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Category Archive: Uncategorized
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A Short Note on Cyprus and its Aftermath: The “Euro A” and the “Euro B” – Giving the Eurocrats a “Time Out”
Europe needs a short term disaggregation plan—of the type suggested by myself and others over the past two years—pursuant to which the debtor nations beset with massive underemployment and failing economies—would withdraw from the Eurozone-proper and adopt a “Euro B” currency, administered by the ECB, with a pegged exchange into the existing “Euro A.” Such [...]
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The Winter of our Discontent: Obama’s Tenuous Victory
An early winter has descended on the northeast, ushered in by a 100 year storm that has left the coastal portions of much of the mid-atlantic and northeastern states reeling. Our quadrennial demonstration of the degree to which the entire country is divided and politically irreconcilable was once again upon us last night. Moving into [...]
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Let’s Burst this “Banks Won’t Lend” Policy Trial Balloon Before it Leaves the Ground, Please
David Reilly writes in today’s Wall Street Journal Heard on the Street column about how policy makers are pressuring banks to lend more to consumers, and are even considering novel measures providing targeted liquidity to encourage them to do so. Reilly notes the opposite view, not without some merit, that consumers don’t wish to borrow as they “still [...]
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Another Summer of Discontent: The Four Factors that Explain Why What We’re Doing Isn’t Working
Here is what we know about the global economy given the experiences of the past four years: There is a global insufficiency of demand relative to an immense oversupply of labor and productive capacity. The imbalances between high-wage/current-account-deficit/balance-sheet-indebted nations and lower-wage, surplus nations have produced a glut of savings in the latter, relative to the opportunities [...]
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The Third Wave: Is America, Once Again, Pricing Itself Out of a Job?
Dear readers: I am in the process of writing a book for Penguin’s Portfolio imprint that incorporates many of the subjects and views I have presented over the years in Dan Alpert’s 2 Cents and in my writing for Westwood Capital, LLC. Accordingly, I have had little time to blog of late. Nevertheless, last week’s [...]
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On Taking Stock with Pimm Fox Looking Under the Hood of J.P. Morgan in its Week of Embarrassment
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Earth to Paul Krugman
This past Sunday, Paul Krugman penned a screed in the New York Times Magazine (entitled, somewhat unflatteringly in my opinion, “Earth to Ben Bernanke”) that expanded on the content of an ongoing debate in the economics blogosphere over the contents of the mind of Federal Reserve Board Chairman Ben Bernanke. Professor Krugman has posited for months [...]
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Alpert, Noreen, Luschini on Economy, Debt, Deficit
I come in at [4:18] March 22 (Bloomberg) — Cliff Noreen, president of Babson Capital Management LLC, Dan Alpert, managing partner at Westwood Capital LLC, and Mark Luschini, chief investment strategist at Janney Montgomery Scott LLC, talk about the U.S. economy and corporate profits, the credit market and student debt, and the political debate [...]
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Consumer Credit Growing at Highest Rate in Past Decade: Unhealthy and Unsustainable?
Alright, got your attention. But the headline above is not offered merely by way of titillation, as a former partner of mine would say—it has the added advantage of being true. As many of you who frequent this space already know, I have been tracking the rates of change in the 3 month moving averages of U.S. [...]
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Talking to Reuters About U.S. Existing Home Sales and the Non-Recovery in the Housing Market
Reuters Insider — Click for Video
