If the White House “has hard numbers we can put on the benefits of big banks, please make these public. We can then weigh these against the obvious costs of running our financial system in this fashion – on this round alone: fast approaching 40 percent of GDP, i.e., the increase in government debt as a direct result of our financial fiasco; plus persistently high unemployment; millions of homes lost; likely permanent loss of output, etc.” — Simon Johnson.
Is increased household spending alone the answer to China’s imbalances? — Wall Street Journal’s China Journal blog.
Meredith Whitney lowers her rating on Goldman Sachs shares to “neutral” from “buy.” — Reuters.
There used to be a time when it was impossible to get a CEO to comment on anything in the days before a quarterly earnings release, the so-called quiet period. Now we can’t get Lloyd Blankfein to stop. — Financial Times. (hat tip, PTL)