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Economy
Mental Midgets and Moral Pygmies
The following is a re-print of the latest monthly newsletter from Niels Jensen of Absolute Return Partners, published with the express permission of the author. Visit www.arpllp.com to learn more about Absolute Return Partners. You…
Meredith Whitney: The government is "out of bullets"
I am not sure I buy Meredith Whitney's assertion that the government is “out of bullets” in its quest to prop up the economy. It’s a matter of political will more than anything else. Nevertheless, I do agree with her basic premise in the…
Expect continued losses from Nordic bank exposure outside home market
Moody’s anticipates continued losses at Danske Bank, SEB, and Swedbank due to large exposure outside of the Nordic markets. In particular, exposure in the Baltics is likely to lead to continued writedowns for Nordic banking…
Andy Xie on China, money and asset bubbles
I mentioned comments by former Morgan Stanley economist Andy Xie on reckless monetary policy earlier today. Below are interviews Xie gave with the Financial Times in Shanghai back in September which give a more comprehensive look at his…
Bank lobbying e-mail: Quid Pro Quo to kill mortgage modification bill
This piece comes from Sam Stein at the Huffington Post The allegation of a quid pro quo was based on an email that Durbin received last spring after his amendment to allow judges to modify mortgages for homeowners who enter bankruptcy…
Video: Fitch downgrades Greece to BBB+ as violence erupts
Greece has been downgraded by Fitch Ratings to BBB+ over concerns about its budget deficit. Despite the cut, Fitch maintained a negative outlook on the country’s ratings, meaning it could fall further in the near future. This action…
Healthcare insurance industry insider: “We win”
From Politico’s Ben Smith, quoting a healthcare insider: We WIN… Administered by private insurance companies. No government funding. No government insurance competitor. Forget about the politicians. This statements speaks more loudly…
The drop in unemployment is give back from the prior month
I happen to think we are in (an unsustainable) recovery. And that means that the labour market, while poor is improving. This is why my headline from the latest employment figures was “Unemployment rate recedes as worst of this…
AmTrust Bank seized by regulators after asset stripping
You kind of knew this was going to happen. Given the fact that AmTrust Financial, the holding company filed bankruptcy (see my story here) after a bit of asset stripping, the FDIC was forced to come in and seize the banking subsidiary…