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Mark Spitznagel: The Man Who Predicted the Depression

Sat, 7 Nov 2009 14:15:00 +0000

MARK SPITZNAGEL Ludwig von Mises was snubbed by economists world-wide as he warned of a credit crisis in the 1920s. We ignore the great Austrian at our peril today. Mises's ideas on business cycles were spelled out in his 1912 tome "Theorie des Geldes und der Umlaufsmittel" ("The Theory of Money ...

TraderFeed found this 10 hours ago on online.wsj.com

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Civil War In Corporate America: Banks Battling The Chamber On Accounting Rules

Fri, 6 Nov 2009 22:24:24 +0000

Amid the ongoing financial regulation overhaul, the banking industry is hoping to pull off a quiet power grab that has eluded its grasp since the Great Depression, by stripping the independence of the board that sets financial accounting standards. The move could effectively let banks set their ...

FT Alphaville found this 26 hours ago on huffingtonpost.com

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Bank of England says financiers are fuelling an economic 'doom loop'

Sat, 7 Nov 2009 09:39:19 +0000

The banking sector must be overhauled as profoundly as in the wake of the Great Depression or financiers will 'game the state' over and over again.

naked capitalism found this 15 hours ago on telegraph.co.uk

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Vanityfair: Endless Summers

Thu, 5 Nov 2009 10:44:36 +0000

Throughout his dazzling but controversial career—top World Bank economist, Treasury secretary, Harvard University president, and now head of the White House National Economic Council—Larry Summers has been his own worst enemy. As friends, colleagues, and Summers himself try to explain his ...

DealBook found this 2 days ago on vanityfair.com

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Mother of all carry trades faces an inevitable bust

Mon, 2 Nov 2009 04:36:46 +0000

Since March there has been a massive rally in all sorts of risky assets – equities, oil, energy and commodity prices – a narrowing of high-yield and high-grade credit spreads, and an even bigger rally in emerging market asset classes (their stocks, bonds and currencies). At the same time, the ...

naked capitalism found this 5 days ago on ft.com

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Be Prepared for the Worst

Mon, 2 Nov 2009 04:49:00 +0000

Any number of pundits claim that we have now passed the worst of the recession. Green shoots of recovery are supposedly popping up all around the country, and the economy is expected to resume growing soon at an annual rate of 3% to 4%. Many of these are the same people who insisted that the ...

Mish's Global Economic Trend Analysis found this 5 days ago on forbes.com

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How Goldman secretly bet on the U.S. housing crash

Sun, 1 Nov 2009 05:30:30 +0000

WASHINGTON — In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting.

naked capitalism found this 6 days ago on mcclatchydc.com

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McCulley 10-09 The Uncomfortable Dance Between V’ers and U’ers

Mon, 2 Nov 2009 08:40:29 +0000

Click here to read Paul McCulley's biography. Around the world, in investment committee meetings and on trading floors (and at the Fed!), one question dominates discussion and debate: How can it be that risk assets, notably common stocks, have been roaring ahead, presumably discounting a robust ...

EconLog: Library of Economics and Liberty found this 5 days ago on pimco.com

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Parametric Estimations of the World Distribution of Income

Sun, 25 Oct 2009 17:14:52 +0000

We use a parametric method to estimate the income distribution for 191 countries between 1970 and 2006. We estimate the World Distribution of Income and estimate poverty rates, poverty counts and various measures of income inequality and welfare. Using the official $1/day line, we estimate that ...

Paul Kedrosky's Infectious Greed found this 13 days ago on nber.org

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Political lobbying explained through the example of all-pay auctions (video)

Mon, 2 Nov 2009 12:38:00 +0000

The last few minutes of Lecture 18 (http://tinyurl.com/ylf7svt) of my EEP 100 class (http://www.kysq.org/EEP100/).

Aguanomics found this 5 days ago on youtube.com

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Pelosi Breaks Pledge to Put Final Health Care Bill Online for 72 Hours Before Vote

Fri, 6 Nov 2009 13:55:00 +0000

Speaker Nancy Pelosi's office tells THE WEEKLY STANDARD that the speaker will not allow the final language of the health care to be posted online for 72 hours before bringing the bill to a vote on the House floor, despite her September 24 statement that she was "absolutely" committed to doing ...

Heavy Lifting found this 35 hours ago on weeklystandard.com

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High and Low Finance - Goodbye to the Accounting Reforms of 2002

Fri, 6 Nov 2009 03:47:11 +0000

It took just five weeks after the WorldCom accounting scandal erupted in 2002 for Congress to pass, and President George W. Bush to sign, the Sarbanes-Oxley Act. That law required public companies to make sure their internal controls against fraud were not full of holes. It took three more years ...

Abnormal Returns found this 45 hours ago on nytimes.com

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Impressions from Treasury

Fri, 6 Nov 2009 03:47:11 +0000

I will enumerate a few (you can trace other accounts here ): 1. Tim Geithner is very smart and he was conceptually stronger than one might have expected. 2. I believe that the long, L-shaped hallways encourage "visits to offices" rather than hallway conversations; this is a ...

Abnormal Returns found this 45 hours ago on marginalrevolution.com

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US Unemployment, 2004-09

Thu, 5 Nov 2009 20:40:43 +0000

Tomorrow is NFP day — and when those numbers come out, we won’t have much time to discuss much else. So while I am winging to Austin early this a.m., I wanted to share these interesting run of charts, via F lowing Data , showing relative unemployment in the US. 2004, 5.5% ...

Afraid to Trade.com Blog found this 2 days ago on ritholtz.com

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Wells Fargo Takes Chance With a Loan Exchange

Fri, 6 Nov 2009 10:18:32 +0000

[wells fargo] Associated Press Wells Fargo's interest-only loans will defer balances for up to six to 10 years. Here, a Wells Fargo Home Mortgage location in Springfield, Ill.

naked capitalism found this 38 hours ago on online.wsj.com

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With tax break, a big carbon footprint

Thu, 5 Nov 2009 13:01:00 +0000

But the real problem with the credit is that it continues the long-standing federal push toward far-flung McMansions and away from dense, apartment living. In the 1950s, the Interstate Highway System encouraged Americans to flee older urban areas. Nathaniel Baum-Snow of Brown University found ...

Greg Mankiw's Blog found this 2 days ago on boston.com

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Socialism Kills: The Human Cost of Delayed Economic Reform in India | Swaminathan S. Anklesaria Aiyar | Cato Institute: Development Briefing Paper

Fri, 30 Oct 2009 15:40:09 +0000

October 21, 2009 Development Briefing Paper no. 4 Socialism Kills: The Human Cost of Delayed Economic Reform in India by Swaminathan S. Anklesaria Aiyar Swaminathan Aiyar is a research fellow at the Cato Institute's Center for Global Liberty and Prosperity and has been editor of India's ...

Cafe Hayek found this 8 days ago on cato.org

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Citi to relaunch troubled hedge fund unit

Fri, 6 Nov 2009 03:47:11 +0000

By Henny Sender and Francesco Guerrera in New York Published: November 6 2009 00:01 | Last updated: November 6 2009 00:01 Citigroup is poised to relaunch the unit containing its troubled hedge fund operations after nearly two years of poor performance, internal strife and investor unrest. People ...

Abnormal Returns found this 45 hours ago on ft.com

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The lost generation

Fri, 6 Nov 2009 01:52:44 +0000

On the right, the politically correct thing is to pretend that nothing good happened until Reagan came along.

J. Bradford DeLong's Grasping Reality with All Eight ... found this 47 hours ago on krugman.blogs.nytimes.com

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A 25 Billion Dollar Secret: The NY Fed, Goldman & The AIG Cover-Up

Thu, 5 Nov 2009 22:48:18 +0000

How The FRBNY's President Tim Geithner And Chairman Stephen Friedman Demanded Par For Goldman Sachs And The Rest Of Wall Street And Then Tried To Cover It All Up

The Daily Bail posted 2 days ago from dailybail.com

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