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Republicans, John Taylor, and a U.S. budget that is at about 20% of GDP
04/22/2011
John Taylor makes the arguments for a budget that is around 20% of GDP, which it was in 2007- before the financial crisis of 2008.
Linked Articles
GOP Hopefuls Betting Voters Want Deep Cuts
Wall Street Journal 07/18/2011
Obama's Permanent Spending BingeWall Street Journal 04/22/2011
The striking change for Fannie Mae and Freddie Mac as the companies return $185 billion in aid provided by the U.S. government by 2013
11/04/2010
By 2013 Fannie Mae and Freddie Mac return almost all of the $186 billion in aid injected by the U.S. government during the housing and mortgage crisis.
Linked Articles
Fannie, Freddie Payments Nearly Match Aid
Wall Street Journal 11/08/2013
Fannie, Freddie Overhaul Could Cost $685 BillionWall Street Journal 11/04/2010
Crisis Prevention Insights from the 2008 financial crisis to the BP oil spill and Fukushima- Chinese walls that don't work and underestimation of risk
06/11/2010
Linked Articles
Chinese Walls, Pocked With Peepholes
New York Times 06/11/2010
Recipes for Ruin, in the Gulf or on Wall StreetNew York Times 06/11/2010
The Project on Government Oversight Report in 2013 and the revolving door at the S.E.C. in the U.S.
04/24/2010
Robert Khuzami was enforcement chief at the U.S. Securities and Exchange Commission in the critical period following the 2008 financial crisis. He was also a lawyer at Deutsche Bank during the period when the problems at Deutsche Bank happened which resulted in legal settlements. The revolving door has affected the way the S.E.C. carried out its enforcement responsibilities.
Linked Articles
S.E.C.'s Revolving Door Hurts Its Effectiveness
New York Times 02/11/2013
SEC's Top Cop Oversaw Deutsche CDOsWall Street Journal 04/24/2010
The growing middle class in Mexico and Brazil 2000-2015
01/03/2010
Linked Articles
Booming economy, government programs help Brazil expand its middle class
Washington Post 01/03/2010
Mexico’s middle class is becoming its majority - The Washington PostWashington Post 03/18/2012
World Bank chief Zoellick on the global economy and how to prepare an effective long tem policy
10/02/2009
Zoellick sees the short term Stimulus and central bank monetary easing policies of 2008, as not appropriate to the long term problems of debt reduction and energy price volatility. He emphasizes the need for bridge financing for Spain and Italy though he accepts the German view that credit cannot be provided freely and reforms need to be undertaken. A partial euro bond solution is a step in the right direction.
Linked Articles
World Bank Chief Urges Euro Bonds
Wall Street Journal 05/31/2012
2010 Looks 'Highly Uncertain,' Zoellick SaysWall Street Journal 10/02/2009
With capacity utilization at 68%, too much slack in the economy for inflation to take root.
06/11/2009
Producer Price Index showed its steepest decline since 1949 for May 2009 over May 2008. And there are still 10 unsold homes for every one sold, with the typical being 6.
Linked Articles
Get Ready for Inflation and Higher Interest Rates
Wall Street Journal 06/11/2009
Housing Starts Jump in May for Third MonthWall Street Journal 06/16/2009
With American households working down debt of 130% of disposable income a consumer led recovery is unlikely.
04/23/2009
The debt load for American households is close to the total output of the American economy in 2008. The disappearance of easy credit, the rising unemployment, and reduced hours of work, and lower or stagnant wage levels, are serious constraints to consumer spending.
Linked Articles
Economist 04/23/2009
On Borrowed Time: Consumer-Led RecoveryWall Street Journal 06/10/2009
U.S. president Obama and Hispanic immigrants- promises, hope and reality 2008-2015
04/09/2009
Linked Articles
Obama to Push Immigration Bill Despite the Risks
New York Times 04/09/2009
The Giant U.S. Deportation Machine Runs AmokWall Street Journal 10/28/2013
Fighting for Main Street against an Ersatz Capitalism and Bankers
04/01/2009
Stiglitz uses the term "ersatz" to refer to something not genuine, a false substitute for real capitalism, in describing the Obama adminsitration's handling of highly overleveraged and badly managed banks in the 2008 global financial crisis.
Linked Articles
New York Times 04/01/2009
Ex-Regulators Has Harsh Words for Geithner and BankersNew York Times 09/24/2012
Peter Eavis thinks the Geithner plan isn't based on sound logic.
03/23/2009
If only the confidence and liquidity were an issue then maybe the Geithner Public Private Investment Program plan might work. But says Eavis, the underlying price structure for these mortgage securities is gone with this crisis,so that the recovery in their price for banks to avoid huge losses is going to be elusive. He cites Credit Sights which estimates losses of US banks through 2010 of $250- $450 billion.
Linked Articles
Treasury’s Got Bill Gross on Speed Dial
New York Times 06/21/2009
Geithner's Gamble Needs SpeculatorsWall Street Journal 03/23/2009
Astra Zeneca suppresses information about the link between best selling psychiatric drug Seroquel and diabetes.
02/27/2009
Now disclosed court documents show that AstraZeneca carefully suppressed information about the links between Seroquel and diabetes from a 2000 study from one of its drug safety experts.
Linked Articles
AstraZeneca Papers Raise Seroquel Issues
Wall Street Journal 02/27/2009
AstraZeneca Drug's Effectiveness QuestionedWall Street Journal 02/28/2009
Robert Khuzami and the S.E.C.'s ambivalent enforcement mindset 2010-2012
02/10/2009
The lack of corrective acton that changes the leadership and culture at financial companies in the U.S. following the 2008 financial crisis. Where the action by enforcement agencies has required admitting wrongdoing as part of the settlement, the changes in leadership and culture have put the companies on a new path to renewal. Barclays under one of the respected names in British finance, David Walker, is a recent example.
Linked Articles
Top Enforcer at the S.E.C. Steps Down
New York Times 02/10/2009
SEC's Top Cop Oversaw Deutsche CDOsWall Street Journal 04/24/2010
Contrasts in the approaches of S. Korea in 1997 and the U.S. in 2008 to banking crises, and the hobbled U.S. economic recovery
01/06/2011
S. Korea in 1997 at the urging of Treasury Secretary Rubin took decisive step to unwind failed financial institutions. This in stark contrast to Treasury Secretary Geither, regulators and U.S. Fed officials actions in 2008 to merge troubled mortgage institutions such as Countrywide and Washington Mutual with Bank of America and JP Morgan Chase. In the process creating mega banks that are hard to manage and hard to run, and "too big to fail," according to former and current Fed governors Hoenig and Fisher. Prof. Cochrane of the University of Chicago says the U.S. Federal Reserve's new job as financial regulator after the 2008 financial crisis, is an impossible one.
Linked Articles
Red Flags said to Go Unheeded at Chase
New York Times 05/14/2012
South Korea Makes a Quick Economic RecoveryNew York Times 01/06/2011
Local governments and state-owned companies are fueling a real estate bubble in China in 2009-2010.
07/29/2010
Northwestern University Prof. Shih estimates that state banks in China hold $1.68 trillion in debt of local investment companies which invest for local governments. In many cases the banks have little collateral. The central government in China aggressively supported this lending to quickly get money to projects in the aftermath of the 2008 financial crisis, but this may have backfired with money going into speculation and building a bubble.
Linked Articles
Chinaâs Real Estate Boom and Conflicting Policy
New York Times 08/01/2010
Where China Hides Its DebtBusinessWeek 07/29/2010
Crisis Prevention Insights from the 2008 financial crisis to the BP oil spill and Fukushima- the role of "human failure"
06/11/2010
Linked Articles
The Oil Disaster Is About Human, Not System, Failure
Wall Street Journal 06/11/2010
Report blasts Japan’s preparation for, response to Fukushima disaster - The Washington PostWashington Post 07/06/2012
John Taylor's reply to U.S. Fed chairman Bernanke's defence of his role in setting low interest rates in 2003-2006 leading to the 2008 global financial crisis
01/04/2010
Linked Articles
The Fed and the Crisis: A Reply to Ben Bernanke
Wall Street Journal 01/10/2010
Fed chief Bernanke urges better financial regulation to prevent crisesWashington Post 01/04/2010
The risks to the U.S. financial system posed by concentrating 50% of deposits in just 5 banks
10/21/2009
The failure to make changes during the financial crisis of 2008 and the risks this poses in the future.
Linked Articles
Warren Stephens: How Big Banks Threaten Our Economy
Wall Street Journal 04/29/2012
BOE's King: Big Banks Should Get Broken UpWall Street Journal 10/21/2009
Failure of HARP refinance program of the Obama adminsitration and rising mortgage rates.
06/11/2009
Rising rates makes refinancing difficult for homeowners. Mortgage rates reached 5.79% on June 10, 2009.
Linked Articles
Get Ready for Inflation and Higher Interest Rates
Wall Street Journal 06/11/2009
Rate Rise Clouds RecoveryWall Street Journal 06/12/2009
With $5 trillion of new debt issue estimated in 2009-2010, the prospect of continued bailout of auto industry for years dims outlook for reversing this.
06/03/2009
Some experts point to the need for a 50% reduction in capacity in the auto industry from 2008. Demand may be lower than the 9.5 million vehicle year that the auto task force says is needed for GM to breakeven. This will mean continued government aid to the industry for a number of years.
Linked Articles
Rising Interest on Nations’ Debts May Sap World Growth
New York Times 06/04/2009
Kicking the Tires on the General Motors DealWashington Post 06/03/2009
Laffer says inflation and high interest rates are a sure thing with the $1 trillion increase in the monetary base since Sept 2008.
04/23/2009
This is the largest increase in the monetary base in the last 50 years by afactor of 10, and is unlike anything ever experienced before. He sees inflation and rising interest rates as a result surpassing anything seen in the 1970's. Bernanke he says faces a Hobson's choice between contracting the monetary base and putting the economy back in recession and letting things go the way they are resulting in steep inflation. He sees the Fed having the option of increasing the reserve requirements at banks, to restrain the increase in the monetary base.
Linked Articles
Economist 04/23/2009
Get Ready for Inflation and Higher Interest RatesWall Street Journal 06/11/2009
Interest rate swap contracts sold by banks to the city of Detroit in 2005 and the "kiko" derivative contracts sold by banks to exporters in S. Korea before the 2008 global financial crisis
04/03/2009
The huge losses suffered by Detroit and by exporters in S. Korea and how the issues raised were handled in the two places. What takes precedence fairness or contracts, how much of a contract has to be intelligible to the investor and the broader question of why banks needed to write such contracts or conduct business in this way which could hurt their reputation. An example is given by Floyd Norris of NYT where Bankers Trust reputation suffered badly in 1994 for selling such contracts to P&G.
Linked Articles
New York Times 04/03/2009
'Safe Harbor' in Bankruptcy Upended in Detroit CaseNew York Times 12/23/2013
Geithner's Plan for Toxic Assets
03/23/2009
Experts are doubtful Geithner's plan of March 23, 2009 for toxic assets will work. Its similiar to plans previously announced by Paulson in the Bush administration. Views of Krugman, Eavis and Reinhart. If lack of confidence and lack of liquidity were the only problems they say, government money as incentives might work, but the problem is more basic and structural. These mortgage securities are from a time of easy money, now investors are shy of risks and would discount them even more as a safety factor, and banks would not want to sell them at that price. Are stress tests and nationalization of failed banks around the corner?
Linked Articles
Why Congress Will Kill the Bank Rescue
Wall Street Journal 03/24/2009
Geithner's Gamble Needs SpeculatorsWall Street Journal 03/23/2009
GE (General Electric), GE Capital, CEO Immelt and the global financial crisis of 2008
03/07/2009
Linked Articles
Wall Street Journal 01/26/2011
Behind the Curtain at G.E.New York Times 03/07/2009
Consumer spending surging in Indonesia in 2008-2012
02/24/2009
Consumer spending represents about 55-56% of GDP in Indonesia in 2011 and 2012. Honda Motor with motorbicycles, Phillips in healthcare equipment and the Lippo Group in retail stores are seeing amazing growth in Indonesia.
Linked Articles
Wall Street Journal 04/26/2012
Motorcycles Drive Honda's ProfitWall Street Journal 02/24/2009
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