Archive for February, 2009
The Central and Eastern Europe (CEE) region is the sick man of emerging markets. While the global crisis means few, if any, bright spots worldwide, the situation in the CEE area is particularly bleak. After almost a decade of outpacing worldwide growth, the region looks set to contract in 2009, with almost every country either in or on the verge of recession. The once high-flying Baltics (Estonia, Latvia, Lithuania) look headed for double-digit contractions, while countries relatively less affected by the crisis (i.e. Czech Republic, Slovakia and Slovenia) will have a hard time posting even positive growth. Meanwhile, Hungary and Latvia’s economies already deteriorated to the point where IMF help was needed late last year.
(2/27/2009): CNBC – Banking’s Transformation (click for video)
Secretary Geithner’s financial plan calls for stress tests at the large complex financial institutions (LCFIs). These tests are due to start this week. They will involve estimates on the eventual losses due to default on a wide variety of assets.
Once upon a time you dressed so fine You threw the bums a dime in your prime, didn’t you? People’d call, say, “Beware doll, you’re bound to fall” You thought they were all kiddin’ you You used to laugh about Everybody that was hangin’ out Now you don’t talk so loud Now you don’t seem so proud
How does it feel How does it feel To be without a home Like a complete unknown Like a rolling stone?
Bob Dylan “Like a Rolling Stone” (1965)
As we were preparing our remarks for the session today at American Enterprise Institute on credit default swaps, “Everything You Wanted to Know about Credit Default Swaps,” our thoughts turned to the interview we did last year with Martin Mayer (‘The Vigorish of OTC: Interview with Martin Mayer’, June 12, 2008′)
(2/24/2009) CNBC: Banks Need Temporary Nationalization: Roubini (click for video)
Roubini Interview On The Severe Global Recession And The Risks Of A Financial Crisis In Emerging Europe
From Business New Europe:
INTERVIEW: Prophet of doom sees worse times ahead
It should come as no surprise that Nouriel Roubini, professor of economics at NYU’s Stern School of Business, thinks the worst of the financial crisis is yet to come. After all, it was he who stood in front of a group of economists at the International Monetary Fund in 2006 and predicted disaster for the global financial system to much incredulity.
(2/22/2009): This Week With George Stephanopoulos – Roundtable: Nationalizing the Banks (click for video)
From the Wall Street Journal:
Dr. Doom says a takeover and resale is the market-friendly solution.
Nouriel Roubini is always dressed in black-and-white.
I have known him for nearly two years, and have seen him in a variety of situations — en route to class at New York University’s Stern Business School, where he’s a professor; over a glass of wine in his boyish loft in Manhattan’s Tribeca; at an academic conference, seated sagely on the dais; at a bohemian party in Greenwich Village, at . . . oh . . . 3 a.m. — and he always, always wears a black suit with a white linen shirt.
(2/20/09) Bloomberg: Roubini Says Europe’s Banking System Faces Growing Risks(click for video)
(Feb 18, 2009) Charlie Rose: A discussion about the economy (click for video)