Pimco’s El-Erian Properly Frames the Financial Debate

Pimco CEO Mohamed El-Erian I am increasingly impressed by Pimco CEO Mohamed El-Erian. Why? I believe El-Erian consistently provides a thoughtful and informed opinion and analysis of the global economic landscape. I witness his sagacity again this morning in reading his Financial Times commentary, Return of The Old Ways of Thinking Threatens Recovery : We are at the point of maximum confusion in the multi-year transition of the global economy, markets and policymaking. [more...]

Date: 2009-09-29 13:34:51

Blog posts (155) | Videos (134)
 

Operation Rollback

Posted by Review-a-Day, September 29th, 2009 3 CommentsFiled under:Review-a-Day. The Retail Revolution: How Wal-Mart Created a Brave New World of Business by Nelson Lichtenstein Reviewed by Jefferson DeckerThe Nation In October 2003 employees at more than 800 chain supermarkets in California walked out of their jobs after management demanded pay cuts and a reduction in health insurance benefits. [more...]

Date: 2009-09-29 09:54:00

Another Reason We Won't Have A V-Shaped Recovery: Jobs

In order for the U.S. economy to go roaring right back to the 3%-4% long-term growth the bulls are looking for, consumer spending will have to rebound.  Consumer spending is still 70%+ of the economy, and it's hard to get a supertanker cruising along at top speed if 70% of its power is removed. In order for consumer spending to come roaring back, however, one critical thing has to happen: Consumers have to be employed If consumers don't have jobs, they don't have much disposable income.  [more...]

Date: 2009-09-27 14:17:00

A Bias to Buy the Dollar

Well… Russia has thrown a cat amongst the pigeons this morning with a rate CUT… Let me tell you why this is a big deal… Well, everyone is thinking that the go-go countries of Norway, Australia, and Brazil will probably begin their rate hike cycles this year… While the US drags its feet and wallows in the zero rate mud… The thinking was that the rate differentials to the dollar would begin to widen, causing even more pain for the dollar. [more...]

Date: 2009-09-29 16:12:57

A Bias to Buy the Dollar

Well… Russia has thrown a cat amongst the pigeons this morning with a rate CUT… Let me tell you why this is a big deal… Well, everyone is thinking that the go-go countries of Norway, Australia, and Brazil will probably begin their rate hike cycles this year… While the US drags its feet and wallows in the zero rate mud… The thinking was that the rate differentials to the dollar would begin to widen, causing even more pain for the dollar. [more...]

Date: 2009-09-29 22:32:30

Peak Oil Not a Problem According to NY Times; Scientific American - Our Response on the Financial Aspects

Recently, we have had two new articles aiming to put to rest people's fears about peak oil. One is from the New York Times: Oil Industry Sets a Brisk Pace of New Discoveries It talks about the many discoveries this year, and how, if they continue at the pace they have in the first half, they will be the best since 2000. The other is from the October Scientific American, called Squeezing More Oil from the Ground . It is behind a pay wall (you can get it for $5.95). [more...]

Date: 2009-09-26 14:40:43

Top Bankruptcy Alternatives You Can Choose

If you are considering filing bankruptcy, you know that it feels like the hardest decision you’ve probably ever made. There are many questions - whether it will really help you get a fresh financial start, what the credit results are after bankruptcy, how bad it will be for your financial future, whether it’s really the right thing to do now. Finding out more about bankruptcy is the only way to determine for yourself whether it’s right for you. [more...]

Date: 2009-09-27 08:14:19

Words from the (Investment) Wise (Sept. 27, 2009)

After hitting its best levels of the year on Wednesday ahead of the Federal Open Market Committee’s (FOMC) communiqué, the S&P 500 Index ran into heavy weather on the realization that the Fed could start scaling back on emergency support of the economy. US equities dropped further later in the week on renewed concerns about the state of the troubled housing market and weaker-than-expected durable goods orders. [more...]

Date: 2009-09-27 14:33:29

Putting Out Fires During Noah’s Flood, Or Eyeless In Gaza Part II

Paul Krugman had a short post recently drawing attention to a rather foolish and ill-thought-outstatement originating in the mouth of German Finance ... sure that a policy of cheap money does not lead to a new growth bubble founded on credit ... by debt,” Apart from the point Krugman wants to implicitly make about interest rates, the point [more...]

Date: 2009-01-09 08:21:49

Reinventing America

America faces serious challenges to maintain its storied status quo. Hurdles include a sinking economy, wars in Iraq and Afghanistan, the rising cost of education, global warming, a crumbling infrastructure and American workers with uncertain futures. Trendwatchers are more acutely aware of these issues than most, but they’re also more hopeful [more...]

Date: 2009-01-13 09:40:59

Words from the (investment) wise for the week that was (September 21 – 27, 2009)

After hitting its best levels of the year on Wednesday ahead of the Federal Open Market Committee’s (FOMC) communiqué, the S&P 500 Index ran into heavy weather on the realization that the Fed could start scaling back on emergency support of the economy. US equities dropped further later in the week on renewed concerns about the state of the troubled housing market and weaker-than-expected durable goods orders. [more...]

Date: 2009-09-27 07:51:48

Words from the (investment) wise for the week that was (September 21 – 27, 2009)

After hitting its best levels of the year on Wednesday ahead of the Federal Open Market Committee’s (FOMC) communiqué, the S&P 500 Index ran into heavy weather on the realization that the Fed could start scaling back on emergency support of the economy. US equities dropped further later in the week on renewed concerns about the state of the troubled housing market and weaker-than-expected durable goods orders. [more...]

Date: 2009-09-27 07:51:48

Is Bush Tanking Stocks to Grab the Remaining $350 Billion TARP? Remember the much decried end-of-Clinton- era pardons, the most controversial of which involved tax cheat and storied trader Marc Rich? Well, if I am reading the tea leaves right, those shenanigans pales compared to the nonsense Bush is trying to pull in his last week in office [more...]

Date: 2009-01-13 21:43:00

Bank of America smashes Acorn

Acorn has taken some huge hits from the money givers that fund their activities legal and otherwise.   The next after Census Bureau, Senate, House of Representatives and other Governmental Organizations, now have Bank of America who apparently used them or worked with them in predatory loans that were such a problem for the country that caused the collapse of U.S. [more...]

Date: 2009-09-29 06:05:34

Holiday debts again... Can I file for bankruptcy more than once?

You have filed for bankruptcy once before and hoped that by using the skills you learned in your two credit counselling sessions, ... who has had debt problems in the past, they are incredibly disappointed to find themselves in this situation ... already. In our corner of Ontario, one problem many local people here in Cambridge are facing are lay [more...]

Date: 2009-01-16 00:11:27

Fed Officials Worry Inflation Rates Could Ease Too Much

Jon Hilsenrath reports from San Francisco. Federal Reserve officials at the annual meeting of the American Economic Association indicated they are ... , the year-to-year change in the consumer price index is likely to tip into negative territory in the months ahead. Meantime, increases in core consumer prices, which exclude food and energy, have [more...]

Date: 2009-01-05 06:16:25

Bailout Response

This week our country decided to bailout the economy with a $700 million in aid to lenders so there wouldn’t be a total collapse ... it is about financial loss or profit. In America we have cultivated an attitude of consumer spending that has led to consumer debt.  Not only do we have national debt increasing, but household debt [more...]

Date: 2009-01-14 06:55:55

Paulson's $6 Billion Foot In The Door Play

The US Treasury continues to throw $billions around like peanut shells. Bloomberg is reporting Treasury to Buy $5 Billion GMAC Stake, Expand GM Loan ... in an e-mail.GMAC joins more than 190 regional banks, commercial lenders, insurers and credit-card issuers ... it has accepted all bonds tendered in a debt swap designed to reduce its debt load.“Once the [more...]

Date: 2008-12-30 05:04:00

Senate Steineger Addresses Address to AFP Summit

We received this email from State Senator Chris Steineger earlier today, and we wanted to share it with you uncut and unedited ... , huge credit card debt for throw away consumer goods, and driving gas guzzler vehicles exemplify ... . Our government and its people have been living well beyond our means. The increased National debt, the federal [more...]

Date: 2009-01-14 20:07:00

Credit Crisis Sequel, Global Bank Bailout, Emerging Markets Still a Buy?, Gas Wars and More!

by Addison Wiggin & Ian Mathias Ghosts of the fourth quarter haunt global financials… so begins the second act of the credit saga Even the IMF needs a loan… $150 billion to back up struggling emerging markets Not so fast, says Mayer… emerging markets will remain drivers of global growth Jim Nelson with an industry likely to boom [more...]

Date: 2009-01-14 07:36:46

Nipping at our Nose

Since the season to be jolly is over, I just want to say a few tings, economically that is ... has turned from a producer to a consumer. And as such all of us are going to have to do some serious re ... for granted. The main problem is that politicians will not be able to solve what the have let happen [more...]

Date: 2008-12-31 07:53:00

Global Corp/ Group

Once upon a time thee was a UK based company called Global Corp that provided a service for DS who were self-employed. Global would charge a monthly fee by Standing Order and deal with all the invoicing, NI contributions, tax etc. However a few clients were not very happy with their service. They moved to the US and are now called Global Group Inc [more...]

Date: 2009-01-15 10:54:05

What kind of stimulus is needed right now?

Much attention has been placed in the media regarding President-elect Obama’s stimulus plan ... one will, in the words of an old song, merely leave America "another day older and deeper in debt."The cause ... modest increase thereafter. One estimate suggests a drop in consumer demand of roughly $500 billion [more...]

Date: 2009-01-14 22:45:00

Re-coupled Vengence: From Downturn to Implosion Risks ?

We've spent a bunch of time on the US economic outlook and the news, as you'd expect, continues to move from bad to worse ... the shallowness of the analysts involved grasp. But that's no longer the problem. Accelerating worldwide ... for the European schadenfreude that this was "just" a US problem. Developing Countries They also issued [more...]

Date: 2009-01-15 21:20:15

The Global Capitalist Crisis & India

The following is an editorial from Analytic Monthly Review. Published in Kharagpur, West Bengal, India, is a sister edition of Monthly Review. From the mrzine site.At Kasama, we are eager to see creative new work analyzing how global capitalism now operates in major Third World countries — and what that means for revolutionary possibilities and [more...]

Date: 2009-01-13 15:03:48

Seven Huge Financial Mistakes I Made During My College Career

Over the last few weeks, I have been reflecting on how many members of my rather close extended family are either near high school graduation or are in college right now. They have so many great opportunities ahead of them in the next few years - and so many chances to botch things, too [more...]

Date: 2009-01-04 14:00:00

Strong Infosys results fail to lift market

Key benchmark indices extended losses for the fourth day in a row in what was a highly volatile trading session. Fall in index heavyweight Reliance Industries (RIL), telecom stocks and private sector banking pivotals offset rally in IT stocks on the back of stronger-than-expected Q3 December 2008 results by IT bellwether Infosys Technologies [more...]

Date: 2009-01-13 14:11:00

Jaguars plan to rebuild through draft

Don't expect the Jacksonville Jaguars to spend another $24 million in free agency.Not this year. Not down the road. Maybe not ever again ... shape than some franchises that have huge debt from new stadiums and face mounting losses ... to do it without spending big in free agency."If you look at our batting average over the years in free [more...]

Date: 2009-01-15 10:52:00

Gates of Vienna News Feed 1/8/2009

The latest word is that an agreement with Russia has been reached, and the flow through the gas pipeline will resume.Also, look for the storming of the Israeli consulate in Montreal, as well as other Gaza-inspired violence around the world.Thanks to AA, Abu Elvis, Insubria, JD, Tuan Jim, Vlad Tepes, and all the other tipsters who sent these in [more...]

Date: 2009-01-09 04:49:00

Hamilton’s Counterfeit Capitalism

Daily Article by George F. Smith | As we await Bush’s replacement to straighten our wayward lives, it’s crucial to understand how we got here and why policy makers are so determined to do the wrong thing. Austrian economics explains why their policies are flawed, but no one with a voice seems to care [more...]

Date: 2009-01-15 21:36:00

Peter Schiff Warns Of Coming Dollar Collapse

Last week, Russia Today’s Marina Portnaya spoke to Peter Schiff, president of Euro Pacific Capital and author of Crash Proof: ... now, all the economic stimuli, all the bailouts, they’re all designed to perpetuate the problem, to get us deeper into debt, and all they’re doing is throwing gasoline on a fire… I think we’re on the verge of another [more...]

Date: 2009-01-13 05:59:00

Legal Helpers vs Transforming Debt Into Wealth Course - A review of two popular debt elimination programs

Transforming Debt Into Wealth Review A person deep in difficult financial situation and is desperate for a solution tends to grab the first ... elimination. In his program called “Transforming Debt Into Wealth” he will teach you to focus ... their exclusive services to help people get out of their debt.  Depending on the type and amount of debt [more...]

Date: 2009-01-15 07:35:31

Ask the M-Network: What to do if you’re deep in debt

Last week the M-Network rolled out a new feature:  Ask the M-Network.  This week, we’re going to answer a question about debt from one of my readers ... to know if this is credit card debt or some other debt - there is a big difference. If credit card debt, then you might want to think about going to a consolidation company who can work on your behalf [more...]

Date: 2009-01-14 12:00:07

Financial Forecast for 2009, Considering Resource Limitations

In this post, I consider some major issues contributing to our current financial problems, before making a financial forecast for 2009. These are 1 ... from the bottom: Layer 1. Household Debt (Mortgages, auto loans, credit card debt, student loans ... debt-based financial system operating. 3. Where we are now, and the role reduced resources [more...]

Date: 2009-01-06 15:10:32

Will the GMAC Deal Spell Relief for GM?

“Consumer credit is the jet fuel of the auto business,” said Michael J. Jackson, chief executive of AutoNation Inc ... . Also, falling auto sales aren’t the only problem facing GM. The auto maker is dealing with myriad issues, ranging from the speedy rate at which it is burning through cash to a punishing level of debt [more...]

Date: 2008-12-30 09:57:00

Government, eff off! Savings stimulate the economy.

In the following 53-minute video, Heritage’s Brian Riedl astutely debates Center for American Progress’ James Kvaal, ... a regurgitated Keynesian tenent that, as Kvaal himself demonstrates, just won’t die. Kvaal: The problem ... . ... Reidl: …The basis for that statement is that: consumer spending is down, therefore demand is down [more...]

Date: 2009-01-15 03:46:04

Holiday Windfalls: 7 Tips on Using Them

The holidays often come with a windfall or two: a monetary gift from a relative or a bonus from an employer. We don’t necessarily expect these gifts — that’s why they’re called windfalls — so deciding what to do with them can be a little complicated. Perhaps you have a pressing need for cash to pay an important bill [more...]

Date: 2008-12-25 13:30:00

THE FINTAG NEWSLETTER @ 14 January 2009

FINTAG COMMENT Junk. Interest rates are nearly zero; equities, real estate, ... . So what do you do? Why of course you buy up the stuff that caused the problem in the first place - junk type debt ... of distressed debt funds is being driven by asset allocators who have lost a lot and want to make a quick buck [more...]

Date: 2009-01-14 11:53:57

Big Money

The start of a new year is when a lot of people resolve to get their financial houses in order. And we can certainly be counted among them ... out what we can stick with for the next year. Our goal: eliminate all consumer debt by the end of 2009 ... with the big one: Twenty Thousand Dollars. That’s what we started 2009 owing in consumer debt [more...]

Date: 2009-01-14 19:31:45

Guest Post: Obama Plan Is Bold, but Not Bold Enough

As details emerge about the incoming Obama administration’s stimulus plans, Peter Boone and Simon Johnson argue that proposals should be even bolder. Boone is chairman of Effective Intervention, a U.K.-based charity, and a research associate at the Centre for Economic Performance, London School of Economics, [more...]

Date: 2009-01-07 09:09:48

Time to reform the Consumer Credit Act?

Iain Dale has posted about a report that has been released by Grant Shapps called "Payday for Loan Sharks" ... it's worth taking a step back here for a second and clarifying something, these people are not loan sharks. Loan sharks break your legs when you don't pay. These people are bastards, absolute bastards [more...]

Date: 2009-01-09 09:48:38

Guest Post: Time to Recapitalize Banks Fully

As debate continues over the release of the second half of the Treasury Department’s Troubled Asset Relief Program, Peter Boone and Simon Johnson argue that it’s time to stop taking half steps and make sweeping moves to fight bank insolvency. Boone is chairman of Effective Intervention, a U.K [more...]

Date: 2009-01-15 11:47:00

Truthout 1/15

Justice Dept.: Missing White House Emails Found http://www.truthout.org/011509A R. Jeffrey Smith, The Washington Post: "A Justice Department lawyer told a federal judge yesterday that the Bush administration will meet its legal requirement to transfer e-mails to the National Archives after spending more than $10 million to locate 14 million [more...]

Date: 2009-01-15 14:33:03

WHY IS THIS RECESSION SO SERIOUS? By Dr. Laurie Roth

January 9, 2009 NewsWithViews.comThe only way to save the U.S ... talks about how it doesn’t work anymore to stimulate consumer demand by lowering interest rates. People still won’t buy because this time around their debt is too high, homes [more...]

Date: 2009-01-13 13:50:02

Economics is not a morality tale

Western civilization can be seen as the liberation of technical theory (science, in the broadest sense) from moral values.  This battle continues to this day.  It is so much easier and enjoyable to be a witch-doctor than a scientist  (again, in the broad sense as devoted to rational thought) [more...]

Date: 2009-01-14 00:01:43

Hoarders and Destroyers

Just when you thought it was all baked into the cake...whammo! Another pie to the face. Get ready for more pies. In fact, you could take your pick of pies this morning. The most painful pie was yesterday's 4.3% decline on the All Ords. It was the worst day of the year for Australian stocks. Unemployment called in at 4 [more...]

Date: 2009-01-16 03:04:54

The Prince Unconstrained: A Response to Michael Taft

Here’s a piece I wrote in the Irish Left Review responding to Michael Taft’s article in the ILR a few weeks ago. Full text is below, but check out the discussion on the site itself also. The late, great monetary economist Hyman Minsky (1986:110), quoting Nobellist James Tobin, once wrote of economics theory that: [more...]

Date: 2009-01-12 20:38:55

Christmas Potpourri and Holiday Shopping Update

Happy Holidays and Happy New Year to you and your loved ones. Here are a few headline news reports of interest from the past couple days.U.S. Store Traffic Fell 24% on Pre-Christmas WeekendU.S. retail store traffic fell 24 percent last weekend from a year earlier as deepened discounts failed to entice consumers to spend during what may be the [more...]

Date: 2008-12-26 03:52:00

Dr. Doom #5

Many thanks to a comment from Pej. It turns out we have a fifth Dr. Doom. Peter Schiff. His extremely bearish views on the U.S ... would extend to the credit card lending industry. Thus Peter Schiff appears ... to have been de rigeur, in terms of a housing bust and excessive consumer credit. I feel a lot of people sort [more...]

Date: 2009-01-07 16:36:06

Consumer Credit Falls By Record Amount in November

Consumer Credit Falls By Record Amount in November The Federal Reserve reported yesterday that borrowing through credit cards and other consumer ... is not a good thing. We should hope that consumer debt continues to decrease. If that means ... and the next 6 months. They have been living this way for decades. And it is not sustainable. Consumer debt [more...]

Date: 2009-01-12 13:48:16

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