bank shares tanking, and speculation rampant about who's next, it's time to consider what and how much the FDIC actually insures. This information is available at the FDIC website and I have added a blurb and…

Political Economy

A month ago, the Fed was going to raise rates

Edward Harrison Jul 14, 2008

A month ago, the market was rampant with crazy speculation, not about if the Fed was going to raise rates, but when and by how much."Fed Funds futures now imply a near certainty of two 25 basis point rate increases by November."-FT, 10 Jun…

Economy

Bush: ever the opportunist, lifts oil drilling ban

Edward Harrison Jul 14, 2008

George W. Bush certainly has chutzpah. Ever the opportunist, he has taken advantage of high oil prices to lift the ban on offshore oil drilling. Americans continue to allow this President free reign and Congress as allowed him creeping…

Economy

Market turmoil confirms FDIC’s tough position

Edward Harrison Jul 14, 2008

Looking at today's selling wave, a number of bank shares are down over 10% including Washington Mutual (WM), National City (NCC), Wachovia (WB), Zion (ZION). Many other shares are trading well into negative territory with share prices…

Economy

Does the FDIC have enough money?

Edward Harrison Jul 14, 2008

Given the fact that the FDIC lost a massive $10.7 billion on the IndyMac transaction, I am re-posting this blurb from July. I said then, I still believe, the FDIC needs a lot more money or it will be bust. Sheila Bair has already requested…

Monetary System

UK consumers don’t save

Edward Harrison Jul 14, 2008

We knew that didn't we? Well, in response to a questionnaire by Nationwide, the building society, consumers basically said savings is not important and that they don't save as a result. I'm willing to bet UK consumers will change their…

Economy

Bank consolidation and getting positive about the credit crisis

Edward Harrison Jul 14, 2008

The global economy is gripped by its worst financial crisis since the Great Depression. People are losing their homes and their jobs, banks are going bankrupt, and stock markets in the U.S. and elsewhere have fallen significantly from…

Economy

Spain’s BBVA making a push in the US

Edward Harrison Jul 14, 2008

On the heels of a story about Spanish giant Santander buying Alliance & Leicester in the UK, it comes as good news in the marketplace that another Spanish giant, BBVA (Banco Bilbao Vizcaya Argentaria), is on the prowl as well.After…

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