Tue 2009-09-22 08:17 EDT

Guest Post: Sarkozy, Stiglitz & capitalism's inherent contradictions

Swedish Lex

The French Commission on the Measurement of Economic Performance and Social Progress presented its final Report written by Stiglitz and other leading economists at an event at la Sorbonne earlier today. The contents of Report is already being discussed widely but at least as relevant are the politics surrounding the Commission's Report and how France intends to use it to spearhead economic reform at home and abroad...at least in France, the financial crisis is alive and will be used to promote reform...Governments need to modify their behavior, first by changing how they account for the situation in society by including questions about the overriding purposes of society and public policy; ``our certitudes have evaporated, everything has to be put into question and re-invented''. Current methodologies fail to take externalities into account with the risk of booking developments as progress while, in reality, the opposite is true. Growth has in some regards destroyed more than it has achieved.

capitalism's inherent contradictions; Guest Post; Sarkozy; Stiglitz.

Thu 2009-09-17 10:02 EDT

``No One Saw This Coming'': Understanding Financial Crisis Through Accounting Models - Munich RePEc Personal Archive

Dirk J. Bezemer

This paper presents evidence that accounting (or flow-of-fund) macroeconomic models helped anticipate the credit crisis and economic recession. Equilibrium models ubiquitous in mainstream policy and research did not. This study identifies core differences, traces their intellectual pedigrees, and includes case studies of both types of models. It so provides constructive recommendations on revising methods of financial stability assessment. Overall, the paper is a plea for research into the link between accounting concepts and practices and macro economic outcomes.

accounts model; comes; Munich RePEc Personal Archive; saw; Understanding Financial Crisis.

naked capitalism Mon 2009-09-14 14:51 EDT

Guest Post: Sarkozy, Stiglitz & capitalism's inherent contradictions

Swedish Lex, an expert and advisor on EU regulatory and political affairs

The French Commission on the Measurement of Economic Performance and Social Progress presented its final Report written by Stiglitz and other leading economists at an event at la Sorbonne earlier today. The contents of Report is already being discussed widely but at least as relevant are the politics surrounding the Commission's Report and how France intends to use it to spearhead economic reform at home and abroad. This post provides a few comments on Sarkozy's speech.

capitalism's inherent contradictions; Guest Post; naked capitalism; Sarkozy; Stiglitz.

zero hedge Sun 2009-09-13 15:41 EDT

Mortgage Bankers Association Q2 Delinquency Rate Update

Even the traditionally optimistic MBA is starting to acknowledge the reality of accelerating deterioration within commercial real estate, as well as the delinquency pick up in multi-family loans by the Agencies...Life Insurance companies are dramatically misreporting their delinquency rates in an apparent effort to present an overoptimistic picture, with the blessing of the administration and the accountants

Mortgage Bankers Association Q2 Delinquency Rate Update; Zero Hedge.

zero hedge Sun 2009-09-13 15:40 EDT

Mortgage Bankers Association Q2 Delinquency Rate Update

Even the traditionally optimistic MBA is starting to acknowledge the reality of accelerating deterioration within commercial real estate, as well as the delinquency pick up in multi-family loans by the Agencies...Life Insurance companies are dramatically misreporting their delinquency rates in an apparent effort to present an overoptimistic picture, with the blessing of the administration and the accountants

Mortgage Bankers Association Q2 Delinquency Rate Update; Zero Hedge.

zero hedge Thu 2009-09-03 09:59 EDT

Deep Thoughts From Leucadia

With Leucadia coming boldly from behind the shadows, where Ian Cumming and Joe Steinberg have always enjoyed operating, and joining Buffett in a deal over Capmark's loan-servicing and mortgage business, it makes sense to introduce readers with some of the very original thinking of the Leucadia founders (and very close friends of the mellifluously named Dick Handler). We present their most recent annual investor letter, which frequently is cited as among the best hedge fund (even though they don't like to be seen as one) strategy reading material. downloaded pdf.

Deep Thought; Leucadia; Zero Hedge.

zero hedge Thu 2009-09-03 09:59 EDT

Deep Thoughts From Leucadia

With Leucadia coming boldly from behind the shadows, where Ian Cumming and Joe Steinberg have always enjoyed operating, and joining Buffett in a deal over Capmark's loan-servicing and mortgage business, it makes sense to introduce readers with some of the very original thinking of the Leucadia founders (and very close friends of the mellifluously named Dick Handler). We present their most recent annual investor letter, which frequently is cited as among the best hedge fund (even though they don't like to be seen as one) strategy reading material. downloaded pdf.

Deep Thought; Leucadia; Zero Hedge.

ClubOrlov Wed 2009-08-26 11:24 EDT

Definancialisation, Deglobalisation, Relocalisation

kollapsnik

This talk was presented at The New Emergency Conference in Dublin, on June 11, 2009. ``we all have to prepare for life without much money, where imported goods are scarce, and where people have to provide for their own needs, and those of their immediate neighbours'' ``Most of the wealth is in very few private hands right now. Governments and the vast majority of the people only have debt. It is important to convince people who control all this wealth that they really have two choices. They can trust their investment advisers, maintain their current portfolios, and eventually lose everything. Or they can use their wealth to reengage with people and the land in new ways, in which case they stand a chance of saving something for themselves and their children. They can build and launch lifeboats, recruit crew, and set them sailing.'' 1. Good morning. The title of this talk is a bit of a mouthful, but what I want to say can be summed up in simpler words: we all have to prepare for life without much money, where imported goods are scarce, and where people have to provide for their own needs, and those of their immediate neighbours. I will take as my point of departure the unfolding collapse of the global economy, and discuss what might come next. It started with the collapse of the financial markets last year, and is now resulting in unprecedented decreases in the volumes of international trade. These developments are also starting to affect the political stability of...

ClubOrlov; Definancialisation; Deglobalisation; relocalisation.

Tue 2009-06-16 00:00 EDT

naked capitalism: Taleb Presentation on the Fourth Quadrant

naked capitalism; quadrant; Taleb Presentation.

Thu 2009-01-15 00:00 EST

Jesse's Café Américain: Five Critical Decisions Leading to Our Financial Crisis: Joe Stiglitz Presents His Analysis

Jesse's Café Américain: Five Critical Decisions Leading to Our Financial Crisis: Joe Stiglitz Presents His Analysis; Joseph E. Stiglitz

Analysis; Critical Decisions Leading; Financial Crisis; Jesse's Café Américain; Joe Stiglitz Presents.

Fri 2008-11-07 00:00 EST

The Institutional Risk Analyst: In the Fog of Volatility, the Notional Becomes Payable

In the Fog of Volatility, the Notional Becomes Payable; ``price is not presently a valid surrogate for value''; 2008-10-27

fog; Institutional Risk Analyst; Notional Becomes Payable; volatility.

Wed 2008-10-08 00:00 EDT

naked capitalism: AIG: Hearings Present Evidence That Management Disguised Losses

AIG; Hearings Present Evidence; Management Disguised Losses; naked capitalism.

Tue 2008-10-07 00:00 EDT

Hussman Funds - Weekly Market Comment: The Beginning of Wisdom - October 6, 2008

``the present sentiment of panic is typically one that presents useful opportunities for gradually scaling into market exposure, as uncomfortable as it might feel over the short term''

2008; Begins; Hussman Funds; October 6; weekly market comments; wisdom.

Tue 2008-09-02 00:00 EDT

EconLog, Freddie Mac: My Chapter, Arnold Kling: Library of Economics and Liberty

``I was "present at the creation" of Freddie Mac's risk management culturethe Foster...Van Order approach to pricing mortgage default risk. That was the approach that [Freddie Mac CEO Richard Syron] rejected''

Arnold Kling; Chapter; econlog; economic; Freddie Mac; liberties; libraries.

Tue 2008-01-15 00:00 EST

Hussman Funds - Weekly Market Comment: Past, Present and Future - January 14, 2008

Hussman Funds - Weekly Market Comment: Past, Present and Future; performance review, investment strategy and preferences - January 14, 2008

2008; future; Hussman Funds; January 14; presenter; weekly market comments.

Wed 2005-02-09 00:00 EST

Reason: Neal Stephenson's Past,

Reason: Neal Stephensons Past, Present, and Future: The author of the widely praised Baroque Cycle on science, markets, and post-9/11 America

Neal Stephenson's; reasons.