Items of Interest:
Op-Ed / NY Times:
The Economy Is Still at the Brink -- Whether at a fund-raising dinner for wealthy supporters in Beverly Hills, or at an Air Force base in Nevada, or at Charlie Rose’s table in New York City, President Obama is conducting an all-out campaign to try to make us feel a whole lot better about the economy as quickly as possible. “It’s safe to say we have stepped back from the brink, that there is some calm that didn’t exist before,” he told donors at the Beverly Hilton Hotel late last month...
Cafe Hayek / Economics Roundtable : Half empty
Matthew Wurtzel / Dealscape : Lewis and Cohan call for the revolution
Will It Be Another Jobless Recovery? - Sudeep Reddy, Real Time Economics
Doesn't Look Like a Robust Recovery - James Hamilton, Econbrowser
Tom Watson / My Dirty Life & Times: Green Shoots and Ski SlopesTim Catts / DailyFinance: Paul Krugman sees the recession ending this summer
Bill Fleckenstein, MSN Money:
Blame Reagan For Our Financial Mess? -- First of all, let me say that I almost never read Paul Krugman's New York Times column, as I noticed several years ago that he has an uncanny ability to understand a problem but totally misdiagnose the cause...
Fed: Big Bank Capital Plans are Sufficient -- The 10 banking organizations required by the Supervisory Capital Assessment Program to bolster their capital buffers have all submitted capital plans that, if implemented, would provide sufficient capital to meet the required buffer under the assessment's more-adverse scenario. As supervisors, we will be working with the ..
The End of Ponzi Prosperity -- P.J. O’Rourke, writing in Eat The Rich (1998), observed that: "Economics is an entire scientific discipline of not knowing what you’re talking about." In reality, growth was founded on a series of elegant Ponzi schemes.
Consumption, rather than investment, drove growth, particularly in the developed world. Debt-fueled consumption became the norm. In the new economy, there were three kinds of people -- the haves, the have-nots, and the have-not-paid-for-what-they-haves...
Tony Mauro / The BLT: Justice Ginsburg Stays Chrysler Sale — For NowTyler Durden / Zero Hedge: Obama Claims TARP Issue Is Out Of Supreme Court's AuthorityRob / Say Anything: King Obama Says The Supreme Court Doesn't Have Jurisdiction In Bailouts CaseDirectorblue / Doug Ross: Obama Administration to Supremes: We are Above the Law. …
Dakinikat / The Confluence: Ginsberg Puts the Brakes on the Chrysler Deal
Ashby Jones / Law Blog: Will the Supreme Court Stay the Chrysler/Fiat Deal?Karen Tumulty / Swampland: Ginsburg Temporarily Blocks The Chrysler Deal
U.S. to Propose Wider Oversight of Compensation -- The Obama administration plans to require banks and corporations that have received two rounds of federal bailouts to submit any major executive pay changes for approval by a new federal official who will monitor compensation, according to two government officials. . .
Henry Blodget / The Huffington Post: Wall Street Pay Caps Are A Terrible IdeaThe Caucus: The Early Word: Stressing the StimulusNick Baumann / MoJo Blog: Obama's New CEO Pay RestrictionsMegan McArdle / The Atlantic Business Channel: Will the Government Enact Compensation Limits on Non-TARP Banks?Larry Ribstein / Ideoblog: Dismantling capitalism: executive compensationRight Wing News: Socialism? Why Not Just Call A Spade A Spade?
Robert Shiller: Why Home Prices May Keep Falling -- HOME prices in the United States have been falling for nearly three years, and the decline may well continue for some time.
Even the federal government has projected price decreases through 2010. As a baseline, the stress tests recently performed on big banks included a total fall in housing prices of 41 percent from 2006 through 2010. Their “more adverse” forecast projected a drop of 48 percent — suggesting that important housing ratios, like price to rent, and price to construction cost — would fall to their lowest levels in 20 years...
Alan Abelson / Barron's: There's No Bottom in Housing Yet in Sight
Bloomberg: Bernanke Conundrum Threatens Housing on Mortgage Rate
David Bogoslaw / BusinessWeek: A Housing Recovery: Not So Fast
Joel Sappell / Los Angeles Times: Silver Lining In the Real Estate Storm
N.J. retail vacancies soar due to slumping economy -- There used to be an Office Depot here. An Office Max, too.
A GAP, a supermarket and a bakery were all open at this gray shopping plaza on Route 18 in East Brunswick, just east of the Turnpike.
Now, outlines of corporate logos bleached into facades and operating hours stuck on
sliding glass doors are the only reminders that customers once cared when the businesses opened and closed.
"This is the deadest plaza in East Brunswick," said Frank Bruzzese, who runs Mario's Brick Oven Pizza here. "I call it no man's land." ....
Frugal moms' online chats gaining an audience -- Moms have always had marketplace muscle, but a new frugality driven by rising joblessness, housing woes and other economic problems has them exercising it like never before with the help of the internet.
In this recession, their talk online encompasses everything from complaints to advice on coupon clipping, low-budget meals and family finance. But it's not just fellow moms who are following every post: Retailers and consumer product makers are listening, too -- and responding.
"We see (moms who blog) as a vital force for our brand strategy," said Gap spokeswoman Louise Callagy ...
Shelly Banjo / Wall St. Journal:
The Best Online Tools for Personal Finance
Obama's Plan For a Debt-Ridden Future -- President Obama has officially begun the era of bigger big government by proposing to go on a multitrillion dollar borrowing spree that risks doing to the "full faith and credit of the United States" what excessive borrowing during the housing bubble did to private credit.
Under his budget plan for America's future, spending will average 23.7% of GDP for at least a decade (a whopping 20% higher than in 2000-08)...
CJR on CNBC, WSJ & Business Press -- This month’s Columbia Journalism Review (CJR) focuses on the role of the media in the credit crisis stock market and economic collapse...
Columbia Journalism Review (CJR):
Power Problem: The business press did everything but take on the institutions that brought down the financial system...related:
Waiting for CNBC: A tragicomedy in one long act...
Identity Crisis: The Wall Street Journal steers away from what made it great...
Barry Ritholtz / The Big Picture: How to Fix Financial Television
- True or False: U.S. Economic Stats Lie - Jack Hough, SmartMoney
- The Federal Government Gets TARP Right - Allan Sloan, Fortune
- What Does GM Bankruptcy Mean for Index Funds? - C. Jaffe, MarketWatch
- The Fed Chairman's Dangerous Game - Jeff Madrick, The Daily Beast
- For the Unemployed, Our Tax Code Is Unfair - Michael Maiello, Forbes
- Who Out There Needs Treasury Bonds? - Robert Holmes, TheStreet.com
- China's Pockets Still Aren't Deep Enough - William Pesek, Bloomberg
- The Democrats Must Take On the Bankers - William Greider, The Nation
- The Dawn of the Bailout State - Matthew Continetti, The Weekly Standard
- The Hamptons Real Estate Stress Test - Michael Shnayerson, Vanity Fair
- Simmering Tensions On Obama's Economic Team - Jackie Calmes, NYT
- Obama Tells U.S. Businesses to Drop Dead - Kevin Hassett, Bloomberg
- Capping Pay, Sapping Incentives - Vitter & McClintock, Washington Times
- Only Moore's Law Can Save Big Pharma - Bill Frezza, RealClearMarkets
- We Need a Smarter Immigration Policy - Edward Alden, Wall Street Journal
- Will Government Motors Do Better Than GM? - Ikenson vs. Wial, LA Times
- China and the Fed Will Tame U.S. Spending - Irwin Stelzer, Times of London
- Deflation or Inflation? Or Both? - Robert Samuelson, Washington Post
- Bernanke's Wrong: Growth Doesn't Cause Inflation - John Tamny, Forbes
- Bernanke Saved Us From a Great Depression - James Cramer, New York
- If Economy Improves, Does GOP Have a Plan B? - J. Pethokoukis, Reuters
- Fifty Little Herbert Hoovers Start Making Decisions - Free Exchange