January 2009
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“For all practical purposes there is no difference between the Smoot-Hawley...”
– Daniel Ikenson in Trade Lessons Unheeded (Cato @ Liberty)
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“That is the height of irresponsibility. It is shameful. And part of what we’re...”
– President Barack Obama, quoted by Sheryl Gay Stolberg and Stephen Labaton in Obama Pressures Wall Street Over Bonuses - NYTimes.com
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“Illinois Governor Rod Blagojevich was removed from office on Thursday after the...”
– Blagojevich ousted as Illinois governor | Reuters
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“The results dragged Ford to a full-year loss of $14.6 billion, eclipsing 2006’s...”
– Mike Ramsey in Bloomberg.com: Worldwide
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“The risk shifts to the employer under “defined benefit” plans, in which future...”
– John Entine in The Next Catastrophe: Think Fannie Mae and Freddie Mac were a politicized financial disaster? Just wait until pension funds implode. - Reason Magazine
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“Altogether, CalPERS saw the overall value of its fund drop to $186 billion at...”
– David Serchuk quoting the Fresno Bee in CalPERS Is Suffering Too - Forbes.com
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“Based on various industry reports and FBI analysis, mortgage fraud is pervasive...”
– Chris Swecker, then assistant director of the FBI criminal investigation division, in October 2004 before the House subcommittee on housing and community opportunity, quoted by Paul Shukovsky in FBI saw mortgage fraud early
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“I was extremely disappointed — but not surprised — to learn that AIG...”
– Representative Elijah Cummings,member of the House Committee on Oversight and Government Reform, quoted by Hugh Son in Bloomberg.com: Worldwide
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“This is the worst period since the interwar years. The global growth backdrop is...”
– Institute of International Finance chief economist Philip Suttle quoted in Warning over collapse in capital flows - Telegraph
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“Patterson’s appointment marks the second time in President Barack Obama’s first...”
– Geithner enlists lobbyist as top aide - Jeanne Cummings - Politico.com
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“In a striking example of how the global financial crisis and high food prices...”
– Javier Blas in FT.com / Global Economy - Nations turn to barter deals to secure food
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“The gap in pay between commercial bankers and investment bankers is one of the...”
– Yves Smith in naked capitalism: Merrill Pay Down Only Slightly in 2008 From 2007 Levels
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“Consumer spending is punk and corporate IT budgets are shrinking. But even with...”
– Eric J. Savitz in You Knew Earnings Would Be Bad, but This Bad? - Barrons.com
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“If we accept that the world is not characterized by perfect and complete...”
– Geoffrey Whittington in Fair Value and the ISAB/FASB Conceptual Framework Project: An Alternative View (pdf)
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“And I wondered if this wasn’t why capitalism crashed: CEOs who make boneheaded...”
– Jeff Matthews Is Not Making This Up: Werewolves of Wall Street: Why Capitalism Collapsed
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“Until we deal with the compensation model, we’re not going to deal with the...”
– Mary L. Shapiro, quoted by Stephen Labaton in Obama Plans Fast Action to Tighten Financial Rules - NYTimes.com
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“How do normal people pay for champagne?”
– Dealbreaker - A Wall Street Tabloid - Business News Headlines and Financial Gossip - Fashion Meets Finance
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“China has never used so-called currency manipulation to gain benefits in its...”
– China’s commerce ministry, in a response to Tim Geithner declarations in his public confirmation hearing, quoted in Geithner, Obama and China | The Big Picture
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“I don’t think there is a sound UK bank now, at least, if there is one I don’t...”
– Jim Rogers, chairman of Rogers Holdings and co-founder of the Quantum Fund with George Soros, quoted in FT.com / Markets - View of the Day: Sterling in peril
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“The Chinese renminbi remains a thorn in the side of the US trade balance. Mr...”
– Steve Barrow, quoted in FT.com / Markets / Investor’s notebook - View of the Day: Dollar honeymoon
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“The widening divergence revealed in the charts suggests a crisis had become...”
– John Kemp in U.S. & UK on brink of debt disaster: John Kemp | Reuters
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“Credit-default swaps clearly played a role in this debacle, and it is crucial...”
– GRETCHEN MORGENSON in Fair Game - Time to Unravel the Knot of Credit-Default Swaps - NYTimes.com
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“Allowing cash settlement CDS contracts to continue to exist and trade in their...”
– The Institutional Risk Analyst: To Stabilize Global Banks, First Tame Credit Default Swaps
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“‘Sir, you are not a banker as you have claimed,’ said one of the...”
– The Institutional Risk Analyst: To Stabilize Global Banks, First Tame Credit Default Swaps
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“The perverse effects of fair value accounting in a market panic are why almost...”
– Alex J. Pollock in an article originally publishe in The American Spectator and republished in The Institutional Risk Analyst: Does Fair Value Accounting + Credit Default Swaps = Global Deflation?
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“Legislation was repeatedly brought forth to Congress over the past eight years,...”
– Andrew Lahde after he closed his edge fund, quoted in Hedge Fund Manager: Goodbye … And Think Pot - General * US * News * Story - CNBC.com
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“Journalists were grossly deficient when it came to covering the reckless...”
– Dan Gillmore in TPMCafe | Talking Points Memo | The Media’s Role In The Financial Crisis
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“So the 6.8% growth was actually a 0% growth – or possibly negative growth – in...”
– Nouriel Roubini in RGE - The Chinese Devil Wears Prada: Why 0% Growth is the New Size 6.8%
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“The economy suffered a brutal 1.5 per cent drop in Gross Domestic Product (GDP)...”
– It’s official - Britain is in recession - Times Online
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“Europe’s leading IP research centres have clearly shown the proposal does not do...”
– The Open Rights Group : Consumers, citizens and information professionals around the world unite to condemn copyright extension
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“In short: the office is where the computer is. You may work in the building...”
– Response from EBLIDA to the European Commission’s Green Paper ‘Copyright in the Knowledge Economy’ [COM (2008) 466/3] (pdf)
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“But I am saying you can’t have it both ways; you can’t control, monitor and...”
– Stan Schroeder in Can Free Content Boost Your Sales? Yes, It Can
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“The reality was that there was no ‘investment in investor...”
– Christopher Cox Leaves - Floyd Norris Blog - NYTimes.com
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“The investor capacity to lie to themselves is truly an awesome thing to witness.”
– Barry Ritholtz in Celebrating Incompetent Insider Stock Buys | The Big Picture
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“No one doubts that losses will go higher, so asset sales are certain to be...”
– Meredith Whitney in FT.com / Comment / Opinion - America’s banks need to hold a yard sale
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“There have been regular protests outside Iceland’s parliament and central bank,...”
– FT.com / Europe - Icelandic protesters clash with police
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“The Ontario Securities Commission is seeking a record penalty - one that could...”
– Jacquie McNish, Janet McFarland and Paul Waldie in reportonbusiness.com: Securities watchdog pursues record fine for RIM execs
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“Merrill, meanwhile, decided to move up its year-end bonuses, doling out cash...”
– Charlie Gasparino in Thain’s Future at BofA To Be Decided This Morning - Financials * US * News * Story - CNBC.com
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“China’s official urban unemployment rate jumped for the first time since 2003...”
– Li Yanping in Bloomberg.com: News
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“That means housing price will fall to 53% of their peak level, so the decline...”
– Yves Smith in naked capitalism: National Association of Home Builders: Cumulative Price Fall to Exceed 45% in 2009
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“Obviously the leaders of the international financial industry will protest...”
– M of A - Helmut Schmidt: Six steps to curb speculation
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“I’ve found that credit losses could peak at a level of $3.6 trillion for U.S....”
– Nouriel Roubini, quoted by Henry Meyer and Ayesha Daya in Bloomberg.com: News
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“The paradoxical conclusion is that it may not matter what new institutions or...”
– Leigh Caldwell in Bounded rationality and the credit crisis | vox - Research-based policy analysis and commentary from leading economists
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“The danger is blindingly obvious. The $4.4 trillion of foreign liabilities...”
– SERIOUSLY ALARMED :: Ambrose Evans-Pritchard
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“The workouts (process of negotiation to avoid bankruptcy) in which he had been...”
– Edward Harrison in Circuit City as canary in the coalmine for commercial real estate | Credit Writedowns
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“Given how messy all of these alternatives are, why not simply go down the...”
– Felix Salmon in Why Nationalization is the Best Alternative - Finance Blog - Felix Salmon - Market Movers - Portfolio.com
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“The day may yet come when we will be freed from the eccentricities of financial...”
– Tom Selling in The Accounting Onion: The ‘Preliminary Views on Financial Statement Presentation”: Seven Years of Deliberation for This?
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“Darrel Dochow, the West Coast regional director at the Office of Thrift...”
– BRIAN ROSS, JUSTIN ROOD, and JOSEPH RHEE in Government Regulators Aided IndyMac Cover-Up, Maybe Others
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“The answer seems to be that Washington remains deathly afraid of the N-word —...”
– Paul Krugman in Op-Ed Columnist - Wall Street Voodoo - NYTimes.com