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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
With no safey net Chinese savings rate is high and the export model is entrenched pushing Chinese savings into financing American consumption.
11/26/2008
With the collapse of export markets in the U.S., China and the U.S. are now having to face up to the problems inherent in American dependence on Chinese products and Chinese savings to finance excessive consumption, and Chinese dependence on American export markets.
Linked Articles
Chinese Savings Helped Inflate American Bubble
New York Times 12/26/2008
Global Economy: No Help from China's ConsumersBusinessWeek 11/26/2008
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
Sheila Bair, former chairwoman of the U.S FDIC and her proposal to level the playing field for government loans to homeowners and banks
10/16/2008
Linked Articles
Fix income inequality with $10 million loans for everyone! - The Washington Post
Washington Post 04/13/2012
FDIC Chief Raps Rescue for Helping Banks Over HomeownersWall Street Journal 10/16/2008
Cable by British Ambassador in Kabul on the loss of trust in Karzai government
10/04/2008
Cable by a career foreign service officer, the British ambassador in kabul on the loss of trust in Karzai government. The head of the provincial council in Kandahar is Karzai's brother who is said to be involved in the heroin trade.
Linked Articles
Reports Link Karzai’s Brother to Heroin Trade
New York Times 10/05/2008
‘Dictator’ Proposed for Afghanistan in Leaked CableNew York Times 10/04/2008
As Feldstein and Hubbard suggest their proposals for addressing foreclosures the U.S. has done little to address it.
09/29/2008
Ruth Simon in the WSJ points out that little help is going to homeowners.
Linked Articles
Rescue Includes Steps to Help Borrowers Keep Homes
Wall Street Journal 09/29/2008
The Problem Is Still Falling House PricesWall Street Journal 10/04/2008
The poverty rate and wealth gap between rich and poor in New York city and in China and the rest of the world.
08/27/2008
How the New York City experience compares with China's.
Linked Articles
Poverty Rate Declines in New York
New York Times 08/27/2008
World Bank Finds More People Live in Steep PovertyNew York Times 08/27/2008
Reports linking Karzai's brother to heroin trade fit in with Scweich's account in the NYT.
07/27/2008
Schweich is deputy to Anne Patterson Asst Secretary of State for international narcotics and law enforcement. His story in the New York Times fits in with accounts of links to the heroin trade of Karzai's brother who heads the provincial council in Kandahar. This also shows how trust is being lost in the Afghan government among the people as stated in a cable by a senior career foreign service officer from Britain in Kabul to the French government.
Linked Articles
Reports Link Karzai’s Brother to Heroin Trade
New York Times 10/05/2008
Is Afghanistan a Narco-State?New York Times 07/27/2008
Leveraging of banks U.S. banks in 2012 under the U.S. Federal Reserve stress tests of March 2012 and the leveraging at the time of Lehman's collapse in 2008
07/16/2008
The high rate of leveraging of banks today compared to 2008, suggests that the U.S. Federal Reserve may have prematurely declared the banks safe, say experts.
Linked Articles
Stressing the Bank 'Stress Tests'
Wall Street Journal 03/14/2012
How Bad Will It Get on Wall Street?BusinessWeek 07/16/2008
China makes a major shift to higher value added and technology products.
06/30/2008
The cheap products made at high costs to labor, the environment are out and the remaining textile products and similar product companies will have to be more sophisticated and make more value added products. Chinese government policy will discourage the older polluting factories in the south and encourage high tech leadership products for world markets.
Linked Articles
China’s Ambition Soars to High-Tech Industry
New York Times 08/01/2008
China's Export Machine Threatened by Rising CostsWall Street Journal 06/30/2008
China's oil demand to grow at 2-3% over the next 15 years by one estimate.
06/20/2008
A much slower growth in oil demand as fuel efficient engines make a strong impact. Government policy raising oil prices, giving tax breaks for smaller engines to promote smaller cars on Chinese roads, and promotion of new hybrid and electric car technologies with significant subsidies, all push in this direction.
Linked Articles
China's Thirst for Oil Could Come Up Short
Wall Street Journal 06/01/2010
China Sharply Raises Energy PricesNew York Times 06/20/2008
The U.S. automobile market in 2008-2013- collapse, recovery and renewal
05/20/2008
Linked Articles
Car Makers' Boom Years Now Look Like a Bubble
Wall Street Journal 05/20/2008
Auto Makers Rebound as Buyers Go BigWall Street Journal 01/04/2014
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
Global trade number showing sharp decline and what you see if you walk at the port in Savannah.
11/30/2008
Savannah and Long Beach ports and what you see happening there is reflected in the foreign trade numbers.
Linked Articles
When the Downturn Sailed Into Savannah
New York Times 11/30/2008
Global Trade Posts Sharp DeclineWall Street Journal 01/14/2009
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
Struggle for civil rights and financial rights of women in the U.S. Deep South- Linda Boggs and Rutha May Harris
11/05/2008
In Louisiana, Arkansas, Mississippi, Georgia and other states of the Deep South women's rights and civil rights for black people were a result of decades of effort by women like Linda Boggs and Rutha May Harris, hard work against entrenched prejudice with many setbacks and resilience towards adversity, compared to the soft work of campaign strategy, image making, polling and fund raising of today.
Linked Articles
A Time to Reap for Foot Soldiers of Civil Rights
New York Times 11/05/2008
Ex-Congresswoman Lindy Boggs Dead at 97Wall Street Journal 07/28/2013
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
Petraeus describes his information gathering efforts and Bret Stephens talks with Zardari
10/01/2008
The war in Afghanistan is beginning to take a new turn as Petraeus looks for ways to reverse gains by Taliban and Zardari commits Pakistan to work alongside the US.
Linked Articles
The Most Difficult Job in the World
Wall Street Journal 10/04/2008
Insurgents in Afghanistan Are Gaining, Petraeus SaysNew York Times 10/01/2008
Bob Woodward on decisionmaking in the Obama White House and the Bush White House
09/15/2008
In "The War Within" Woodward described how Bush persevered to get the job done right in Iraq. In "The Price of Politics," Woodward describes how Obama failed to use his presidential leadership and suthority to get all sides to reach an agreement. Bill Keller of the NYT says Obama failed to make the "unpleasant choices" a president has to make, including supporting the president's own Simpson-Bowles Commission on the U.S. deficit.
Linked Articles
Wall Street Journal 09/15/2008
Notable & QuotableWall Street Journal 09/07/2012
Did Putin overreact in Georgia 2008 and Ukraine 2014? Russia and the dangers to the Russian economy of not maintaining good relations with the West
08/13/2008
Russia tones down its overreaction as 66% of Russians polled in June say Russian forces should not enter Ukrainian terrritory. Putin and Russians in the administration policy making may have underestimated the reaction in the U.S. as reflected in this WSH editorial saying Americans should remember the words of Gen. Lucius Clay during the Berlin Blockade and the subsequent airlift. This could be why analysts in Russia now maintain that good relations with the West must be maintained, and entry of Russian forces into Ukraine would have disastrous consequences for Russia in terms of western sentiment and foreign investor sentiment. In such a situation Germany would be likely to support the stronger U.S. position seeing this in terms of the language used in theBerlin Airlift of 1948. For Germany and Russia this would be reversing the hard won gains of building relations from the time of Brandtand Kohl till today, fifty years of effort to build better relations and economic relationships- just too much for sober heads in Moscow Paris, and Berlin to accept, and closing another chapter in Russia's interactions with the West.
Linked Articles
Wall Street Journal 08/13/2008
Seeing Cost of Saber Rattling in Ukraine, Putin Alters CourseNew York Times 07/11/2014
How good were the U.S. Federal Reserve's stress tests of 2012?
07/16/2008
Reilly questions the leveraging aspect of the Fed's 2002 stress test results as they leave U.S. banks leveraging at between 20-30 times capital, the situation that prevailed before the crisis. Experts including Anil Kashyap at the University of Chicago pointed out how the process of deleveraging works in reverse before the collapse of Lehman in 2008- for every $1 of bank losses the deleveraging cycle reduces bank lending by $20- $30.
Linked Articles
Stressing the Bank 'Stress Tests'
Wall Street Journal 03/14/2012
How Bad Will It Get on Wall Street?BusinessWeek 07/16/2008
Winding down U.S. housing agencies Fannie and Freddie- the politics, lobbying, and the "ugly" that created the ensuing mess in housing (5)
07/12/2008
Linked Articles
Few Stand to Gain on This Bailout, and Many Lose
New York Times 09/08/2008
Fannie Mae UglyWall Street Journal 07/12/2008
Rising wages in China a definite trend as sentiment of workers and the government changes towards low wages and low wage jobs
06/30/2008
The government's efforts to shift China away from low wage sectors to more advanced technologies with higher wages. And the growting sentiment in China among workers with the rise of the internet and mobile phones to organize efforts for higher wages in industries that range from older textile plants to automobile factories of Japanese makers, and factories that make parts for western tech hardware companies such as Apple, Dell and H-P. This includes Honda plants and Foxconn factories. This sentiment is shifting to other emerging markets such as Malaysia, Thailand and Indonesia.
Linked Articles
China's Export Machine Threatened by Rising Costs
Wall Street Journal 06/30/2008
The Rise of a Chinese Worker's MovementBusinessWeek 06/10/2010
The Honda Civic becomes the best selling brand marking the shift to smaller cars.
06/04/2008
The Japanese carmakers pass the Detroit carmakers in sales with smaller models like the Honda Civic leading the way. Bill Ford talks about his and Mullaly's committment to a shift to smaller cars.
Linked Articles
In a First, Asian Autos Outsold Detroit’s in May
New York Times 06/04/2008
Bill Ford on Tipping Points and Thinking SmallBusinessWeek 07/31/2008
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