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Whitehead: "Worse than the Depression"
Calculated Risk — Upping the ante on JPMorgan's CEO Dimon and Merrill's CEO Thain (see previous post), former Goldman Sachs chairman John Whitehead is quoted as saying the current slump will be worse than the Great Depression! From Reuters: Whitehead sees slump worse than Depression (hat tip Rex Nutting) The economy faces a slump deeper than the Great Depression and a growing deficit threatens the credit of the United States itself, former Goldman Sachs chairman John Whitehead ... "I think it would be worse than the depression," Whitehead said. "We're talking about ...

belated dawn
Decline and Fall of Western Civilization — ... with barely a glimmer of recognition, i would be remiss if i didn't point out that the dimensions of the problem facing american society are now beginning to dawn on the heads of the financial state. ...

Thursday morning links
The Mess That Greenspan Made — ... $100 billion in assets - CNN/Money Gold May Top $1,000 in 3 Years, Morgan Stanley Says - Bloomberg A week of historic desperation on Wall Street - MarketWatch 401[k]s: Employer Contributions Get the Ax - AP ECONOMY Jobless claims jump unexpectedly to 7-year high - AP US trade gap narrows as imports, exports shrink - Reuters Economic War Calls for Full Plan of Battle: Laurence Kotlikoff - Bloomberg Whitehead sees slump worse than Depression - Reuters HOUSING 85,000 ...

Where's The Change?
The Market Ticker — ... a new President-Elect, a Democrat, with a momentous challenge before him - a challenge in which he must either stand with the majority of Americans, or with "The Pigmen" who have plundered our nation, enslaved our people and lied through their teeth. Anna Schwartz, one of the few economists who was alive during The Depression, has warned that Bernanke and Paulson's policies are bankrupt at best and threaten our nation's sovereignty at worst. Now John Whitehead has similarly warned of dire consequences of the path currently being taken: ...

The Monetization of Hope
GoldSeek.com — ... "Bring in your non-marketable debt, and we will swap our AAA-rated U.S. government debt at face value." This promise ends whenever: (1) the FED runs out of U.S. Treasury IOUs, or (2) the U.S. Treasury loses its AAA-rating. Who rates the Treasury's debt? The same credit-rating firms that rated toxic-waste IOUs AAA until August of 2007. Today, there are no markets for this debt at anything near face value, except at the FED. Will the U.S. Treasury ever lose its AAA-rating? Yes, according to the former CEO of Goldman Sachs, John Whitehead . On November 12, he offered his ...

Guest Post: How Bad Will Unemployment Get, And What Can We Do About It?
naked capitalism — ... is worse than the Great Depression” [30] Economics scholar and former Federal Reserve Governor Frederick Mishkin said that conditions were worse than during the Depression [31] Well-known PhD economist PhD Economist Marc Faber believes this could be far worse than the Great Depression[32] Former Goldman Sachs chairman John Whitehead thinks that the current slump is worse than the Depression [33] Morgan Stanley’s UK equity strategist Graham Secker predicts economic collapse ...