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3 weeks ago
in Channeling my inner Larry Summers on Credit Writedowns
Thoughtful post. Thanks.
If I read you right, my inner Summers is my inner optimist, my inner faith in debt. If so, is Summers not using government debt to rebuild the very debt-financed house of cards that just collapsed?
And this time, given modern advertising's power to dispel the pain of past financial crises and to fuel the human drive for acquisition, might not the rebuilt house of cards swell to a topheavy size where it too collapses by 2020 or even 2015 just as it collapsed in 2008?
I'm glad your inner Summers has the decency to acknowledge that "there are those who had prognosticated a calamity of this type." My favorite prognostication is Michael Hudson's "The New Road to Serfdom: An Illustrated Guide to the Coming Real Estate Collapse," the Harper's Magazine cover story for May, 2006 at http://www.insurgentamerican.net/download/Micha...
If I read you right, my inner Summers is my inner optimist, my inner faith in debt. If so, is Summers not using government debt to rebuild the very debt-financed house of cards that just collapsed?
And this time, given modern advertising's power to dispel the pain of past financial crises and to fuel the human drive for acquisition, might not the rebuilt house of cards swell to a topheavy size where it too collapses by 2020 or even 2015 just as it collapsed in 2008?
I'm glad your inner Summers has the decency to acknowledge that "there are those who had prognosticated a calamity of this type." My favorite prognostication is Michael Hudson's "The New Road to Serfdom: An Illustrated Guide to the Coming Real Estate Collapse," the Harper's Magazine cover story for May, 2006 at http://www.insurgentamerican.net/download/Micha...
8 months ago
in The Fed’s Ballooning Credit Extensions on The Washington Independent
Important information here. Charles R Morris should be a guest host on CNBC.
9 months ago
in Hyperventilating on the Bailout on The Washington Independent
Wow. Glad to see this, esp. after reading Thomas Friedman in today's NYT charging anti-bailout members of Congress with "recklessness and incompetence".
Volcker by cured the crisis of the late 70's/early 80's by cutting money supply. Is this what you mean by deleveraging? Is it what the Fed should be doing now?
Volcker by cured the crisis of the late 70's/early 80's by cutting money supply. Is this what you mean by deleveraging? Is it what the Fed should be doing now?
9 months ago
in Time to Buy Gold Bars? on The Washington Independent
Thanks for the links to the four finance bloggers. Looking at today's Dow (-777) the bailouts of major banks and recessions in Europe and Asia, these guys are the closest thing we've had to a crystal ball.
However Morris' gem of a book (Trillion Dollar Meltdown) remains indispensable.
However Morris' gem of a book (Trillion Dollar Meltdown) remains indispensable.
9 months ago
in Time to Buy Gold Bars? on The Washington Independent
I took the plunge into the swamp Charles Morris speaks of and bookmarked the four bloggers he names. Spend a day with them and he is right, they are so well informed that they may indeed be performing the vitally purgative role Morris ascribes to them. To his list I would only add the blog of Nouriel Roubini, already well known to CNBC and Public TV viewers.
We are to an extent in an Emperor's Clothes situation these days, and these bloggers (and Morris himself!) are willing to say what other professional observers - John Authers of FT and Floyd Norris of NYT- are likely thinking but fear to utter.
We are to an extent in an Emperor's Clothes situation these days, and these bloggers (and Morris himself!) are willing to say what other professional observers - John Authers of FT and Floyd Norris of NYT- are likely thinking but fear to utter.
9 months ago
in Paulson’s Plan Not a Resolution Trust Corp. Scenario on The Washington Independent
Crucial distinction, well put.
9 months ago
in Why Paulson Blinked on AIG on The Washington Independent
A splendid piece by the author whose recent gem of a book - The Trillion Dollar Meltdown - does for today's crisis what Galbraith's classic 1950's book did for the Great Depression.
And Morris is a better, wittier and more intelligent writer. And I am not his agent.
And Morris is a better, wittier and more intelligent writer. And I am not his agent.
