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Britain's RBS Bank and the incredulous- huge losses and large bonuses in the "Hard Times" of the 2008 financial crisis and again in 2014
02/09/2009
Linked Articles
In U.K., Getting Tough With Nationalized Banks
Wall Street Journal 02/09/2009
Royal Bank of Scotland to Slash Costs as Losses DeepenWall Street Journal 02/28/2014
Reinhart and Rogoff's warning of a prolonged slump following the 2008 global financial crisis and questions about Obamanomics
02/03/2009
Linked Articles
What Other Financial Crises Tell Us
Wall Street Journal 02/03/2009
Obamanomics: A CounterhistoryNew York Times 09/29/2012
Are the old faces that got the USA and Europe into this financial crisis, now the new faces trying to fix it?
01/15/2009
Schapiro and Khuzami, the new faces at the SEC as chief and enforcement director, are the old faces at FINRA which took ahands off view of self regulation of the financial industry and the old faces at Deuteche BAnk as inhouse lawyer. Sir James Crosby, the head of HBOS bank in the UK which needed $17 billion f government money in 2008, was made Deputy chairman of the Financial Services Authority in 2006, Britain's main regulator. He reisgned hours before a stormy session in the House of Commons which embarrassed Prime Minister Brown after some revelations about Crosby,s role in the mess.
Linked Articles
Obama's Pick to Head SEC Has Record Of Being a Regulator With a Light Touch
Wall Street Journal 01/15/2009
British Regulator Quits as Accusations Mount in Banking CrisisNew York Times 02/12/2009
Akio Toyoda brings a broader mindset, American and overseas experience to his CEO role.
01/12/2009
The grandson of the founder was educated in the U.S. and worked in the Chinese operations. He brings a broad exposure to countries around the world that his predecessors lacked with their more parochial backgrounds. This will be invaluable as he steers Toyota back to its roots and accomodates a changing world.
Linked Articles
New York Times 06/02/2010
Toyota, Needing Change, Taps a Scion to LeadWall Street Journal 01/12/2009
Sales slowing, inventories piling up of electronics goods, and the Capps and Muirs of Boise, Idaho.
12/31/2008
The dramatic shift to a savings oriented and thrifty lifestyle reminiscent of the thirties and forties in some ways, is seen in the new lifestyles and spending habits of the Capps and Muirs in Boise, Idaho. With its high tech factories Boise has held up well in previous recessions. If things are changing this much in a place like Boise then its aserious sign of changes in the whole country. This is leading to buidup of inventories of cars, electronics goods, and other goods in retail stores. It has a serious global aspect as products made in China are affected, and products made elsewhere that go into these products are affected, and the equipment manufacturers in Germany for these products made in China are also affected.
Linked Articles
BusinessWeek 12/31/2008
Hard-Hit Families Finally Start Saving, Aggravating Nation's Economic WoesWall Street Journal 01/06/2009
Detroit News and Free press columnists Tom Walsh and Daniel Howes say its time Detroit gets things right.
12/20/2008
The jobs of suppliers, dealers, bondholders, managers, board members, union officials are all on the line say Walsh and Howes if they can't get their act together and move quickly. There just isn't the time to kick the proverbial can down the road says Howes, and their is bailout fatigue say Walsh and Howes so dates coming up February 17 for debt restructuring and March 31 must be met quickly with action that is convincing. It will be a tough act and its not clear that old management and union officials can measure up to the task ahead from what has been seen over the years according to the columnists.
Linked Articles
Commentary: Forging new path will be rough road for Detroit automakers
Detroit News 12/20/2008
Long Days Journey to Deal for AutomakersDetroit Free Press 12/21/2008
The scene if one walked at the port in Savannah or Long Beach and Mr. Bailey wanting to be just debt-free and happy not rich and acquisitive.
11/30/2008
Mr Bailey's changing philosophy on life, happiness defined as debt free and able to enjoy life with his family. What this does to Savannah and Long Beach's port area.
Linked Articles
When the Downturn Sailed Into Savannah
New York Times 11/30/2008
Frugality Forged in Today's Recession Has Potential to Outlast ItWall Street Journal 04/06/2009
Doubts about how much demand will be helped by the Fed's $800 billion mortgage and consumer debt securities market resuscitation.
11/26/2008
The Fed's need to act and the constructive efforts to unclog credit markets of October 2008 in consumer and mortgage credit. At the same time doubts about how much it will help contimuing slide in demand in the economy.
Linked Articles
Fed Aid Sets Off a Rush to Refinance
Wall Street Journal 11/26/2008
U.S. Consumer Loan Aid Will Trickle Only So FarNew York Times 11/27/2008
The ports of Long Beach and Savannah tell the story of rapidly slowing imports and foreign trade- 2008-2009
11/19/2008
The ports of Savannah and Long Beach tell the story of rapidly slowing foreign trade and imports from China and Japan. Its a signal of an impending slowdown in the economies of China and Japan as their export driven economies slow down.
Linked Articles
New York Times 11/19/2008
When the Downturn Sailed Into SavannahNew York Times 11/30/2008
Changing picture- as Democrats take control of White House and Congress- in the drug industry and health care
11/06/2008
Linked Articles
Medicare, Medicaid Deficits Loom Over Health Priorities
Wall Street Journal 11/06/2008
New FDA Leaders Could Be Tougher on Drug MakersWall Street Journal 11/06/2008
A hedge fund story of comeback from collapse- Citadel hedge fund and founder Ken Griffin in 2008 and in 2015
10/25/2008
Linked Articles
Citadel’s Ken Griffin Leaves 2008 Tumble Far Behind
Wall Street Journal 08/04/2015
Citadel Chief Denies Rumors of TroubleNew York Times 10/25/2008
One of the Big Three may not survive.
10/14/2008
Talk of a possible merger between GM and Chrysler. Efforts by GM motivated by need for about $10 billion from external sources to make it through 2009. Chrysler has $11 billion in cash.
Linked Articles
Howes: One of Big 3 may not survive
Detroit News 10/14/2008
GM could use Chrysler's cashDetroit News 10/14/2008
The Uptick Rule and how it could have prevented the kind of shortselling that almost killed Morgan Stanley.
10/02/2008
Shortselling, the uptick rule and the collapse in share price at Morgan Stanley and later in November 2008 at Citigroup.
Linked Articles
NYSE Chief Leans Toward Uptick Rule
Wall Street Journal 10/02/2008
Anatomy of the Morgan Stanley PanicWall Street Journal 11/24/2008
The Economist's view that nationalizing the failed banks is the only serious option.
02/03/2009
With the banks in private hands it becomes almost impossible to value these toxic assets says the Economist. As the situation worsens between now and 2010 nationalization will become more acceptable. Its the only serious option, and one way ot or another the government will be guaranteeing these assets, as the banks are dependent on the government. It asks why pretend otherwise?
Linked Articles
Economist 02/03/2009
The spectre of nationalisationEconomist 02/03/2009
Bonuses, executive compensation and performance in the UK, public outcry.
01/20/2009
The executive compensation and bonus situation in the UK. RBS and othe banks and the public outcry. As RBS shares drop to 12 pence or less than the price of a candy bar, loss for 2008 is 28 billion pounds, and the British government comes up with $20 billion pounds of government money for RBS and takes 70% ownership, reports in the Sunday Telegraph suggest executives plant to handout $1 billion in bonuses. How?
Linked Articles
U.K. Boosts Its Bailout As Bank Losses Rise
Wall Street Journal 01/20/2009
British Official Plans a Review of Bonuses After OutcryNew York Times 02/09/2009
Restoring Deutsche Bank's image in Germany- (3) Deutsche Bank in the global financial crisis of 2008-2009
01/15/2009
Linked Articles
Deutsche Bank Deserves Bite Bair Gave It
Wall Street Journal 06/07/2010
Capital: Time Deutsche Raised the IssueWall Street Journal 01/15/2009
Money managers Grantham, Rodriguez and Scheiff fears about the economy and IMF Chief Economist Rajan's concern.
01/02/2009
Raghuram Rajan of the University of Chicago, told the 2005 annual Jackson Hole gathering of central bankers economists and finance professionals, that he thought the world had become much riskier with the changes in financial markets in the 18 year Greenspan tenure. He was received rather coldly by others, including former Treasury Secretary Summers. Concerns expressed by Grantham, Rodriguez and Scheiff about these and other problems became louder by the time of the Rajan paper at Jackson Hole.
Linked Articles
Mr. Rajan Was Unpopular (But Prescient) at Greenspan Party
Wall Street Journal 01/02/2009
The Doomsayers Who Got It RightWall Street Journal 01/02/2009
How global imbalances in savings were ignored as the risks increased.
12/26/2008
Prof. Portes on global imbalances in savings. What happened and why the risks were not understood by Bernanke, Greenspan, and others. The view that successful models are very hard to change, reluctance in China to disturb the status quo, and the difficulty of getting people to accept the need to move away from this without a crisis.
Linked Articles
Imbalance in Nations' Savings Clouds Forecasts for Recovery
Wall Street Journal 03/23/2009
Chinese Savings Helped Inflate American BubbleNew York Times 12/26/2008
New heights in fund raising - president Obama in 2008 and the Koch Brothers plans for 2016
12/06/2008
U.S. congresswoman Sheila Bair once said it was the task of fund raising that deterred her and others like her from pursuing careers of national service at higher levels. Obama outspent McCain and Romney by wide margins in 2008 and 2012, right wing groups such as the Koch brothers are organizing similiar efforts of their own for 2016 so as not to be outspent by their opponents.
Linked Articles
Final Fundraising Tally for Obama Exceeded $750 Million
Washington Post 12/06/2008
Koch Brothers’ Budget of $889 Million for 2016 Is on Par With Both Parties’ SpendingNew York Times 01/26/2015
The collapse of the consumer debt market in October 2008 and the Fed's response.
11/26/2008
The collapse of consumer debt market and the collapsing sales of automakers especially GM, and the need to revive the sale of consumer debt securites which in turn revives lending. But higher credit scores and consumer and bank fears may still keep demand in a contimuing slide.
Linked Articles
U.S. Consumer Loan Aid Will Trickle Only So Far
New York Times 11/27/2008
Fear Recedes in the Debt MarketsWall Street Journal 11/26/2008
In the past decade China's consumption as percentage of GDP drops 10% to 37%, America's rise to 96%.
11/26/2008
This leads to the global imbalance in savings that London B-School's Prof. Portes complains about. Cross border flows fro, Asia to the West reach 3% of global GDP, pumping extra money into the US banking system, and the European banking system leading to bad lending and a consumption binge. The reluctance of China and the U.S. to change the staus quo till things simply collapsed.
Linked Articles
Imbalance in Nations' Savings Clouds Forecasts for Recovery
Wall Street Journal 03/23/2009
Global Economy: No Help from China's ConsumersBusinessWeek 11/26/2008
Another misstep by automakers management was the failure to win public support as they missed the changes coming over the country.
11/18/2008
The falling clout of the Detroit automakers as the nation changed and things changed but the automakers dug in their heels into the status quo.
Linked Articles
Clout Has Plunged for Automakers and Union, Too
New York Times 11/18/2008
Bridge Loan to NowhereWall Street Journal 12/06/2008
Replacing lost auto jobs with renewable energy jobs in the midwestern states.
11/02/2008
How things are changing in Newton Iowa and other places in the midwest.
Linked Articles
Google at 10: Searching Its Own Soul
New York Times 11/08/2008
A Splash of Green for the Rust BeltNew York Times 11/02/2008
Brazilian real and Mexican peso plunge October 6, 2008.
10/16/2008
The plunge in the Brazilian Real and the Mexican Peso and the unwinding of derivative contracts that worsened the situation.
Linked Articles
Wall Street Journal 10/22/2008
Bad betsEconomist 10/16/2008
What appropriate lessons emerging economies can draw from the global financial crisi of 2008.
10/03/2008
Lessons that emergig economies can draw from the global financial crisis of 2008 may be the wrong ones if there is a return to more state control over the economy which has resulted in wasted decades of development in many countries.
Linked Articles
Economist 10/09/2008
Development Doesn't Require Big GovernmentWall Street Journal 10/03/2008
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