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Monthly Archives: September 2008

What now? : A short term strategy

30-Sep-08

The thing that is really worrying me most at the moment is the absence of any clear thinking by anyone on what we need to do to get through the credit crisis. Politicians and regulators look like frightened rabbits staring into car headlights as they deal with one immediate crisis after another. None seem to [...]

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Is this the end of banking as we’ve known it?

30-Sep-08

Robert Peston has written this morning that (edited):

The most important markets announcement this morning is that the Irish government has placed an unlimited two-year guarantee on all deposits and some debt in six Irish banks, to “safeguard the Irish financial system”.
This has huge ramifications for us. Potentially it puts British banks at a massive competitive [...]

Filed in Banking | | Comments (0) »

Bring back cool reasonable voice of Keynes

30-Sep-08

In the FT, from my Green New Deal colleague Ann Pettifor:

Sir, Your editorial “In praise of free markets” (September 27/28) conflates regulation of trade markets with that of financial markets.
This is a flawed analysis, one at the core of most economic orthodoxy - that money, like land, oil, soya beans, diamonds or gold, is a [...]

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The only immediate issue

30-Sep-08

Nils Pratley in the Guardian reflecting a mood I’ve expressed here:

The immediate challenge for the central banks is simply to keep the banking system functioning - ensuring that payments are processed and that companies can continue to pay everyday bills, such as wages.

This is the issue now: can we simply keep money moving?

Filed in Banking, Economics | | Comments (0) »

I do suspect fraud

30-Sep-08

The FT has reported:

Freddie Mac and Fannie Mae, the US mortgage financiers seized by the government, have received subpoenas from federal prosecutors for documents related to accounting and disclosure, the companies said on Monday.

Yes, I do suspect fraud.
A great deal of offshore accounting is fraud.
Many Special Purpose Vehicles are fraudulent.
I define fraud as a deception [...]

Filed in Accounting, Corruption | | Comments (0) »

The tiger rolled over and died

30-Sep-08

The FT has reported of yesterday’s action on the Irish stock exchange

Anglo Irish Bank, the specialist property lender, plunged 45 per cent, while Irish Life & Permanent, the bancassurer and the republic’s largest mortgage provider, fell 34 per cent.
Allied Irish Banks weakened nearly 16 per cent and Bank of Ireland lost 15 per cent.
“Everyone has [...]

Filed in Economics, Ireland | | Comments (0) »

My del.icio.us bookmarks for September 29th

30-Sep-08

These are my links for September 29th:

Marc Ambinder (September 29, 2008) - McCain's Share of The Blame? - If ever a man proved himself not up to the task it's John McCain
BBC NEWS | Politics | Tories pledge council tax freeze - So that's real cuts in social services then, social housing, refuse collection and [...]

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And now for some light relief

29-Sep-08

There always has to be a benefit from trawling the US press. I found this:

Filed in Uncategorized | | Comments (1) »

Barney Frank Mocks GOP: “Because Somebody Hurt Their Feelings, They Decide To Punish The Country”

29-Sep-08

Just watch this.
Barney Frank says the Republicans are being petty.
He’s right.

Filed in Economics | | Comments (5) »

If there’s one thing the world needs tomorrow morning

29-Sep-08

If there’s one thing the world needs tomorrow morning it is a suspension of the stock market
Most economists assume markets are rational. Right now it is very painfully obvious how stupid that assumption is. I worked that out when I was 19. It seemed glaringly obvious. We’re paying a high price for being taught the [...]

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