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Wednesday, March 18, 2009

Great Recession Roundup — March 18, 2009

Items of Interest:

Fed to Supply $1.2 Trillion to Economy

Helicopter BenBoard of Governors of the Federal Reserve System:
Press Release - For immediate release — Information received since the Federal Open Market Committee met in January indicates that the economy continues to contract. Job losses, declining equity and housing wealth, and tight credit conditions have weighed on consumer sentiment and spending...

Edmund L. Andrews / New York Times:
Fed to Buy $1 Trillion in Securities to Aid Economy — WASHINGTON — Saying that the recession continues to deepen, the Federal Reserve announced Wednesday that it would pump an extra $1 trillion into the mortgage market and longer-term Treasury securities in order to revive the economy....

Neil Irwin / Washington Post:
Bonus Brouhaha

Massimo Calabresi / Time:
Treasury Learned of AIG Bonuses Earlier Than Claimed — Though Treasury Secretary Timothy Geithner told Congressional leaders Tuesday he only learned of the impending $160 million bonus payments to members of AIG's troubled financial products unit March 10, sources tell TIME that the New …
Sudeep Reddy / Real Time Economics: Live-Blogging the AIG Hearing: Ed Liddy In the Dunk Tank
Edward M. Liddy / Washington Post:
Repairing AIG and Repaying the Public — The government rescue of American International Group (AIG) and other financial firms has produced a palpable wave of anger on the part of Americans and a rising public demand for accountability from corporate and government leaders...
Dodd: I was responsible for bonus loophole — Senate Banking committee Chairman Christopher Dodd told CNN Wednesday that he was responsible for language added to the federal stimulus bill to make sure that already-existing contracts for bonuses at companies receiving federal bailout money were honored...
Larry Kudlow / Real Clear Markets:
AIG: Why the Government Shouldn't Run Anything

Baseline Scenario: The $165 Million That Broke the Camel's Back?

Lymari Morales / Gallup:
Outraged Americans Want AIG Bonus Money Recovered
Mark Silva / The Swamp: Americans outraged: AIG bonuses
Eric Kleefeld / TPMDC: Poll: Stop The AIG Bonuses
David Espo / Associated Press:
The Huffington Post:
Lloyds List:
Just over 11% of global containership fleet unemployed -- JUST over 11% or 434 ships in the global containership fleet are currently unemployed.

The latest Alphaliner statistics showed that an additional 31 ships have been placed in lay-up since March 2.

Alphaliner said numbers of idle ships were still growing, but at a slower pace...

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