January 2010
1 tag
“In its second major intervention in Britain in the past year, the agency...”
– Nicholas Watt in UK banks downgraded by credit rating agency | Business | guardian.co.uk
2 tags
“If economists and regulators had recalled the securitizations of the 1920s, they...”
– Floyd Norris in High and Low Finance - In the Packaging of Loans, a Bust With Precedent - NYTimes.com
1 tag
“You may also want to possibly break them up because you have the problem of...”
– George Soros in BBC News - Davos 2010: George Soros full interview
2 tags
“Citing Japan’s fifteen years of recession that started in the early 1990s,...”
– Robert Peston in BBC - Peston’s Picks: Soros: ‘bleak outlook for UK’
2 tags
“It’s one thing to talk about the public’s perception of health care reform...”
– Kaiser Family Foundation President and CEO Drew Altman, quoted by Maggie Bahar in Who Voted for Brown in Massachusetts — and Why? | Angry Bear
2 tags
“To his credit, Scheiber patiently walked me through his thinking: He suggests...”
– Barry Ritholtz in The Big Picture » Blog Archive » A “Veneer of Volckerism”
1 tag
“Despite the admission by BBVA President Francisco González earlier in the week...”
– Edward Hugh in After Greece and Portugal, does Spain come next? - Credit Writedowns
2 tags
“Although few people now remember it, another wave of private securitizations...”
– Floyd Norris in High and Low Finance - In the Packaging of Loans, a Bust With Precedent - NYTimes.com
2 tags
“Now, unfortunately, the banks which have been producing phenomenal results...”
– George Soros in BBC News - Davos 2010: George Soros full interview
1 tag
“The major consequence of thirty years of financial deregulation is that it has...”
– Marshall Auerback in The Big Picture » Blog Archive » A PROPOSAL FOR GENUINE FINANCIAL REFORM
2 tags
“ETNO wishes to raise concern over the lack of transparency in the process. We...”
– European Telecommunications Network Operator’s Association in EC104 - ETNO Expert Contribution on the on-going ACTA negotiations
1 tag
What do Texas, Steroids and the Financial Crisis...
recro:
Quite a lot.
Those that lived in Texas in the 1980s have seen this before. The epicenter of the Savings and Loan crisis was in Texas. The S&Ls in Texas had more carnage than the banks and S&Ls in the rest of the country combined. And for the same reasons the major commercial banks were essentially insolvent in late 2008. Too much hat too little cattle.
The events that took...
1 tag
SOTU As The Job Situation Gets Worse →
azspot:
A consumer-driven economy depends on consumers being able to consume. Reagan’s policies decoupled wage growth from productivity growth. Before this wages increased along with productivity but since, all productivity increases just meant more $$ going to an already-wealthy few the top, with the rest of us having to borrow just to keep going. Borrowing took over — government borrowing...
2 tags
“Attendees at the so-called “public meeting” were booed by...”
– Cory Doctorow in Activist ejected from “public” meeting on secret copyright treaty for tweeting Boing Boing
1 tag
“The US Treasury identifies this group as institutions in the Bahamas, Bermuda,...”
– Paul Toscano in The Biggest Holders of US Government Debt: #10 Caribbean Banking Centers- CNBC
1 tag
“The global-warming deniers have claimed for years that the overwhelming...”
– Johann Hari (via azspot)
2 tags
“We have gone far down an alternative path – creating a society in which...”
– Joseph Stiglitz (via azspot)
1 tag
2 tags
1 tag
Eye-popping GDP number not sustainable →
crazynutjob:
The consensus (reported by MarketWatch) for Friday’s fourth quarter 2009 GDP report is 5.5%. It looks like inventory buildup did occur. I find this a little surprising given the weakness in the Manufacturing ISM data. The employment data was very strong, but the inventory numbers were not. From the ISM data alone, I would have predicted better inventory growth in Q1, not Q4.
This...
1 tag
“It is preposterous that reaching a settlement for less than 100 cents could be a...”
– James D. Cox, professor of corporate and securities law at Duke University School of Law in Durham, North Carolina, quoted by Jody Shenn, Bob Ivry and Alan Katz in AIG 100-Cents Fed Deal Driven by France Belied by French Banks - Bloomberg.com
1 tag
“The problem is that the government’s statements and actions surrounding these...”
– Steven M. Davidoff in Understanding the A.I.G. Dispute - DealBook Blog - NYTimes.com
1 tag
“The decision to pay in full came after France’s bank regulator insisted that...”
– Jody Shenn, Bob Ivry and Alan Katz in AIG 100-Cents Fed Deal Driven by France Belied by French Banks - Bloomberg.com
1 tag
“The Financial Crisis Responsibility Fee is understandable and defensible. It...”
– Mohamed El-Erian, CEO of Pimco, in FT.com / Financials - US bank tax has merits but lacks real financial clout
2 tags
“Let me tell you, increasing capital ratios to 20% to 25% will have a much more...”
– Yves Smith in Buffett Talks His Book, Voices Opposition to Bank Fee « naked capitalism
1 tag
“The major question now is – will the White House have the courage of its...”
– Simon Johnson in Paul Volcker Prevails « The Baseline Scenario
1 tag
“So we have the specter of one regulator pushing a public company to operate in a...”
– Yves Smith in So Why is the Fed So Desperate to Keep Maiden Lane III Details Secret? « naked capitalism
1 tag
“This has been terribly mishandled. There’s this pattern that emerges that the...”
– James D. Cox, professor of corporate and securities law at Duke University School of Law, quoted by Hugh Son and Michael J. Moore in AIG Took Four Tries on Filing as Fed Asked to Withhold Data - Bloomberg.com
1 tag
“It looks as if we are heading to a European-type situation, where individual...”
– Simon Johnson in The White House Should Also Announce An Antitrust Investigation Into Major Banks « The Baseline Scenario
1 tag
“Before, 16.7% of the “fair value” of the portfolio was commercial real estate...”
– Yves Smith in FT As Shameless Fed-Booster, Runs Incredible Claims re Results on AIG Assets « naked capitalism
1 tag
“In the letter, Bernanke states that the government will be paid back in full by...”
– Tim Iacono in The Mess That Greenspan Made: Bernanke wades further into the AIG mess
1 tag
“The 400 most senior bankers at Credit Suisse in London will be forced to take a...”
– Jill Treanor in Credit Suisse’s top UK staff see payouts cut due to bonus tax | Business | guardian.co.uk
1 tag
“One of the banks worst hit by the global financial crisis, Citigroup is anxious...”
– Andrew Clark in Citigroup announces $1.6bn loss for 2009 | Business | guardian.co.uk
2 tags
“I understand that the Treasury had little choice but to use taxpayers’...”
– Billy Bragg, quoted by Jill Treanor in Goldman Sachs staff must wait to hear size of bonuses | Business | guardian.co.uk
1 tag
“Adding inexorably to the stock of international assets and liabilities is like...”
– Mervyn King, governor of the Bank of England, quoted by Ashley Seager in Beware global economic imbalances, Mervyn King warns | Business | The Guardian
1 tag
Offline Book "Lending" Costs U.S. Publishers... →
think4yourself:
robot-heart-politics:
bmckinney:azspot:
Hot on the heels of the story in Publisher’s Weekly that “publishers could be losing out on as much $3 billion to online book piracy” comes a sudden realization of a much larger threat to the viability of the book industry. Apparently, over 2 billion books were “loaned” last year by a cabal of organizations found in nearly every...
1 tag
“The compliance requirement says firms must show they “have appropriate...”
– David Benyon in UK FSA sends “Dear CEO” letter on liquidity systems and control requirements - Risk.net
2 tags
“These days, unfortunately, we are still reading of the persistence of unethical...”
– Ivo Pezzuto in The “Miracle” Still Goes On For Someone… « The Baseline Scenario
1 tag
“The origins of the crisis lay in our inability to cope with the consequences of...”
– Mervyn King, governor of the Bank of England, quoted by Ashley Seager in Beware global economic imbalances, Mervyn King warns | Business | The Guardian
1 tag
“The group calls their version of contingent capital “regulatory hybrid...”
– Economist’s View: A Technocratic Solution to Financial Instability? (via nonolet)
1 tag
“JP Morgan alone is estimated to face a bonus-tax levy from the exchequer of at...”
– Jill Treanor in Goldman Sachs bankers ‘set for 81% rise in bonuses’ | Business | The Observer
2 tags
“I would describe bankruptcy as the inability to pay one’s bills....”
– Jim Nowlan, senior fellow at the University of Illinois’ Institute of Government and Public Affairs, quoted by Paul Merrion, Greg Hinz and Steven R. Strahler in Illinois enters a state of insolvency | Crain’s Chicago Business
2 tags
“What to do? We could promise never to bail out financial institutions again. Yet...”
– Greg Mankiw’s Blog: The Bank Tax
1 tag
‘Big Government’ Health Care →
azspot:
The federal government released its latest estimates of health spending last week, and they allow for some telling comparisons. In 2008, the country spent $2.3 trillion on medical care, or 16.2 percent of gross domestic product and $7,681 per person.
Of this $2.3 trillion, the federal government spent $817 billion, while state and local governments spent $290 billion. The tax exclusion...
1 tag
“Instead of sending a phalanx of lobbyists to fight this proposal or employing an...”
– President Barack Obama, quoted by Eric Dash in Wall St. Weighs Legal Challenge to Proposed Bank Tax - NYTimes.com
2 tags
“Wall Street is in effect selling cars with faulty brakes, and then taking out...”
– Phil Angelides, chair of the Financial Crisis Inquiry Commission, to Lloyd Blankfein, head of Goldman Sachs, quoted by Peter Boone and Simon Johnson in FT.com / Comment / Opinion - A bank levy will not stop the doomsday cycle
2 tags
“When the Soviet Union fell apart, there were two competing views on what needed...”
– Peter Boone and Simon Johnson in FT.com / Comment / Opinion - A bank levy will not stop the doomsday cycle
1 tag
“Still auto dealers across western New York say they are optimistic about sales...”
– FRB: Beige Book—New York—January 13, 2010 (via nonolet)
1 tag
“Still auto dealers across western New York say they are optimistic about sales...”
– FRB: Beige Book—New York—January 13, 2010 (via nonolet)
1 tag
“Several bankers cited examples of small businesses replacing and in some cases...”
– FRB: Beige Book—Richmond—January 13, 2010 (via nonolet)