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News from around the web: 2009-10-06

  • La producción industrial cae un 13.1% y encadena 16 meses de descensos

    Spain’s industrial production is still cliff diving. How are their banks able to withstand this catastrophe?

  • FT.com – HSBC chief fears a second downturn

    Consider this a double dip alert.

  • There’s no such thing as too big to fail in a free market – Telegraph

    This is an ode to truly free markets and a rejection of TBTF. Even liberals can see the positives in this. I agree that bankruptcy – with an adequate resolution process – is a better route for reckless lending.

  • Microsoft never recovered from Vista blow, says Steve Ballmer – Telegraph

    "Mr Ballmer said the economic climate has hit sales of PCs, which are down some 10pc to 15pc from their peak. This in turn will impact sales of Windows 7, which launches on October 22. The company’s reputation took a beating after the release of Vista, which caused machines to stall indefinitely while deleting, copying and moving files, among many other issues."

  • AVG releases version 9 – Free version to drop on October 15th

    "Grisoft says scanning speeds have been increased by as much as 50% and that version 9 also reduces Windows boot lag by 10 to 15%. The firewall is more intuitive and has been made less intrusive — another small but welcome change."

  • German Chancellor Merkel to address U.S. Congress | Politics | Reuters

    This is pretty rare. I wonder if there is a bombshell in this.

  • GOP leaders to Michael Steele: Back off – POLITICO.com

    It sounds like the GOP won’t be able to shake it’s image as a party mainly for white males. "GOP leaders, in a private meeting last month, delivered a blunt and at times heated message to RNC Chairman Michael Steele: quit meddling in policy… Steele was taken aback by the comments from Boehner, Senate Minority Leader Mitch McConnell (R-Ky.), Senate Minority Whip Jon Kyl (R-Ariz.), Senate GOP conference Chairman Lamar Alexander of Tennessee and Senate GOP policy Chairman John Thune of South Dakota and grew defensive during the 10-minute discussion, according to two people in the room."

  • Brendan Nyhan: Revisiting Obama’s health care speech

    "There was a small bounce in support for health care reform after the speech, but part of the effect dissipated. Meanwhile, estimated opposition to reform, which dipped in the wake of the speech, quickly rebounded toward previous levels and is now greater than it was before the speech."

  • Andy Xie: Why One Bubble Burst Deserves Another

    "The financial crisis taught crucial lessons about the dangers of bubbles, loose regulation and debt. It’s a pity we didn’t learn."

  • Bank of America – How Much Should Bond Holders Be Haircut To Restore Solvency? – Chris Whalen

    With Lewis gone, we can ask the hard questions.

  • Apple to Woolworths: Your New Logo Is Too Apple-y

    This is absurd. I am starting to really hate Apple.

  • FT Alphaville – Defcon Latvia, again

    "Swedish media, meanwhile, reported the IMF might be on the verge of walking away and that Sweden’s finance minister Anders Borg had held secret talks with Swedbank and SEB to prepare them for the fallout."

  • Inspector’s Report on Bailouts Says Treasury Misled Public – NYTimes.com

    "The inspector general who oversees the government’s bailout of the banking system is criticizing the Treasury Department for some misleading public statements last fall and raising the possibility that it had unfairly disbursed money to the biggest banks."

  • Soros Says ‘Basically Bankrupt’ Banks Restrain U.S. – Bloomberg.com

    Europe has been less damaged,” Soros said today. The European Central Bank may be faster than the Federal Reserve to start withdrawing stimulus, he said, adding that it is “too early, certainly for the United States,” for policy makers to start reversing their emergency measures.

  • A Short Question For Senior Officials Of The New York Fed – Simon Johnson

    Goldman has not changed its business model to reflect the greater level of regulation banks receive.

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    Distraction of the Day: New black Barbie getting mixed reviews (video embedded below)

    About 

    Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College. Edward also writes a premium financial newsletter. Sign up here for a free trial.