left right politics showbiz tech invest good life gossip fun hot
Mother Jones Hot Air Huffpo Variety Engadget Seeking Alpha Lifehacker TheSuperficial Daily Beast reddit
Daily Kos Michelle Malkin Politico Billboard Boing Boing TheBigPicture Luxist TMZ.com Fark BuzzFeed
ThinkProgress RightWingNews First Read CNN Showbiz Gizmodo FT Alphaville Joystiq Perez Hilton 4chan memorandum
Crooks+Liars Power Line CNN ticker E! Online Techcrunch Josh Brown Kotaku gamer Bastardly Post Secret Techmeme
TalkngPtsMemo Ameri..Thinker Swampland TV Guide Ars Technica 24/7 Wall St. TreeHugger Egotastic hascheezburgr Drudge
The Raw Story NewsBusters The Caucus Ent. News Mashable bloggingstocks Consumerist PinkIsTheNew dooce digg
Wonkette Wizbang fishbowlDC HlywdWiretap Google blog DealBook lifehack.org CelebrityBaby Someth'nAwful trends
Atrios Taki Magazine WashWhisprs DeadlnHllywd Read/Write Jeff Matthews 43folders GoFugYourself Neatorama PSFK
Firedoglake Big Hollywood The Fix MSN Ent. OReilly Radar PhilsStockWorld Autoblog Page Six Cool Hunter BBC
Young Turks IMAO Capital Gains Rot'nTomatoes GigaOM Daily Rec'ng Deadspin BestWeekEver stereogum Timespop
Americablog AceOfSpades Open Secrets Cinematical ProBlogger Zero Hedge DownloadSqd Dlisted CuteOverload media eye
Politicususa Redstate WikiLeaks law Cool Tools Bespoke MediaZone PopSugar Dilbert blog TVNewser
CounterPunch Jawa Report econ law.alltop Scobleizer BtwTheHedges Deviant ArtHollyw'dTuna gapingvoid BuzzMachine
TalkLeft Patterico EconLog Volokh Consp. Apple Blog Minyanville Gothamist x17online DailyGrail MediaGazer
Feministing Townhall.com Freakonomics Legal Insurrec.. Valleywag Fast Money Curbed DailyBlabber Prof. Hex Steve Rubel
PolitAnimal OutsideBeltwy CrookedTimbr Conglomerate mozillaZine RealClearMkts FabSugar Gawker OvrheardinNY MediaBlgNRO
Truthdig Moonbattery MarginalRevo SportsLawBlog Smashing W$J Mktbeat Gridskipper Radar Last.fm Threat Level
Alternet RealClearPoli crime W$J Law BlogTechdirt AbnormalRtrns Material Defamer kottke.org Seth's blog
Media Matters Instapundit CrimeblogsBalkinizationMAKE RandomRoger Sartorialist Jossip PumpkinChuckin mediamatters
The Nation Hugh Hewitt All Crime Credit Slips SrchEngLand Stock Advisors Drink'nMadeEasy Just Jared Maps Mania Newshounds
Maddow Blog PJ Media Smoking Gun FindLaw VentureBeat Slope of Hope Mark Cuban Celebitchy CollegeHumor FAIR

Monday, January 5, 2009

Great Recession Roundup — January 5, 2009

Item of Interest:

Paul Krugman / New York Times:
Fighting Off Depression
— “If we don't act swiftly and boldly,” declared President-elect Barack Obama in his latest weekly address, “we could see a much deeper economic downturn that could lead to double-digit unemployment.” If you ask me, he was understating the case ...

Bill / Buck Naked Politics: Swift, Bold Action Required: Krugman
Robert Stein / Connecting.the.Dots: Fear of Failing
Donald L. Luskin / Chronicle of the Conspiracy: From Paul Krugman's column this morning: … Huh?
Paul Krugman:
Is Obama relying too much on tax cuts? — I don't know yet. But news reports this morning certainly raise questions. — Let's lay out the basics here. Other things equal, public investment is a much better way to provide economic stimulus than tax cuts, for two reasons...
Wall Street Journal:
Obama Eyes $300 Billion Tax Cut — Huge Breaks for Firms, Individuals Are Aimed at Winning GOP Support for Stimulus — WASHINGTON — President-elect Barack Obama and congressional Democrats are crafting a plan to offer about $300 billion of tax cuts to individuals and businesses …
John Aravosis / AMERICAblog News: [Bush] Obama now talking $300 bn in tax cuts
Eric Kleefeld / TPM Election Central: Election Central Morning Roundup
Jim Lindgren / The Volokh Conspiracy: Obama Stimulus Package to Include Major Tax Cuts.
Bill Scher / LiberalOasis: Progressive Breakfast: Tax Cut Redux?
Cigar Mike / Babalu Blog: Holy Crap Batman
Yves Smith / naked capitalism: Obama Considering $310 Billion Tax Cut
Josh Marshall / Talking Points Memo: $300 BILLION IN TAX CUTS?
New York Times:
Obama Plan Includes $300 Billion in Tax Cuts
Mike Allen / The Politico: Big tax cuts in the works
Mark Thoma / Economist's View: Paul Krugman: Fighting Off Depression
Alan Stewart Carl / Donklephant: Tax Cuts Still Part of Obama's Plan
Hilzoy / Washington Monthly: Nooooo! No More Tax Cuts!
Rob Bluey / The Foundry: Introducing Rapid Response
Nelson / THE LIBERAL JOURNAL: Too Much Tax Cut?
Russell Roberts / Cafe Hayek: Tax cuts all around
be for tax cutsJ. Taylor Rushing / The Hill: McConnell says GOP could back stimulus
Edward L. Glaeser / Boston Globe: Who should get the federal stimulus funds

Shailagh Murray / Washington Post:
Top Democrats Favor Deliberate Approach to Stimulus Bill
Michael Lewis & David Einhorn / NY Times:
The End of the Financial World as We Know It -- AMERICANS enter the New Year in a strange new role: financial lunatics. We’ve been viewed by the wider world with mistrust and suspicion on other matters, but on the subject of money even our harshest critics have been inclined to believe that we knew what we were doing. They watched our investment bankers and emulated them: for a long time now half the planet’s college graduates seemed to want nothing more out of life than a job on Wall Street...

It’s hard to know what Mr. Paulson was thinking as he never really had to explain himself, at least not in public. But the general idea appears to be that if you give the banks capital they will in turn use it to make loans in order to stimulate the economy. Never mind that if you want banks to make smart, prudent loans, you probably shouldn’t give money to bankers who sunk themselves by making a lot of stupid, imprudent ones. If you want banks to re-lend the money, you need to provide them not with preferred stock, which is essentially a loan, but with tangible common equity — so that they might write off their losses, resolve their troubled assets and then begin to make new loans, something they won’t be able to do until they’re confident in their own balance sheets. But as it happened, the banks took the taxpayer money and just sat on it.
John Plender / Financial Times: Originative Sin: The Future of Banking
Bernie's Ponzi:
Barry Ritholtz / The Big Picture:
L O N G Recession -- Nasty Downturn

Nasty Downturn = Great Recession?----

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia