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Friday, March 27, 2009

Great Recession Roundup — March 27, 2009

Items of Interest:

Wage Deflation Coming?

Mike Shedlock / Mish's Economic Analysis:
Wage Deflation Sets In -- Wage deflation is setting in. Let's look at some anecdotal evidence.

Wage Deflation Tally:
  • 9 Publishers
  • IBM
  • Hewlett-Packard
  • Microsoft
  • Con-way Freight
  • Shinchang Electrics
Wage deflation is setting in like wildfire in the publishing industry. Technology and trucking are affected as well. Budget cuts in California and other states are affecting teachers. Rest assured this is not inflationary news.
Bloomberg: Japan Heads for Deflation as Retail Sales Tumble 5.8% -- Wages fell for a third month in January, leaving consumers with less money to spend and forcing retailers to lower prices...
Mary Williams Walsh / New York Times:
Inquiry Asks Why A.I.G. Paid Banks — Members of Congress and the New York State attorney general demanded detailed information Thursday on how tens of billions of taxpayer dollars flowed through the American International Group during its crisis last fall and ended up in the coffers …
Big Tent Democrat / TalkLeft: Cuomo Investigating AIG CDSs And Counterparty Payments
Paul Krugman / New York Times:
The Market Mystique — On Monday, Lawrence Summers, the head of the National Economic Council, responded to criticisms of the Obama administration's plan to subsidize private purchases of toxic assets. “I don't know of any economist,” he declared, “who doesn't believe that better functioning capital markets …
Arnold Kling / The Atlantic Business Channel: I actually agree with Paul Krugman
Stimulus 'Road to Hell' was paved by AC/DC

NY Times:
AC/DC Inspired Czech Leader’s “Road to Hell” Riff -- To anyone who heard echoes of AC/DC when the Czech prime minister assailed President Barack Obama’s stimulus plan, calling it “a road to hell” on Wednesday: You were right.

It turns out that the heavy metal band AC/DC played a show in Prague last week which was attended by Mirek Topolanek, the country’s prime minister. Mr. Topolanek, who is now just a caretaker prime minister, after losing a vote of confidence this week — one unrelated to his flights of rhetorical fancy — told a Czech newspaper that he was influenced by one of the group’s most famous songs, “Highway to Hell,” when he veered off script this week during his speech before the European Parliament and criticized Washington’s stimulus spending...
Jonathan Wheatley / Financial Times:
Brazil's leader blames white people for crisis — Brazil's President Luiz Inácio Lula da Silva on Thursday blamed the global economic crisis on “white people with blue eyes” and said it was wrong that black and indigenous people should pay for white people's mistakes...
Fausta / Fausta's Blog: More on Lula's “white people with blue eyes”
George Moneo / Babalú Blog: Is he talking about me?
Alan Greenspan: Enabler of the Housing Bubble, the internet bubble...Shameless: Greenie 'The Enabler' Won't Shut Down

Alan Greenspan / Financial Times:
We need a better cushion against risk — The extraordinary risk-management discipline that developed out of the writings of the University of Chicago's Harry Markowitz in the 1950s produced insights that won several Nobel prizes in economics. It was widely embraced not only by academia …
Henry Blodget / Clusterstock: Greenspan's Fatal Flaw: A Desperate Need To Be Liked
The Big Picture: Greenspan’s Amnesia

David Henderson / Wall St. Journal:
Greenspan Didn't Cause Housing Boom
More Debate on the Geithner Plan:
The Week Magazine:
The crisis — and Geithner plan — explained — Q: What is the problem? — A: The problem is that unemployment is rising like a rocket. — Q: Why is unemployment rising like a rocket? — A: Because those businesses that normally would be expanding and hiring right now are not expanding and hiring...
Myglesias / Matthew Yglesias: Brad DeLong's Case for the Geithner Plan

Julianna Goldman / Bloomberg:
Obama Seeks JPMorgan, Goldman, Citigroup Support on Bank Plan
Monopoly: Greed & Graft Edition --

Trading Partner did not really have AAA rating, You pretend it had, Collect $13 Billion----

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