Nouriel Roubini -- who's basically living like a rap star after screaming about how utterly fucked the American economy was before it happened, watching it happen, and telling everyone how he told them so -- just made a headline tonight when he put the chances of a "renewed recession" for Ame ... More >>
If one man could be considered the most important single person to the success of the U.S. economy, there is an argument to be made for mega-billionaire Warren Buffet. (This post is not that argument.) But Buffet chose Saturday to lead the counter-backlash, coming out in favor of the embattle ... More >>
Mark your calendars! Intelligence sources, including CIA Director Leon Panetta, say "Al Qaeda is almost 'certain' to try a major attack on the U.S. in the next three to six months," reports the Daily News. Panetta and others appeared before the Senate with the grim news. If it sounds familiar, tha ... More >>
The glory days of New York manufacturing may be over, but it's been coming back at a surprising rate. While manufacturing nationally was down a tenth of a point last month, the Federal Reserve Bank of New York's general economic index, which measures production in the state, has risen from 4 ... More >>
"Ben Bernanke is a nerd," says Time magazine. "He just happens to be the most powerful nerd on the planet," and thus the 2009 Man of the Year "Those green bills featuring dead Presidents," Time informs us, "are labeled federal reserve note for a reason: the Fed controls the money supply." As ... More >>
The Smart Asset celebrates the GM bankruptcy: "We will own about 70 percent of an enfeebled GM, and we're still going to be bailing it out." It is hard to believe that General Motors was once literally a pillar of the American economy: according to a fascinating story in Automotive News, in its glor ... More >>
We're pleased to see the Obama Administration has asked for new powers to regulate the trading of derivatives -- those "financial instruments" by means of which, in the good old days, big banks shuttled bundles of debt back and forth, creating the illusion of economic health until it all went to shi ... More >>
The Street sorta liked the Federal Reserve's idea to invest over $1,000,000,000,000 of your money into your economy, which sounds like a wash but still makes us feel as if we've been gypped. $300 billion will go to buy T-bonds -- which news quickly drove demand up and yields down. The Fed will also ... More >>
Despite the global economic downturn, 2008 saw record sales of Swiss chocolate. [BBC News]Meanwhile, in the fourth quarter or 2008, U.S. consumer spending on food dropped 3.7%, the steepest decline in the 62 years the Commerce Department has been compiling such data.[WSJ]The federal government has o ... More >>
Lots of economic news today: talking to Matt Lauer, with whom he had previously joked about the Super Bowl and Jessica Simpson' "weight battle," President Obama says that more banks are likely to fail. But, as we have nothing to fear but fear itself, Obama's permanent-campaign arm is calling for "e ... More >>
It wasn't your overdue mortgage.
photo by Whitney Dafoe After the big speech hordes, and we mean hordes, of people shuffled toward and into the Metro station nearest the National Mall. We heard one woman declare, exasperated to non-partisanship, "I don't care who is president!" Another woman said she'd been stuck in the crowd for ... More >>
Your own private Idaho. When you can no longer afford even a night out in Boise, Idaho, your country's in deep financial trouble. In a clever immorality tale about 21st century capitalism, the Wall Street Journal tells us this morning that people in the Intermountain West are having to give up m ... More >>
Call it Gall Street. How else to describe an industry that applauds nearly $500 million in bonuses for executives taking an entire economy down with them?
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