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The Unsustainable US Economy
Yesterday I said that, given the housing rebound, it seemed ever more likely that the US economy would be able to power through the budget cuts from the sequester and the fiscal cliff. This is the asset-based economy at work. There is…
Poor PMIs Shake Markets
The ball got rolling in Asia as China's official manufacturing PMI eased to 50.1 from 50.4 in January. The details were poor, even if not that surprising after the HSBC measure. New orders fell to 50.1 from 51.6 and new export orders fell…
US Housing and Economy and Reaching for Yield
Today I thought I would try a little experiment by beginning to write a daily commentary. I have been thinking about doing this for a while and decided I needed to give it a go here because I don't have an in-depth article I am working on.…
“Pervasive” Fraud by our “Most Reputable” Banks
A recent study confirmed that control fraud was endemic among our most elite financial institutions.
An Italian voter speaks out on the real reasons Italians voted for Grillo
A reader of our blog here at Credit Writedowns recently wrote to me, detailing why Italians voted as they did in the recent general election. Her view speaks more to a rejection of corporatism and corruption than austerity.
Bill Gross on irrational exuberance
Bill Gross' latest investment outlook is up at PIMCO and he echoes the theme everyone is now talking about - irrational exuberance. He goes into great depth, saying that we are at about 6 on a scale of one to ten when measuring asset price…
On Bernanke’s testimony
I was on BNN this afternoon talking to presenter Howard Green and The Economist's Ryan Avent about Fed Chairman Ben Bernanke's testimony before congress today. You can read Bernanke's prepared remarks here and watch the video clip here.…