From Bloomberg: The U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers, or half the value of everything produced in the nation last year, to rescue the financial system since the credit markets seized up 15 months ago. Might I also add that the Treasury is refusing to disclose […]
I am sad to report that some of the leading indicators show that the second wave of the ongoing financial crash is getting ready to start. In spite of the fact there was a huge rally back above 8000 on the Dow late Friday, the stock market is not what is driving this thing. The […]
In a picture: Hat tip to Greg Mankiw’s blog. ..bruce w..
Michael Lewis — who wrote Liar’s Poker back in 1989 — gives a fascinating, detailed chronicle of just how Wall Street managed to cause the current financial maelstrom that’s hurting all of us these days. Much of the article focuses on Steve Eisman, who kept asking uncomfortable questions until he figured out just how screwed […]
…but the Onion, as usual, is right on target: In The Know: Should The Government Stop Dumping Money Into A Giant Hole? Sigh. ..bruce w..
My co-blogger, Bruce Henderson, has spent two years now warning about the stupidities of our domestic (US) economy, based in large part on his nation-wide gathering and analysis of real-estate data on a daily basis. Unfortunately for all of us, he turned out to be pretty much dead on, and we’ve got a major recession […]
This segment from the movie “Downfall” may end up being one of the most reused segments ever…and this particularly reuse is one of the best done (though I still like the “Dallas Cowboys” version): Hat tip to American Digest. ..bruce w..
Here are two articles at the Rocky Mountain News website this morning. First headline: “Poll: 72% are confident Obama will fix economy” WASHINGTON — In one of the economy’s darkest hours in decades, it looks as if people are taking Barack Obama up on his exhortations for hope and change. Seven in 10, or 72 […]
Your mileage, of course, may vary: This comes from PhD Comics. ..bruce w..
Daily Financial Moment Of Clarity
From the Far Eastern Economic Review: Guangdong Province alone, the heart of China’s low-cost manufacturing base, has seen half of the shoe manufacturing industry close shop (over 2,200 factories) this year. Laid-off factory employees, along with millions of migrant construction workers likely to be left jobless as construction slows, will return to a countryside largely […]
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