Posted in Financial system, alternative narratives. on Mar 15th, 2010
Good to read it all this is just an exccerpt. I;ve been interested in stories that people feel more compelling than global climate issues. Here is another such.
let;s take a closer look at the European banking industry. The following is not pretty reading. I have rarely, if ever, felt this apprehensive about the outlook. So, [...]
Posted in Financial system on Mar 15th, 2010
I like it when the frame is extended.
Brad DeLong ultimately nailed it in my opinion with the Electrical Revolution starting in 1850. Though he refers back to 1825 when the same problems seemed to occur, I do not think they were as nearly correlated in 1825. By 1850, the electrical revolution was on and it [...]
Posted in Financial system on Mar 15th, 2010
a further quote in the article.
As George Akerlof and I argue in our recent book Animal Spirits, the current financial crisis was driven by speculative bubbles in the housing market, the stock market, and energy and other commodities markets. Bubbles are caused by feedback loops: rising speculative prices encourage optimism, which encourages more buying, and [...]
Posted in Financial system on Mar 15th, 2010
Here is a good attempt..Economist’s View: Shiller: A Crisis of Understanding
The causes given were “distributed widely among government, labor, industry, international politics and policies.” They included misguided government interference with markets, high income and capital gains taxes, mistaken monetary policy, pressures towards high wages, monopoly, overstocked inventories, uncertainty caused by the reorganization plan for the [...]
Posted in Daily notes, Financial system on Mar 1st, 2010
Asia Times Online :: Asian news and current affairs.
This economy is likely to protect the already well off and hurt everyone else. The rich, having gained the wealth, now want t make sure that the costs are borne by the rest. Current and future funds transfers, such as FDIC guarantees, and future interest on the debt (paid from the treasury to [...]
Posted in Daily notes, Financial system on Feb 26th, 2010
Worth remembering
Mr. Buffett compiled a data sheet of the men and women who work in his office. He had each of them make a fraction; the numerator was how much they paid in federal income tax and in payroll taxes for Social Security and Medicare, and the denominator was their taxable income. The people in [...]
Posted in Financial system, key issues on Feb 25th, 2010
http://www.tnr.com/article/politics/shooting-banks
Shooting Banks
Obama’s impotent assault on Wall Street.
Peter Boone, Simon Johnson
February 24, 2010 | 12:00 am
On January 21, in an abrupt change of policy, President Obama announced his intention to take on the big bankers who have brought us so much trouble. “If these folks want a fight, it’s a fight I’m ready to have,” he [...]
Posted in Community, Financial system on Nov 30th, 2009
A Tale of Two American Economies
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Nouriel Roubini | Nov 18, 2009
From the Globe and Mail:
While the United States recently reported 3.5 per cent GDP growth in the third quarter, suggesting that the most severe recession since the Great Depression is over, the American economy is actually much weaker than official data suggest. In fact, official [...]
Posted in Community, Financial system, GardenWorld on Nov 8th, 2009
We’ve all heard the hype about the economy is getting better. the NYT this morning has the following well-meaning editorial with some sense of correction of the normal upbeat forecasts.
EDITORIAL
Jobless Recovery
If you are looking for an economic recovery you can believe in, the October employment report is not for you.
After contracting for a year and [...]
Posted in Community, Financial system, key issues on Oct 30th, 2009
From Krugman in the NYT
Growth and jobs
Just a quick note on the GDP report. Obviously, 3.5 percent growth is a lot better than shrinkage. But it’s not enough — not remotely enough — to make any real headway against the unemployment problem. Here’s the scatterplot of annual growth versus annual changes in the unemployment rate [...]