Now naive folks like me subscribe to the fantasy that a reputable newspaper maintains a church/state separation between its editorial pages and its news section. And then we have the Wall Street Journal as a telling counterexample. Last week, the Journal ran a op-ed piece by one Peter Schiff, a rather vocal libertaran and goldbug […]
Read more...I have been off the Ben Stein beat for quite some times, since it is ably covered by Felix Salmon and I don’t want to encourage Stein by giving him undue attention. But this week’s offering is such a doozy that I had to say something. Now remember, his column is titled, “Everybody’s Business.” So […]
Read more...Bank of America CEO Ken Lewis gave former Merrill chief John Thain an unceremonious heave-ho earlier today, a mere month after the Merrill deal closed, after one too many nasty surprises: the deterioration of Merrill in the fourth quarter, the revelation that Merrill effectively stiffed BofA by paying bonuses early, thus depriving the bank of […]
Read more...Perhaps I am unduly cynical, but I find it pretty odd that the general counsel at the New York Fed. Thomas Baxter, is making statements about the Lehman collapse now. For those who are familiar with US jurisprudence, anything said to an attorney in confidence is privileged information (yes, there have been some attacks on […]
Read more...The effort to get the second half of the TARP approved (or more accurately, not force Obushma to nix a Congressional turndown) is all feeling a bit Groundhog Day-ish, without the backdrop of a Lehman collapse and AIG implosion to add a sense of urgency and high drama. The officialdom is again using its access […]
Read more...The New York Times Sunday Magazine has a long piece by Joe Nocera on value at risk models, which tries to assess how much they can be held accountable for risk management failures on Wall Street. The piece so badly misses the basics about VaR that it is hard to take it seriously, although many […]
Read more...There is a piece I regard as truly odd in the Wall Street Journal tonight. Either much of what I have read about investment bank bankruptcies is wrong, or something peculiar is at what used to be the house of Lehman. A Wall Street Journal article, “Lehman’s Chaotic Bankruptcy Filing Destroyed Billions in Value,” comments […]
Read more...Happy Holidays to all! Our Unconscious Brain Makes The Best Decisions Possible PhysOrg What Parrots Tell us About the Origin and Evolution of Birds ScienceBlogs The fallen giants of finance Financial Times. A very nice interactive feature. Market for Corporate Jets Goes Into Free-Fall New York Times South Asia descends into terror’s vortex Asia Times. […]
Read more...US economists have relentlessly harangued the Japanese for their supposed mismanagement of their post bubble era, which has lead to nearly 20 years of low growth, borderline deflation, with a not-much-discussed, robust export sector. Along with others, we complained in the early days of the Fed/Treasury emergency response that they were taking one of the […]
Read more...The end of days must be closer than I realized. Conservative stalwart Fox News is not only taking on the officialdom, it is going after Republican authorities. This is almost as much fun as learning that J. Edgar Hoover was a cross-dresser. But then again, Fox is going after the AIG rescue and the TARP, […]
Read more...Why is no one willing to call things by their proper names, and instead resort to euphemism and double-speak? A New York Times story today, “On Wall Street, Bonuses, Not Profits, Were Real,” makes its most important point in its headline, and managed to get some good data points on how rich investment bank compensation […]
Read more...From MarketWatch (weirdly, do not see referenced story on Wall Street Journal site, hat tip reader Scott): The Organization of Petroleum Exporting Countries has decided to cut its oil output by 4.2 million barrels a day from September levels, or 2.2 million barrels a day from current output, the Wall Street Journal reported on its […]
Read more...In the past, I have been an FT loyalist and promoter, and found myself reflexively singing its praises earlier this week. But then I started to wonder if that was still true. Yes, I still turn to the FT regularly, but it appears to be losing its preeminent position. The pink paper has taken to […]
Read more...Nice piece, “Inside the Influential World of Econobloggers,” by Steve Miln which got prominent placement in the Boston Globe Sunday Ideas section. A good piece generally, with one minor frustration: one of our posts was mentioned by title in the third paragraph, without indicating the source (the first mention of NC didn’t occur until the […]
Read more...One robin does not make a spring, but I was struck by the subtext of this article at Bloomberg, “OPEC Failure Foretells Decline 10 Years After $10 Oil.” The mention of $10 oil is an odd bit of anchoring. And the general tone is surprisingly pessimistic. Key excerpts: A decade after OPEC failed to prevent […]
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