nytimes.com - 10/17/2008
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The Dow is surging! No, it’s plunging! No, it’s surging! No, it’s ... Nevermind. While the manic-depressive stock market is dominating the headlines, the more important story is the grim news coming in about the real economy. It’s now clear that rescuing the banks is just the beginning: the ...
nytimes.com - 10/17/2008
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nytimes.com —
Omaha THE financial world is a mess, both
in the United States and abroad. Its problems, moreover,...
have been leaking into the general economy, and the leaks are now turning into a gusher. In the near term, unemployment will rise, business activity ...
(more)
Op-Ed Contributor - Buy American. I Am.
nytimes.com - 10/13/2008
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nytimes.com —
Has Gordon Brown, the British prime minister, saved
the world financial system? O.K., the question is premature...
we still don’t know the exact shape of the planned financial rescues in Europe or for that matter the United States, let alone whether ...
(more)
Op-Ed Columnist - Gordon Does Good
Comments
Blog Reactions
Krugman: Economic slump "nasty, brutish — and long"
Calculated Risk —
Nobel prize winning economist Paul Krugman writes: Let’s Get Fiscal Just this week, we learned that retail sales have fallen off a cliff, and so has industrial production. Unemployment claims are at steep-recession levels, and the Philadelphia Fed’s manufacturing index is falling at the fastest pace in almost 20 years. All signs point to an economic slump that will be nasty, brutish — and long. How nasty? The unemployment rate is already above 6 percent (and broader measures of underemployment are in double digits). It’s now virtually certain that the unemployment rate will go ...
Manufacturing, the Recovery, and What Lies Ahead
Angry Bear —
The big picture is always important. Today's report of the dramatic fall of the factory index is incredibly bad news, a significant part of the that big picture: The Federal Reserve Bank of Philadelphia's general economic index plunged to minus 37.5 this month, less than forecast and the lowest reading since October 1990, from 3.8 in September, the bank said today. Negative readings signal contraction. The index averaged 5.1 last year. How we respond to this fact has to be seen in a global context. We have watched one bubble burst; we are now about to confront the explosion of a negative bubble, a kind of black hole that we have been ...
Krugman on the Economy
The Bonddad Blog —
From the NY Times: Just this week, we learned that retail sales have fallen off a cliff, and so has industrial production. Unemployment claims are at steep-recession levels, and the Philadelphia Fed’s manufacturing index is falling at the fastest pace in almost 20 years. All signs point to an economic slump that will be nasty, brutish — and long. How nasty? The unemployment rate is already above 6 percent (and broader measures of underemployment are in double digits). It’s now virtually certain that the unemployment rate will go ...
Themes
Technically Speaking, Market Analysis and Theory —
Click charts to ENLARGE. One of my personal investment themes is infrastructure. We need roads, bridges, energy, and communications (telephone poles/electrical lines) upgrades. Why not put people to work fixing what we have to fix anyway? Oh, I forgot, there's no money in it for Goldman Sachs. And if you don't think that matters, I got a bridge for ya... Long MDR recently. _____________________Watching ABB ___________________________________Long CBI...recently (about a week ago) ___________________________________ Okay, Doc...you're all alone. Everyone else is selling. Good. Maybe I'm early. As ...
Right for the Right Reasons
Economist's View —
... : In this case, Professor Krugman is
right for the
wrong reasons. First of all, the markets are thirsty for Treasury Bills
(recall that the government runs a deficit by selling Treasury Bills, Notes, or
Bonds) -- if you doubt me, just look at how low are their yields and how high
are their prices. If the Treasury has a product that the market likes, than it
should supply it until those prices and yields indicate that the markets have
had enough. [This is Milton Friedman's Optimum Quantity of Money, applied to
interest-bearing government liabilities. See also an AER paper ...
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