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Category Archives: Finance
Taxpayer=Loser
You hear the buzz about the nationalization of Citi? What does this mean? The U.S. government has dropped $45 billion of cash on Citi and another $250b in debt backstops (guarantees). There is talk of converting some of the $45b … Continue reading
The Treasury Fiasco – 3 Video Blogs
Here are three new video blogs. 1) Bank CEOs Testify before Congress Eight bank CEOs appeared before Congress on February 11, 2009 to explain how their institutions used the TARP funds they received in 2008. I comment on their testimony … Continue reading
Fragile International Banks
The international banking system is at great risk in the current environment. This week Fortis shareholders rejected a takeover offer. This puts the whole country of Beligium at risk. Fortis’ assets are more than 200% of the GDP of Beligium. … Continue reading
The Ghost of Paulson-Past
What we saw yesterday was more of the same. I was flabbergasted that the plan was so light on details. They have had 3 months to put something together and the best they could deliver is a 7-page fact sheet. … Continue reading
Posted in Finance
Tagged Campbell Harvey, Federal Reserve, Financial Crisis, Geithner, PPP, TALF, TARP, Treasury
1 Comment
The Long-Term Cost of the Credit Crisis
Many economists argue that recessions are a good thing. How is that possible? Well, recessions give companies the excuse to lay off unproductive workers – both blue and white collar and make other tough decisions that make the firm stronger … Continue reading
Fed Running Out of Bullets
“Fed To Hold Rates Near Zero” is the news headline today. It is not really news. What were they supposed to do? They can’t increase the rates. Zero is as low as you can go. There were about six notable … Continue reading
Posted in Finance
Tagged Add new tag, Campbell Harvey, Fed Funds, Federal Reserve, Financial Crisis 2009
2 Comments
This Winter of Our Hardship
The ‘Winter of Our Hardship’ are the words of President Obama in the inaugural address. He refers to the common dangers that we face in his somber message. The common danger is that this recession turns into a depression. In … Continue reading
Posted in Finance
Tagged Add new tag, Campbell Harvey, Death Spiral, Depression, Financial Crisis, Obama Inaugural, Recession
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The Impact of the U.S. Economic Crisis on the Rest of the World
For those of you who are familiar with some of my research, you know how I have railed against people overselling the concept of “Global Diversification”. While there is an obvious benefit to diversifying your investments, it is not fair … Continue reading
The Essential Need for Transparency
We recently learned that the U.K. financial institution, RBS, lost $41 billion. We also learned that Citigroup lost $8 billion. How are we to interpret these numbers? Would you be surprised if it was the reverse, with Citi losing $41b … Continue reading
Posted in Finance
Tagged Add new tag, Bank of America, Campbell Harvey, Citigroup, Financial Crisis, Mark to Market, RBS, Transparency
3 Comments
Unemployment Fast Forward
The unemployment rate in December 2008 was 7.2%. We heard that initial claims for unemployment were greater than expected last week. What does this mean? As usual, it is difficult to navigate the data. We were told there were 589,000 … Continue reading
Posted in Finance
Tagged Campbell Harvey, Financial Crisis, Initial Claims, Unemployment
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