You know it's been a bad year when the word profit sets off waves of cynicism. NPR puts it all in perspective--the known knowns, the known unknowns, and the unknown unknowns.Recession Nostalgia: Having declared the financial misery of the last two years over, the chairman of London & Oxford Capital Markets lays out all the benefits of the recession we'll miss once it's gone.
Someone at the Financial Times has caught a serious case of the sillies. The Lex column, in case you are not a regular reader (and for shame, sir!), bills itself as FT's "agenda-setting column on business and financial topics." But yesterday, dear friends, the lords of finance behind Lex were concerned not with property and commerce, but with skewering President Barack Obama in an awkwardly hysterical fake speech.
Want a 22,000% Rate of Return on Your Investment?: Hire a lobbyist.Down and Out in Germany: Some in the German government are thinking about setting up state-funded companies in which other firms can "park" their "redundant" workers while they ride out the recession.
Besides the economic forecasts, which seem to get bleaker by the minute, the big news to come out of the Federal Open Market Committee's minutes today was that board members were divided on plans to pump money into the system by buying up mortgage and Treasury securities. (They ultimately did, by the way--more than $1 trillion of them).Paul Ashworth, an economist with Capital Economics, called it a "scatter gun" strategy; fire enough bullets and one of them will probably hit the target. "One...
We learned this morning that Brazil's President Luiz Inacio da Silva has blamed the entirety of the world's financial woes on a bunch of "white, blue-eyed" bankers. "This crisis was caused by no black man or woman or by no indigenous person or by no poor person," he said, standing right next to British Prime Minister Gordon Brown and promising to make the fast-approaching G20 conference "spicy." Say whaaaat?!
Newsweek's daily serving of news and views from around the world.Geithner Tightens the Knot on Wall Street: Geithner is expected to come out today with yet another announcement about a new program, this time a sweeping expansion of federal regulation of the financial system.
Newsweek's daily serving of news and views on the economy from around the world. The Geithner Asset Plan: The Wall Street Journal grudgingly endorses the Geithner plan, pointing to the market rally as evidence that any plan--whatever its pitfalls--is better than uncertainty.The Bank Rescue: The New York Times offers a less optimistic assessment.
The genesis of the G7 was a cigars-in-the-backroom kind of affair. Finance ministers from the US, Britain, France and Germany gathered in the White House Library one day in 1973 to discuss interest and exchange rates, flying so far under the radar they didn't even record minutes. (As their meetings became more regular, they dubbed themselves the "Library Group").