Commentaries

Losing the 3 handle on GDP

November 24, 2009

The downwardly revised 3rd quarter GDP certainly didn’t shock economists who were expecting a softer reading than the initial 3.5 percent, but the 2.8 percent certainly isn’t pretty especially considering the psychological blow of losing of the 3 handle. (Speaking of symbolic numbers, the FDIC also reported that its reserve fund is now in the red.) There’s still one more revision ahead though, so maybe it will inch back to 3 percent.

from Rolfe Winkler:

Grist for Goldman conspiracy theorists

November 24, 2009

From Yves over at NakedCapitalism:

A former managing director at monolines Ambac and FGIC wonders why AIG was bailed out but the monolines weren't. (He admits to bias, so take this with a grain of salt.)

from Rolfe Winkler:

Lunchtime Links 11-23

November 23, 2009

Reader note: I'm taking the week off for Thanksgiving, so blogging will be light. Back next Monday.

from Rolfe Winkler:

SNL on the U.S./China economic relationship

November 23, 2009

"Why are you trying to do sex to me like I was Mrs. Obama!?!"

Small quibble: SNL doesn't note that the Chinese are, uh, "doing sex" to themselves by manipulating the yuan.

from Rolfe Winkler:

Lunchtime Links 11-22

November 22, 2009

The talented Mr. Pang (Maremont, WSJ) Maremont uncovered the long and sordid history of Mr. Pang. The Journal also broke the Norman Hsu story. Both were high-flying con-artists before the Journal got on their case. Great stories.

from Rolfe Winkler:

Could England be headed for a “sudden stop?”

November 21, 2009

From Landon Thomas at NYT: In Britain, visions of Japan's decade of stagnation

Britain may finally be emerging from recession, but many analysts warn that it is a false dawn. In fact, they argue, the economy here is so ravaged by growing debts and ruined banks that it could well be following in the steps of Japan’s lost decade of the 1990s.

from Rolfe Winkler:

Bank failure Friday

November 21, 2009

It was a slow night. One small bank failed.

#124

    Failed bank: Commerce Bank of SW FL, Fort Myers FL Acquiring bank: Central Bank, Stillwater MN Vitals: at 8/28, assets of $79.7m, deposits of $76.7m DIF damage: $23.6m

Central has been busy. They also acquired the assets of Riverview Community Bank and Jennings State Bank in October, as well as Mainstreet Bank in August.

from Rolfe Winkler:

Dodd on Bernanke: “not necessarily”

November 20, 2009

From Shahien Nasiripour at HuffPo.

One wonders where news and approval ratings will be when Bernanke's confirmation comes up for a vote....

from Rolfe Winkler:

CRE cliff-diving continues

November 20, 2009

Moody's/REAL released September data for their commercial real estate price index. Month over month drops have been fast and furious this year.

Let the Fed regulate

November 20, 2009

By John M. Berry

John M. Berry, who has covered the economy for four decades for the Washington Post and other publications, is a guest columnist.