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With stocks now up significantly from March 2009 lows, a mild correction has been underway for the past two weeks. Even if it risks becoming a major correction, we will still be well above levels just 6 months ago. But that has Alan Greenspan worried.
Business Week reports:
Former Federal Reserve Chairman Alan Greenspan said a U.S. [...]
asset-based economy's tag archives
More support for the asset-based economy status quo from Sir Alan Greenspan
Feb
Short sale fraud
Jan
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CNBC’s Diana Olick has the breaking story on alleged fraud in the mortgage industry. She has been writing about this for a few days now. See Big Banks Accused of Short Sale Fraud – Realty Check with Diana Olick at CNBC’s website.
Basically, second liens on properties like home equity loans have a blocking interest that [...]
Readers of this blog expect the recession to last redux
Jan
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Back in June I asked you all “When will the U.S. economy recover?.” The response was basically either “there will be no recovery to speak of” or “recovery is a long way off.” The poll results are embedded below.
I asked a similar question as the new year began since arguably a ‘technical recovery’ is underway. [...]
China takes steps to prevent overheating
Jan
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China has been very successful in maintaining GDP growth in the midst of one of the worst global downturns on record. In 2009, the concern was how an export collapse would trigger slow growth and unemployment. But as 2010 begins, for the Chinese economy, it is overheating and inflation that most are worried about. Chinese [...]
Why economists failed to anticipate the financial crisis
Jan
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About three months ago, Nobel Prize winning economist Paul Krugman took a stab at explaining why economists didn’t anticipate the worst financial crisis in three-quarters of a century. His was a long piece, taking up eight pages and 6,000 words at the New York Times website. His overview was certainly one of the best in [...]
Moving away from stimulus happy talk to focus on malinvestment
Dec
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For the period leading up to the panic last year, I had been warning of a rather severe recession. My view at the time was that what was needed was a realignment of America’s industrial organization away from finance and housing where serious overinvestment meant many firms would fail and asset prices would fall.This turned [...]
Stop the madness now!
Nov
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This is a post I just wrote over at Yves Smith’s site Naked Capitalism in response to a reader request. Marshall Auerback has already written a reply as well and I will post this later today.
A reader at Naked Capitalism asked us to respond to a recent article from the Christian Science Monitor asking Does [...]
Gross isn’t buying corporates, high yield or equities even with zero rates
Nov
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I pick up Bill Gross where I left him on Friday. He said in his monthly newsletter that the Fed is going to keep interest rates at zero percent through 2010. But, he is not willing to stick his neck out in a liquidity seeking return kind of way even though this is what reflation [...]
Back to the future: Rosenberg says it’s like the crisis never happened
Oct
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In today’s morning with Dave article, Gluskin Sheff’s Chief Economist and Strategist says the macro environment makes it look like 2007 all over again – as if the crisis never happened.
It’s like 2008 and early 2009 never happened. Hong Kong’s Hang Seng index just hit a 14-month high as the island benefits from Chinese growth, [...]
The next crisis is already under way
Oct
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Wolfgang Munchau of the Financial Times wrote a very important comment piece in today’s Financial Times. In it he said that central banks are targeting asset prices to avoid the brunt of cyclical downturns. This policy is inducing asset bubbles and creating a more volatile real economy with unpredictable negative consequences.
I want to expand [...]
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- ““It’s hard to believe that after blowing up so many bubbles over the past couple years, the Fed is managing to blow yet another bubble...
Thirty-year Treasury bonds are yielding about 2.5 percent. You would have to assume that over the next 30 years there will be no inflation problem..
Given the expansionary fiscal and monetary policy of the United States, “there will be a time when inflation accelerates along with a weak dollar...
When that happens, central banks will have to increases interest rates, which will be difficult to implement.”
-- Marc Faber early in 2009
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