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Browsing Category
Economy
Retail Sales Much Stronger than Expected
The February US retail sales data was much stronger than expected, even when taking into account the downward revisions in January. A picture of a broadening of the recovery is emerging. Looking at the Jan-Fed period…
Average jobless claims lower despite headline number
Seasonally-adjusted jobless claims dipped 6,000 to 462,000 for the week ending 6 Mar 2010. This is significantly lower than the revised 498,000 number we saw two weeks prior. Nevertheless, 4-week average jobless claims are still over…
Elizabeth Warren: GMAC did not pose a systemic risk
So why did we rescue this institution with a massive bailout? Elizabeth Warren, who chairs the Congressional Oversight panel of the TARP program, doesn't understand any more than taxpayers do. This is another example of the malinvestment…
German Exports and that Looming Double Dip
I hadn’t seen an advance release of the January German export data, when I wrote the following on Tuesday, honest injun I hadn’t: Well, this is only a hypothesis. But if the hypothesis has any validity we should be able to make some…
Spain’s debt woes and Germany’s intransigence lead to double dip
The Bloomberg video is a bit sensationalist in my opinion. But it gets to the heart of the problem in Europe, namely Spain. Spain has an economy and debt which is an order of magnitude larger than Greece. That means that problems in Spain…
The German Economy Is Essentially "Intact"
According to Bundesbank President Axel Weber, Germany’s economic recovery is “essentially intact”, and is now set to benefit from stronger demand in countries outside the euro region.
“I firmly believe that the recovery process that…
The fake stress tests and the coming wave of second mortgage writedowns
About a month ago I wrote a post called “The coming wave of second mortgage writedowns” the gist of which was that the big four banks (Citi, JP, BofA, and Wells) had a shed load of exposure to now worthless second mortgages. With many first…
Replacing market failure with regulatory failure
This is the fifth in a series of posts about ideas for financial reform generated by the “Make Markets Be Markets” conference I attended yesterday in New York City on 3 Mar 2010. You can download all of the written presentations here.…
Wall Street barred from European bond sales in retaliation for credit crisis
We have a bit of a divide developing between the EU and the U.S. on banking and bank reform. The most significant move in this tiff has come in retaliation for Wall Street’s role in helping countries like Greece hide their debt burdens.…
Ratigan: On financial reform, the joke is on us
This is the fourth in a series of posts about ideas for financial reform generated by the “Make Markets Be Markets” conference I attended yesterday in New York City on 3 Mar 2010. You can download all of the written presentations here.…