Associate Editor (1); editors lack (1); highly respected chief economics editor (1); Huffington Post News Editors (4).
Fri 2010-06-18 10:31 EDT
The Godley Papers are a collection of articles published in The NSS (New Statesman and Society) and The Observer between 1988 and 1992. There is an introduction to the collection by Steve Platt, Editor, New Statesman and Society. The collection may be downloaded...[Wynne Godley papers]
naked capitalism Sun 2010-02-28 13:08 EST
Martin Wolf, the Financial Times' highly respected chief economics editor, weighs in with a pretty pessimistic piece tonight. This makes for a companion to Peter Boone and Simon Johnson's Doomsday cycle post from yesterday...With the private sector debt overhang as great as it is, I doubt there is a way out of our mess that does not involve a period of debt restructuring and writeoffs. That process, no matter how adeptly handled, results in dislocation and has a chilling effect on bystanders...Swedish Lex interestingly sees another possible brake that may become operative prior to another bubble/bust cycle. He believes that the EU has much less tolerance for underwriting zombie banks than the US. The EuroBanks have written off less in the way of losses than their US peers, are also exposed to any EU sovereign debt defaults, and yet the biggest are still crucial parts of the international capital markets infrastructure (and therefore still tightly coupled to the very biggest US/UK firms). While any EU sovereign debt defaults could morph into a full blown crisis, the EU responses to the joint sovereign/bank debt overhang could lead to more radical changes in EU banking rules and practices that could blow back to the very biggest US banks in unexpected ways.
The Full Feed from HuffingtonPost.com Fri 2010-01-29 16:28 EST
Reprinted from Freefall by Joseph Stiglitz. Copyright (c) 2010 by Joseph E. Stiglitz. Used with permission of the publisher, W.W. Norton & Company, Inc. The entire series of efforts to rescue the banking system were so flawed, partly because those who were somewhat responsible for the mess--as advocates of deregulation, as failed regulators, or as investment bankers--were put in charge of the repair...
Biggest Banking Blunder; com; excerpts; Fix; freefall; full Feeds; History; HuffingtonPost; lately.
Jesse's Café Américain Mon 2009-12-28 16:22 EST
The deterioration of the dollar reserve currency regime is obvious.If we have forecasted correctly, the world will look to some variation of the IMF's Special Drawing Rights as an eventual replacement for the US dollar. Therefore, the recomposition of the SDR next year will become a lightning rod for the global stresses created by an increasingly unstable and impractical system of global trade...A new global currency should replace the US dollar as the international reserve currency, as the long-term deterioration of America's economy and the greenback is fuelling a "currency-regime crisis," says Martin Wolf, associate editor and chief economics commentator of the Financial Times.
Enormous; Jesse's Café Américain; stake; World Reserve Currency System Become.
The Full Feed from HuffingtonPost.com Wed 2009-11-25 12:11 EST
In its bailout last fall of the insurance giant AIG, a team led by current Treasury Secretary Timothy Geithner failed nearly every step of the way, according to a scathing report released Monday by a government watchdog. Instead of bargaining with AIG's numerous counterparties to resolve its billions of dollars in souring derivatives contracts, Geithner's team ended up funneling payments for those toxic derivatives to AIG's counterparties at "an amount far above their market value at the time," the report notes.
AIG Bailout; com; full Feeds; Geithner singled; HuffingtonPost; TARP watchdog Neil Barofsky's scathing report.
The Full Feed from HuffingtonPost.com Wed 2009-11-25 10:44 EST
In an unprecedented defeat for the Federal Reserve, an amendment to audit the multi-trillion dollar institution was approved by the House Finance Committee with an overwhelming and bipartisan 43-26 vote on Thursday afternoon despite harried last-minute lobbying from top Fed officials and the surprise opposition of Chairman Barney Frank (D-Mass.), who had previously been a supporter. The measure, cosponsored by Reps. Ron Paul (R-Texas) and Alan Grayson (D-Fla.), authorizes the Government Accountability Office to conduct a wide-ranging audit of the Fed's opaque deals with foreign central banks and major U.S. financial institutions. The Fed has never had a real audit in its history and little is known of what it does with the trillions of dollars at its disposal.
Audit Federal Reserve Passes Key Hurdle; billed; com; Fed Beaten; full Feeds; HuffingtonPost.
The Full Feed from HuffingtonPost.com Sat 2009-10-10 13:01 EDT
The Obama administration's effort to help homeowners avoid foreclosure may not achieve its goal of helping 3 million to 4 million borrowers and may simply delay mortgage defaults for many, a government watchdog group says. The Congressional Oversight Panel, charged with making regular assessments of the $700 billion financial rescue fund enacted last year, said the Treasury Department should consider whether to improve the current $50 billion program or adopt new programs to meet an expected rise in foreclosures fed by increased unemployment...
com; Elizabeth Warren; full Feeds; HuffingtonPost; Obama's Loan Relief Plan; Serious questions remain.
naked capitalism Tue 2009-09-01 19:06 EDT
Clearly, the spin is in...The fact that we have such patent garbage running as a front page New York Times story says either the reporter and his editors lack the ability to think critically (or find sources who could do that for them) or that we have a controlled press. Bogus NYT reporting.
Big Banks Repay Bailout Money; Bogus Bailout Reporting; naked capitalism; profits; U.S. Sees.
