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The von TARP family singer
FT Alphaville —
... .” He hadn’t seen the movie, because Dillon didn’t have a movie theatre. Anatomy of a Meltdown - The New Yorker - on “the Bernanke doctrine”. Silliness aside, it’s quite a piece of erudition, and worth the read, if you have the time. Alternative headlines:“Climb every bailout” “Brown paper bailout packages tied up with string…” “I am $700 billion, going on $2 trillion” “I have confidence in Citi” _____
We Made Mistakes, Fed Chairman Says
DealBook —
... John Mack, of Morgan Stanley , told the New Yorker. “I give him very high marks.” Others were a bit more reserved in their praise: “Early on, being an academic, he didn’t realize the seriousness of the problem,” hedge-fund guru George Soros said. “But after the start of the year he got the message and he acted very decisively.” But Mr. Soros cautioned that “pressure is mounting,” referring to the difficulties at Citigroup . “We may be on the verge of another collapse,” he said. Go to Article from The New Yorker »
Bernanke Profile in New Yorker
Paul Kedrosky's Infectious Greed —
Long and interesting Ben Bernanke profile in the current New Yorker. Go read it now.
Monday links: banks are different
Abnormal Returns —
... are buying. (Trader’s Narrative)
Deviations from NAV and the ability to stay solvent. (Daily Options Report)
Time to look at China? (VIX and More)
A television interview with Jeremy Grantham. (WealthTrack via The Wallet)
An extended profile of Ben Bernanke. (NewYorker.com)
A record year-over-year fall in median ...
Assorted Links
CrossingWallStreet.com —
Here are a few good links I want to pass along.
The New Yorker does 12,000 on the bearded one.
The Wall Street Journal looks at the Morgan Stanley Panic.
The New York Times looks at the decline and fall of Citigroup. Hint: Rubin doesn't come out looking so good.
Every Stock Mutual Fund Has Lost Money in 2008, Except One
China's richest man disappears
China's second-richest person detained
...
Cassidy on the meltdown (by Russell Roberts)
Cafe Hayek —
... John Cassidy does a nice job summarizing how we get here with a focus on Bernanke and the evolution of his view of the Fed. One of my favorite parts is when Bernanke suggests that it's time for Congress to get involved via the bailout: ...
Write-Offs: 11.24.08
Dealbreaker —
... of lower floors -- the company now stops the escalators at 7 p.m. In designated cleanup areas of certain offices, the company has changed the type of wipe-up towels it buys. In a memo to employees, a staffer explained this will lower GM's "cost per wipe." [WSJ]
$$$ Lehman bankruptcy triggers $301M fumble for NFL's Giants [The Deal]
$$$ "I and others were mistaken early on in saying that the subprime crisis would be contained."-- Bernanke [The New Yorker]
Talking Points on the Obama Economic Team
EconLog: Library of Economics and Liberty —
... is brilliant. Peter Orszag (OMB) is very bright and very focused. --But, at the margin, how much do these folks add to Geithner and Bernanke ? --Academic economics has ignored important real-world developments, such as the change from a manufacturing economy to a service economy, and the rapid growth and evolution of the financial sector. (not for the radio, but ...
links for 2008-11-25
Economist's View —
... and carbon free trade areas - voxeu.org
Tyler Cowen on Investment During the 1930’s - pgl
The world’s central banks must buy assets - FT
The Short-Selling Question - The Balance Sheet
Archeology of homelessness - EurekAlert
Why are we mean to car companies (and nice to the banks)? - Justin Fox
The Real Great Depression - The Monkey Cage
Anatomy of a Meltdown - The New Yorker
Barack Obama's Treasury ...
Ben and the Crisis
Greg Mankiw's Blog —
A New Yorker profile of Ben Bernanke.
Tuesday's Daily News
Club for Growth —
THE DAILY NEWS
Why Permanent Tax Cuts Are the Best Stimulus - John B. Taylor, The Wall St. Journal
Citi's Taxpayer Parachute - Wall Street Journal Editorial
'Jolting' the Economy - Thomas Sowell, Real Clear Politics
Anatomy of a Meltdown - John Cassidy, The New Yorker
A Toxic Mix Of Regulation And Subsidy - Richard A. Epstein, Forbes
Obama's Pro-Growth Economic Team? - Lawrence Kudlow, Real Clear Politics
Roots of Defeat - Patrick Ruffini, ...
A Reporter at Large: Anatomy of a Meltdown: Reporting & Essays: The New Yorker
FinanceProfessor.com —
A Reporter at Large: Anatomy of a Meltdown: Reporting & Essays: The New Yorker: "For more than a year after he was appointed by President George W. Bush to chair the Fed, in February, 2006, he faithfully upheld the policies of his immediate predecessor, the charismatic free-market conservative Alan Greenspan, and he adhered to the central bank’s formal mandates: controlling inflation and maintaining employment. But since the market for subprime mortgages collapsed, in the summer of 2007, the growing financial crisis has forced Bernanke to intervene on Wall Street ...
Paul Krugman: "I'm A Fourth Rate Mathematician"
Mises Economics Blog —
... depend for their status on their perceived skill at aping the technical skills of the empirical sciences, most particularly the skill of doing mathematics. But the public needs to know that this skill level is as tinker toy building next to the construction of a rocket ship. And while rocket ships make it to the moon, economist are more apt to produce mathematical constructions serving as justification for policies capable of leading to massive financial crises --meet Ben Bernanke, smartest man in the room. ...
Friday morning links
The Mess That Greenspan Made —
... deepens - Reuters Siberian oil town hit by downturn - BBC HOUSING New York home prices seen plunging as crisis bites - Reuters Meltdown far from over, new mortgage crisis looms - AP Local Home Prices Slide to 34 Percent Below Peak - Voice of San Diego Home shoppers rush in as mortgage rates fall - USA Today FED/TREASURY/BANKING Plan C: Unorthodox economic policies - Economist Anatomy of a Meltdown - New Yorker Why Fed can easily offer money help - ...
"Anatomy of a Meltdown"
Capital Gains and Games —
... John Cassidy's "Anatomy of a Meltdown" in the December 1, 2008 New Yorker is well worth your time to read. It's the best history I've seen of recent events minus the blame game. It's balanced, covers all the key events, and strikes a tone which I wish more reporting on the financial crisis used -- how hard this financial crisis is to deal with because it is so different from previous ones, including the Depression. ...
