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Browsing Category
Political Economy
Reinhart: Not everybody can be above-average in stress tests
Irrespective of whether one thinks the stress tests used to test the U.S. banking system is a sham (10% unemployment is not a worst-case scenario), the fact of the matter is these tests MUST show some differentiation in order to be…
The German econblogger space is just fine
This past Sunday Felix Salmon wrote a post called "10 reasons for the lack of German econobloggers." I found it inaccurate and offensive. Let me tell you why.
I was in Germany at the time I read the post and had been there for the…
Statements on Capitol Hill by Geithner and Warren
Below you can watch a video clip of Congressional Oversight Chairperson Elizabeth Warren's introductory remarks at a hearing today on Capitol Hill. Afterward, Treasury Secretary Tim Geithner responds in a 10-minute open statement.
Barack Obama as Herbert Hoover
This is a post I originally posted over at Yves Smith's site, Naked Capitalism, in April 2008. My intent here is not to malign Obama, Roosevelt or Hoover or make facile comparison but to identify important differences between the economic…
A conversation with Robert Caro on Charlie Rose
One of my favorite books is "The Power Broker," a book for which Robert Caro won a Pulitzer Prize. It documents the life and times of master builder Robert Moses, who shaped New York City and American and world city planning for decades.…
Massive debt issuance in the U.S. and elsewhere
This contribution comes from Marc Chandler of Brown Brothers Harriman, one of my favourite currency strategists. His latest missive highlights the huge amount of debt being issued by sovereigns. It is not just the United States.:
Much of…
Liquidity
This is a re-post that I hope serves as a reminder that although we are NOT talking about a liquidity crisis in the financial sector, but rather a solvency crisis, liquidity remains very much a concern. This post, despite being 6 months…
Mark-to-market is dead
This comes via Marc Chandler of Brown Brothers Harriman and is an even-handed review of what just happened:
As widely expected FASB modified fair value accounting rules. The key seems to be for assets for which there is not a market. The…
Did Larry Summers fire derivatives whistleblower at Harvard
I am sure you realize by now that I believe Larry Summers is soft on derivatives, soft on regulation and soft on banking executives. He exemplifies the self-regulatory zeal of the previous boom. Given his indifference to responsible…
Obama sacks Geithner and Summers, calls for change
This post was an April Fool's joke. We all know this is not going to happen anytime soon.