nytimes.com - 10/10/2008
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Last month, when the U.S. Treasury Department allowed Lehman Brothers to fail, I wrote that Henry Paulson, the Treasury secretary, was playing financial Russian roulette. Sure enough, there was a bullet in that chamber: Lehman’s failure caused the world financial crisis, already severe, to get ...
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
online.wsj.com - 10/15/2008
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online.wsj.com —
WASHINGTON -- On one side of the table
sat Treasury Secretary Henry Paulson, flanked by Federal Reserve...
Chairman Ben Bernanke and Federal Deposit Insurance Corp. Chairman Sheila Bair. On the other side sat the nation's top bank executives, who had ...
(more)
At Moment of Truth, U.S. Forced Big Bankers to Blink
nytimes.com - 10/17/2008
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nytimes.com —
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 ...
(more)
Op-Ed Columnist - Let’s Get Fiscal
Comments
Blog Reactions
Links 10/10/08
naked capitalism —
... as 27 Governments Confront Single Economy Bloomberg Über-rich count their losses in billions Times Online Yamato Life Files for Bankruptcy, Citing Investments Bloomberg Running Commentary On Derivative Beast Eating Everything In Next 24 Hrs Elaine Meinel Supkis. She is more than a bit eccentric, and today offers a good recap of articles around the world. Does Morgan Stanley Need To Raise $30 Billion? Clusterstock Moment of Truth Paul Krugman Hedge Hemorrhage Will Lead to "Capitulation ...
Financial Crisis: A Global Response?
Calculated Risk —
... debt and temporarily insuring all U.S. bank deposits. ... Under the U.K.'s recently announced plan, which it is now pitching to the G-7 members, the British government would guarantee up to £250 billion ($432 billion) in bank debt maturing up to 36 months. The British concept to expand its proposal to other countries has a lot of support from Wall Street and is being pored over by U.S. officials, according to people familiar with the matter. Professor Krugman calls this weekend a Moment of Truth : [K]ey policy players have largely wasted the past four weeks. Now they’ve ...
Paul Krugman Wins Nobel Peace Prize
Business Pundit —
... each other, and why some countries might import the same kinds of goods that it exports.
I’m not very familiar with the international trade theories that won Krugman his prize. I do, however, often read his columns. Here are some Krugman points from his blog and recent columns:
-Great Britain did the bailout thing far better than we do.
-Hank Paulson is acting slow and incompetent.
-We need to fix the financial crisis now (yes, even after the bailout plan), otherwise things can and will ...
U.S. Says: "Yes, Prime Minister"
Calculated Risk —
... $250 billion in equity stakes in potentially thousands of banks ... [T]he FDIC is expected to temporarily extend its backstop from bank deposits to new senior preferred debt issued by banks and thrifts for three years. ... Other moves could include temporary loan guarantees aimed at helping banks borrow the money they need to do business. ... The current planning would bring the U.S. in to line with [Europe]. The title of the post is from this piece by Professor Krugman: Moment of Truth
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