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Old 01-31-2009, 11:07 PM   #16
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^fair enough.
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Old 01-31-2009, 11:15 PM   #17
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^fair enough.

From what I have read of his stuff, he is from the capitalist framework. He does not subscribe to a Marxist analysis, as far as I am aware.
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Old 01-31-2009, 11:23 PM   #18
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From what I have read of his stuff, he is from the capitalist framework. He does not subscribe to a Marxist analysis, as far as I am aware.
haha i didn't think you'd be perusing any marxist blogs. nevertheless, the capitalist framework encompasses a wide gamut of viewpoints.
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Old 02-13-2009, 11:38 PM   #19
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Roubini: Banking System is "Bankrupt", "Effectively Insolvent"

Leading economist Nouriel Roubini said today that the U.S. banking system is "bankrupt" and "effectively insolvent":


“I’ve found that credit losses could peak at a level of $3.6 trillion for U.S. institutions, half of them by banks and broker dealers,” Roubini said at a conference in Dubai today. “If that’s true, it means the U.S. banking system is effectively insolvent because it starts with a capital of $1.4 trillion.” ***

“The problems of Citi, Bank of America and others suggest the system is bankrupt,” Roubini said. “In Europe, it’s the same thing.”

George Washington's Blog: Roubini: Banking System is "Bankrupt", "Effectively Insolvent"

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The German $400 billion toxic asset time bombPosted by Edward Harrison on Saturday, 17 January 2009 This just in from the German daily Der Spiegel: German banks are still loaded with risky U.S. assets, only a fraction of which has been written down. If this report is true, it suggests that the entire German banking sector is extremely undercapitalized and vulnerable to further writedowns going forward. However, German Finance Minister Peer Steinbrueck refuses to set up a state-controlled ‘bad bank’ as the UK has done and Sweden did before it - a decision I believe Germans will regret.

You should also note that this story reveals that Deutsche Bank is the latest bank to end all proprietary trading activities. The business model of banks risking their own capital through large bets, trading for their own account is over.

The German $400 billion toxic asset time bomb - Credit Writedowns
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Old 02-14-2009, 06:30 AM   #20
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Just on a sindenote: Der Spiegel is not a daily, but a weekly magazine published every monday.

The second largest bank, Commerzbank, has now started its own bad bank. For a federal bad bank politicians are still discussing of, how and when. Some economists tell them it should be done yesterday, others say a bad bank is not the solution in this case; for example one who was responsible for the Swedish bad bank in 1990. I guess we will end up seeing a bad bank, but I don't know how effective that will be.
Then we have the Hypo Real Estate which is getting new guarantees almost by the week, and they are still going on with hiding with their information as long as possible. I'm sure the banks by now know far better what their situation is like than they are telling the public or the authorities, which is a shame.
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Old 02-17-2009, 01:13 AM   #21
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California, Almost Broke, Nears Brink

by JENNIFER STEINHAUER
New York Times, February 16



LOS ANGELES — The state of California—its deficits ballooning, its lawmakers intransigent and its governor apparently bereft of allies or influence—appears headed off the fiscal rails.

Since the fall, when lawmakers began trying to attack the gaps in the $143 billion budget that their earlier plan had not addressed, the state has fallen into deeper financial straits, with more bad news coming daily from Sacramento. The state, nearly out of cash, has laid off scores of workers and put hundreds more on unpaid furloughs. It has stopped paying counties and issuing income tax refunds and halted thousands of infrastructure projects. 20,000 layoff notices will go out on Tuesday morning, Matt David, the communications director for Gov. Arnold Schwarzenegger, said Monday night. “In the absence of a budget we need to realize this savings and the process takes six months,” Mr. David said.

After negotiating nonstop from Saturday afternoon until late Sunday night on a series of budget bills that would have closed a projected $41 billion deficit, state lawmakers failed to get enough votes to close the deal and adjourned. They returned to the Capitol on Monday morning and labored into the evening but still failed to reach a deal. They planned to reconvene at 10 a.m. Tuesday to go at it again.

California has also lost access to much of the credit markets, nearly unheard of among state municipal bond issuers. Recently, Standard & Poor’s downgraded the state’s bond rating to the lowest in the nation.

California’s woes will almost certainly leave a jagged fiscal scar on the nation’s most populous state, an outgrowth of the financial triptych of above-average unemployment, high foreclosure rates and plummeting tax revenues, and the state’s unusual budgeting practices.

...In the meantime, drivers are met with “closed” signs at Department of Motor Vehicles offices two days a month, environmental programs are left unattended, piles of dirt mark where highway lanes are to be built to ease the state’s infamous traffic congestion, school systems mull layoffs and counties prepare to sue the state for nonpayment of bills.
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Old 02-28-2009, 10:24 PM   #22
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We need shock and awe policies to halt depression - Telegraph
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Old 03-01-2009, 04:26 AM   #23
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Anyone read Paul Krugman's Conscience of a Liberal?

I've only read the first few chapters. It seems interesting, and what he has to say seems contradictory to the biz/econ grad students I know.

Anyone have any of their own thoughts on his book?
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