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Friday, May 29, 2009

Great Recession Roundup — May 29, 2009

Items of Interest:

Paul Krugman / NY Times:
Op-Ed Columnist: The Big Inflation Scare -- Does the big inflation scare make any sense? Basically, no. And I suspect that the scare is at least partly about politics rather than economics...

Economics Blog / Economics Roundtable: US Dollar and Inflation
Tim / The Mess That Greenspan Made: Krugman: Fear of inflation baseless
Brad DeLong / Grasping Reality with Both Hands: Paul Krugman on Inflation Fears: Economists Should Know Better
William Anderson / Mises Economics Blog: Krugman: Inflation? Not!
Bureau of Economic Analysis:
Gross Domestic Product -- Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 5.7 percent in the first quarter of 2009, (that is, from the fourth quarter to the first quarter), according to preliminary estimates released by the Bureau of Economic Analysis. In the ...
Jack Healy / NY Times: A Slight Upgrade in 1st-Quarter G.D.P.
Tim / The Mess That Greenspan Made: U.S. economy less bad in Q1
The End of GM

DealBook / NY Times:
U.A.W. Members Ratify G.M. Contract Concessions — The United Automobile Workers union said Friday afternoon that hourly employees at General Motors had overwhelmingly ratified a cost-cutting deal that would help smooth the automaker's path through bankruptcy...

DealBook / NY Times:
G.M. Bondholders Urged to Accept New Debt Deal — Advisers to General Motors bondholders representing $27 billion in the automaker's debt urged investors on Friday to support a debt swap negotiated this week with the Obama administration...

DealBook / NY Times:
After 93 Years, G.M. Shares Go Out on a Low Note — Anyone who grew up thinking of General Motors stock as a blue-chip investment probably wept a little on Friday. G.M.'s shares closed at 75 cents a share on what was likely to be its final day of trading before the company seeks bankruptcy protection...
Editorial / Los Angeles Times: GM and the U.S. Taxpayer
Steven Pearlstein / Washington Post: The Extraordinary Auto Intervention
Daniel Gross / Slate: Here Come the GM Bankruptcy Parasites
David Sokol, a top aide and possible successor to billionaire investor Warren Buffett as CEO of Berkshire HathawayMichael McKee / Bloomberg:
Buffett Aide Sokol Says Housing, Economy Aren’t Near Recovery -- The U.S. housing market is nowhere near recovery and signs of stabilization are premature, said David Sokol, a top aide to billionaire investor Warren Buffett who oversees the nation’s second-largest real estate brokerage.

Sokol was among money managers who told an investment conference in New York the economy is still deteriorating and they don’t have a lot of confidence in President Barack Obama’s economic policies.

“We’re not seeing the green shoots,” said Sokol, head of MidAmerican Energy Holdings Co., which owns HomeServices of America Inc. “We don’t see improvement.” ...

Homes in the process of foreclosure are creating a “shadow backlog” of unsold properties that will continue to hang over the market...
Jeff Matthews Is Not Making This Up: “No Green Shoots Here”...A Message from Warren Buffett’s (Likely) Successor.

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