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Browsing Category
Political Economy
PM Brown rejects BoE Head King’s call for breaking up big banks
If our response focuses only on the symptoms rather than the underlying causes of the crisis, then we shall bequeath to future generations a serious risk of another crisis even worse than the one we have experienced. -Mervyn King,…
Nationalized Citi Mexicana Redux
Back in March when the US Government felt compelled to bail out out Citigroup, Tracy Alloway over at FT Alphaville noticed a curious thing – Citigroup had effectively been nationalized. No, they were not seized by government, but Citi was…
Einhorn: Break up too big to fail financial institutions
David Einhorn delivered a speech at the 2009 Value Investing Conference that is creating a lot of buzz in the blogosphere. He said a lot of interesting things about the investing and political climate. A surprising amount of it comes…
Keep your hands off Goldman’s bonuses
The title of this post is somewhat misleading – designed to be provocative to get you to read what I have to say. Indeed, I am going to defend Goldman Sach’s right to pay what it likes to its employees. But, I am also going to defend your…
US angling to get Chinese to revalue renminbi
In what looks to be a central line of attack in the quest to re-balance the global economy, the Treasury Department has ratcheted up the rhetoric against China’s currency peg. The Treasury’s semiannual report to Congress slammed the Chinese…
More on greed, regulation, Lehman and the financial industry
In one of my latest posts I said “greed is not good.” Quite frankly, I looked at this statement as self-evident in the wake of an economic catastrophe where greed was a defining element. Yet, a remarkable number of people commented in…
Warren: The middle class “became the turkey at the thanksgiving dinner"
Below is a YouTube clip featuring Elizabeth Warren, the chair of Congress’ oversight panel of TARP (the Troubled Asset relief Program), the bailout started by Hank Paulson and passed by Congress. In it she talks about her fears…
Greed is not good
In the 1987 movie classic Wall Street, the sinister protagonist Gordon Gekko played by Michael Douglas gives this famous quote:
In the last seven deals that I’ve been involved with, there were 2.5 million stockholders who have made a…
Hyperinflation, national bankruptcy, dollar crash and other exaggerations
Earlier today I wrote a post featuring comments by Marc Faber as I like to do from time to time. In this particular case Dr. Faber was waxing prosaically about an eventual bankruptcy of the U.S. government. His money quote was:…