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Browsing Category
Political Economy
S&L crisis chronology and accounting rules
The FDIC has a chronology of the Savings and Loan crisis on its website. I think they do a pretty good job of highlighting all the key points without slanting things for political purposes. See the link at the end of the post for the…
Nouriel Roubini: Bloomberg Interview on Banking Crisis Plan
Yesterday, Nouriel Roubini, Professor of Business at New York University and most prescient prognosticator of the bubble, gave an interview to Bloomberg Radio. This is one of the most comprehensive interviews I have heard him give.
It is…
Katie Couric: What newspapers do YOU read?
In her interview with Sarah Palin, Katie Couric asked the vice-presidential candidate what newspapers she reads to get current on world affairs. Palin's response was: "ALL of them." Take a look at the video below.Before the last week or…
Why the bailout’s failure was a good thing
Everyone's dancing and cheering now that the bailout has been rejected. So, as Ice-T used to say, "Bust the cork on the Moët!" (image via Flickr).The market's up 500 points and all is well and swell. The guys over at Lombard Street Research…
Ireland guarantees bank deposits at six banks
Update: While the Irish were following the Swedish script, it became clear to me shortly after I wrote this that the bank debt guarantees were not a good idea. This post from Willem Buiter explains it best.
Along with American and…
The global economy has crashed: we need a comprehensive credit crisis plan
Despite the fall in markets, Congress's not having passed the Economic Patriot Act may be a blessing in disguise. The FTSE is trading up. Dow futures show a rise of 170 points. So, maybe the sell-off was a one-day event.
In any event, it…
The House defeats the bailout plan and shares plunge
The House of Representatives in the United States has defeated the proposal originally crafted by U.S. Treasury Secretary to help bail the U.S. out of financial difficulties. My hope is that Congress can get to business and craft a…
Stephen Roach has a bone to pick with Congress
Echoing my sentiments in the last post, "The U.S. banking crisis: where are we?," Stephen Roach, the head of Morgan Stanley Asia has made a blistering attack on the U.S. Congress. He has labeled Congress's response to crisis…
European banking collapse including nationalisation of three banks
UPDATE: 9:30 AM ET: This post has been updated to reflect the events surrounding Fortis.
On Friday, I warned that European government officials like Peer Steinbrück of Germany should refrain from chastising the U.S. and the U.K. over…
U.S. Bailout: the mother of all carry trades?
There are some great ideas out there about what the U.S. bailout is all about. Earlier, I mentioned my belief that it had everything to do with marking to market. Just a while ago, I caught a post that has a very intriguing angle on the…