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Monday, April 27, 2009

Great Recession Roundup — April 27, 2009

Items of Interest:

Prof. Willem Buiter / FT.com - maverecon:
The green shoots are weeds growing through the rubble in the ruins of the global economy -- This financial crisis will end. The Great Contraction of the Noughties also will come to an end. But neither the financial crisis nor the contraction of the global real economy are over yet. As regards the financial sector, we are not too far - probably less than a year - from the beginning of the end. The impact of the collapse of real economic activity and of the associated dramatic increase in defaults and insolvencies by non-financial enterprises and households on the loan book of what is left of the banking sector will begin to show up in the banks’ financial reports at the end of the summer and in the autumn. By the end of the year - early 2010 at the latest - we will know which banks will survive and which ones are headed for the scrap heap. With the resolution of the current pervasive uncertainty about the true state of the banks’ balance sheets and about their off-balance-sheet exposures, normal financial intermediation will be able to resume later in 2010...

USA Today:
Economists see more job losses, 9.8% unemployment -- Nearly one in 10 U.S. workers will be unemployed before the job market starts to improve, economists in a USA TODAY survey predict. ...
GM to cut total of 21,000 US jobs -- General Motors is to cut 21,000 jobs in the US this year and phase out its Pontiac brand, as it aims to restructure its business...
Tim / The Mess That Greenspan Made:
Bank of America dumps Countrywide name-- Here's a shocker - Bank of America deems the "Countrywide" name so tarnished by the events of the last year that it can't bear to keep it hanging around. This report has all the details. Bank of America Corp. has dropped the Countrywide name from its mortgage operations, shedding a 40-year-old brand that had become synonymous with risky lending ...
Becker / NY Times:
Geithner, Member and Overseer of Finance Club-- During five years as head of the New York Fed, Treasury Secretary Timothy F. Geithner built unusually close relationships with Wall Street executives...
Felix Salmon / Economics Roundtable: Picking on Geithner
Ken Houghton / Angry Bear: I Do Not Think "Tool" Means What You Think It Does
Paul Kedrosky: Tim Geithner, Outlook Calendar and the Valenzetti Equation
Naked Capitalism: Are The Knives Coming Out For Geithner?

Brad Delong:
Tim Geithner Is Not a Tool of Wall Street — America’s liberals lay into Obama: The liberal backlash against President Barack Obama has begun with many prominent left-leaning economists in the US attacking the administration’s plans to bail out the banks...

Tim Geithner Thumbs His Nose at Congress — The Treasury Secretary has learned how to keep secrets from Congress...
David Carr / NY Times:
Condé Nast Closes Portfolio Magazine -- Portfolio, a business magazine that Conde Nast began publishing in April 2007 with much fanfare, will cease publication immediately...
Jon Fine / BusinessWeek: Why Portfolio Magazine Failed