Jim Grant on Alan Greenspan
Just as an update to my post Greenspan: Hate Him, Hate Him, here is Jim Grant saying similar things. Update: Here is a new longer version of the video of Grant.
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Browsing Tag
interest rates
Greenspan: Hate Him, Hate Him
Sir Alan Greenspan was in DC yesterday, defending his legacy before the Financial Crisis Inquiry Commission. James Kwak has a piece up on Sir Alan called "Greenspan: Love Him, Hate Him." I seriously doubt many people 'love' Alan Greenspan…
Hoenig: What about zero?
Below is a link to the speech Thomas Hoenig, president of the Reserve Bank of Kansas City, gave today in Santa Fe, NM. The critical part of his speech was: Under this policy course, the FOMC would initiate sometime soon the…
The hidden tax of zero rates on consumers
Michael Pettis is out with another great piece on the likelihood that non-performing loans (NPLs) will rise in China when the present spate of malinvestment comes a-cropper. What caught my eye were his statements about the hidden ways…
So were the jobs numbers mediocre?
I've been out all morning, but here are my thoughts on today's employment report. Before the numbers came out, I said I was looking for a mediocre report because that is the sort of not too hot, not too cold kind of report which won't…
A mediocre payroll number is better than a robust one
All told, Friday's report could disappoint. But to a market preoccupied by the timing and size of the Federal Reserve's first interest-rate increase, a small job gain might actually be less traumatic than a supersize one. High…
Rosenberg: Home prices may drop as much as 20%
David Rosenberg, Chief Economist at Gluskin Sheff, has recently given a couple of different views about the near term future for housing prices. These views are different only in degree: both are negative. Home Prices May Drop 20% Further…
A New World Order
UPDATE: 19 MAR 2010: Given the debate on China and its currency peg, I thought this post from November 2008 would be relevant. It called for a new world order centered around a new monetary system. This idea has gained some currency as it…
What is Up with Fed Funds?
The federal funds rate has been creeping up in recent days. At first, many dismissed it as a technical quirk. In early February, the effective federal funds rate firmed to 14 bp as it did in early March. However it did not…
Make Markets Be Markets: The Doom Loop
This is the first in a series of posts about ideas for financial reform generated by the “Make Markets Be Markets” conference I attended yesterday in New York City on 3 Mar 2010. We heard presentations from speakers like Simon Johnson,…