OECD: Global Economy at "inflection point", U.S. Still in "strong slowdown"
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CalculatedRisk on Mon, 05/11/2009 - 11:21am (121 comments)
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"Inflection point" is one of those second-derivative things, right?
we are about to get inflected
Nemo!! 3rd derivative anyone?
I wonder what Trichet means by "the" inflection point.
"It took just a couple of months to go from Great Depression II to "green shoots". Now Trichet is talking about an "inflection point" and central bankers scaling back their support - this seems a little premature. "
I'm not trying to be flip here, but in my life experience with various enterprises, it gets weirdest and most unrealistic just before the end. If you've got to believe that Tinkerbelle is going to come and make the economy better -- and the alternative is the wreckage of all you believe in -- most people damned well will believe in Tinkerbelle.
It seems that Barack's investment in Krugman is paying handsome dividends.
Economic stimulus is a global event, not just here in the USA... that is going to show up in the near term numbers... Too bad the election in the US is next year - it's probably going to be a lot more difficult for congress next year when the Fed is trying to pull back from more printing but the congress wants to huff and puff into the election... that should be some really good political theater...
Infected and inflected, and we better do some genuflecting to the gods of finance.
I could drawn an inflection that goes further down.
Just my reflection.
"Vanishing Point" is how a non-politician can safely describe today's economic climate...
90% of the businesses around in 1929, weren't by 1933.
This is the Wylie E. Coyote dead cat bounce off the rock ledge ...
before he resumes his descent ...
Maybe after this is over, people will not tolerate lying so much.
Yep, mmck, that was the kind of inflection I was thinking about.
It took just a couple of months to go from Great Depression II to "green shoots". Now Trichet is talking about an "inflection point" and central bankers scaling back their support - this seems a little premature.
They're probably worried about stuff like this:
The Hang Seng Index has now gained 53% from its March lows, and daily turnover reached 100 billion Hong Kong dollars ($12.9 billion) -- the highest level in eight months -- amid a return of overseas funds...
This caution is justified by concerns the market has been lifted by a tide of liquidity while there are few signs the local economy is improving. Last week the aggregate balance -- a measure of liquidity in Hong Kong -- rose to a record 206 billon Hong Kong dollars.
Too much, too fast?
Break lower IMO. Like you would not believe. Those who feel safe will get the rug pulled out under them
there is a huge white elephant in the room that no one dare mention.
except in this case it is a trojan white elephant with a short sparking fuse for a tail.
EARNINGS ARE NEGATIVE
the mass media is lying right to your face!
The Hang Seng Index has now gained 53% from its March lows, and daily turnover reached 100 billion Hong Kong dollars ($12.9 billion) -- the highest level in eight months -- amid a return of overseas funds...
This caution is justified by concerns the market has been lifted by a tide of liquidity while there are few signs the local economy is improving. Last week the aggregate balance -- a measure of liquidity in Hong Kong -- rose to a record 206 billon Hong Kong dollars.
BTW, maybe I'm mistaken but this sounds like something from 2007, not "post-crash" 2009.
This isn't "post-crash" kind of talk, if you know what I mean.
DOW down 136. A mere scrape.
We got it Otis, we believe you.
Meredith Whitney is one foxy lady.
Stock market looks forward, not backwards... Mountains of fresh cash flowing into the economy out of DC for the next several months... The markets are anticipating that not only will that stimulate demand but will also cures some of the corporate and household defaults... But without that continued transfusion, the underlying weakness will come to the fore once again... A bounce for a few months, then the double dip... Unless of course Rob Dawg lets Mr. Bond out of his cage again...
liz, i'm at the dead horse rodeo and i'm gonna beat that beast till it gets up and does the hokey pokey!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
RATM (profile) wrote on Mon, 5/11/2009 - 12:32 pm reply Ignore user
Meredith Whitney is one foxy lady.
I love it when she talks induced stimulus.
Except are those mountains moving? Or are they just accounting transactions which increase numbers on bank's balance sheets so they can show phony capital, which never gets out to the real economy?
Except for some infrastructure, but not nearly enough.
Hey Canada had a positive jobs report. Not declining less-slowly, positive growth.
As a Canadian let me say, irrespective of what our government says, it's not over. I don't want to suppress the opinions of those who see green shoots, but if you give me 4 months of patience this time will be looked upon as a big head fake.
Keep asking not just what will lead the way up, but what is offsetting the contraction of private credit to negative growth. Budgets couldn't even handle a prolonged period at this economic level, just give the dead bodies time and they will float to the surface
Take pictures, Otis.
"baby, I love it when you talk money..."
Woo Hoo! France and Italy will lead the globe out of recession! Hooray!
Wait - Freakin' France and Italy?! Talk about negative earnings ... you got your negative earnings right there!
Sheesh. France and Italy. Is he serious?
Rob Dawg wrote on Mon, 5/11/2009 - 12:25 pm
"It seems that Barack's investment in Krugman is paying handsome dividends."
what are you talking about...this hardly sounds like krugman paying dividends to obama by any stretch
"... Nobel Prize-winning economist Paul Krugman said on Monday...
"We're doing half-measures that help the economy limp along without fully recovering, and we're having measures that help the banks survive without really thriving," Krugman said....
"We're doing what the Japanese did in the nineties," he told a small group of reporters during a visit to Beijing....
"I'm mostly worried that the U.S. and the euro zone will have Japanese-type lost decades," he said.
"Krugman said he expected little or no employment growth this year or next in the United States, where the jobless rate in April hit a 25-year high of 8.9 percent.
"...He said stress tests carried out on 19 leading U.S. banks had bought time for the administration of Barack Obama, but they had not answered the key question of whether the banks have enough capital to fulfill their key role in the economy."
"It's clear the administration won't take radical action to strengthen the banks any time soon," he said. To have done so would have meant temporarily nationalizing Citigroup and, perhaps, Bank of America, he said."
http://news.yahoo.com/s/nm/20090511/bs_nm/us_china_economy_krugman
yeah that krugman , he's quite the lap dog
To me, things look to be a reverse "It's a Mad Mad Mad Mad World"
A bunch of countries are scrambling to get rid of their dollars hidden under a mysterious big W, in D.C.
And then there is California.
What happens when the tax thingies don't pass?
I think this is about posturing by the ECB so they have a reason not to do deficit spending. This way, they can say things are going fine and piggyback off of our deficit spending. It's actually smart on their part. Kind of like us piggybacking off of Chinese savings for the last 9 years.
What happens when the tax thingies don't pass?
BHO comes in and buys CA debt. Other states follow.
Stock market looks forward, not backwards... Mountains of fresh cash flowing into the economy out of DC for the next several months...
The best part is since there's not much need for real economic investment the only sensible thing to do with all that new money is to create another gigantic bubble!
'...this seems a little premature.' Yes, but these statements aren't about objective conditions, they're about boosting confidence. The doctors have given the patient medicine, now it's a matter of rallying his spirits, engaging the will to live. Telling the patient he's on his deathbed would not be helpful at the present moment, no matter how truthful such a statement might be.
And Marchionne is going to put 3 dogs (Fiat, Opel, Chrysler) into a blender and make a pony... Now that's Italian Magic!
"The best part is since there's not much need for real economic investment the only sensible thing to do with all that new money is to create another gigantic bubble! "
I'd love to see them try.
yeah that krugman , he's quite the lap dog
And the whole "Obama is Wrong" Newsweek cover might have rubbed the wrong way too...
I like sweet spots....
By David Wilson
May 11 (Bloomberg) -- The longest U.S. recession since the Great Depression may have ended last month, according to Barry Knapp, a strategist at Barclays Capital.
“We appear to be in the sweet spot of a recovery,” Knapp wrote in a weekly report on May 8.
there is a huge white elephant in the room that no one dare mention.
except in this case it is a trojan white elephant with a short sparking fuse for a tail.
EARNINGS ARE NEGATIVE
the mass media is lying right to your face!
~~~~
Not to worry ...
Those are one off , extraordinary losses that only happen every quarter ...
39,000 ex-felons descend upon Californians, and the girly man of a governor gets replaced by Grey Davis.
No but chopping his leg off, after telling the patient it's necessary, if that needs doing, is better than letting the gangrene spread.
I will believe we are at a bottom when none of these dopes says for a few weeks that we are at the bottom.
I am so sick of liars.
Hey, why is no one clapping?
Well I'm the last person who would support any kind of govt spending, but you have to play the cards you are dealt... If we really wanted to have a strong and resilient economy, we would get rid of the majority of the spending and the taxes - let the citizens keep their earnings and decide what to do with it... If you want more of something, dont tax it... If I cant get the govt to do what I want them to do, then the only thing left to me is to somehow figure out a way to profit from what they are doing....
lawyerliz wrote
And then there is California.
What happens when the tax thingies don't pass?
we sell california to the chinese...like the russians sold alaska to seward
ahh the price of oligarchy and empire
I don't think the Californians would like that.
What do you the the odds are for Meg Whitman getting elected governor of CA?
otizhertz,
I agree that the SP500 reporting is distorted. I think that the real PE ratio won't be anywhere near what's reported anytime. Keeping up with the flow of information and misinformation is hard to do on a part time basis while holding down a day job.
More to the point, the European banking system is insolvent now, but due I think in part to the fact that it had more direct government ties than the US banking system previously, the day of reckoning has been delayed. But there will be a meltdown sometime soon. Germany's banks are being held together with duct tape. as they are sitting on heavy losses in investments everywhere from the US to Latvia.
When one of the Eastern European countries like Latvia goes into sovereign default the meltdown might occur. I think it is inevitable...
RE: Krugman
The Nobel Prizes are awarded in: Physics, Chemistry, Physiology or Medicine, Literature, and Peace. He has not got any of those.
Lawyerliz,
The tax thingies will fail on May 19th, 8:01PM PDT. There should be in place by then a Timmay type "plan" promising Federal backstopping to California spending more than their constitution allows. Not to worry. California's courts are not going to accept challenges. The Supremes will not interfere either. Thus TPTB buy more time.
And then there is California.
What happens when the tax thingies don't pass?
~~~~
lawyerliz ~ it's not just California ... but Cali will cause major ripples ...
trillions for the banksters ... cuts for everybody else ...
ac
exactly
shadow
Anything can happen if the pension/tax/corruption crap pile hits the fan between now and next year.
sweet delicious lies
they spit in your face and you say,
"thank you sir, may i have another!"
YouTube - Kevin Bacon - Fraternity Paddle
Tim - I agree - there are any number of outside events that could hit, including probably the one that nobody has thought of yet... Funny how those killer rabbits always show up just when you dont expect them...
lawyerliz (profile) wrote on Mon, 5/11/2009 - 12:42 pm
I don't think the Californians would like that.
I for one would appreciate the newfound personal freedoms, introduction of a capitalist economy and responsive government the transition to Chicomm rule would introduce.
Yeast Inflection
Rob Dawg
you cant fool me...i know why youre not that fond of krugman
he lacks meredith whitneys "je ne sais quoi"
that indescribable something special
(he's homely, and she's...not so homely
"this seems a little premature"
"seems a little RIGGED" to me.
thats it
im going out back to dig the bunker deeper
we are not out of the woods
we are not in the fairway
we are in the bunker
and likely to remain
later
re: Government spending
They cannot add enough spending, on top of the initial giant budget, to replace the contraction in private credit for 1 year. Combine some lax regulatory stances, eg let banks run on 0.0001% TCE, and maybe they can try to sustain the offsetting spending for 2 years. But offsetting that spending is not the same as matching its prior growth rate. It's great that they got a lot out of the FDIC/Fed/Treasury trilateral Santa Claus early. It's just going to make it tougher to fund the actual government well before next tax season. Enormously stupid to be wasting dry powder on private MBS, with the theory that liberating that position will cause the beneficiary to invest the full amount again while hoping to jump start the private mortgage market.
The die has been cast. The problem is simply bigger than America, or any other country, can handle. It's just a matter of distributing losses now, and no player has the power to force all of its losses on any other player.
Bloomberg (May 11, 2009)
The Chinese have repeatedly denied any desire to buy the state of California. A Chinese spokesperson reportedly said today "We have no desire to buy California. There is some interest in Michigan and Kansas."
Back in the sailing days of the Royal Navy, a sailor might be told he's got to have his leg off, and die of fright (heart attack), before the saw came out. So the doctors got the man blind drunk first, and let him pass out before hacking away. It's the same here. It's not so much that they are really calling the bottom, it's the politician's instinct to steer away from mass panic. And we got awfully close to that a few months ago.
The same thing would happen if we had something really cataclysmic, like an alien invasion. Do you really think the world's leaders would get on the air and say "We're doomed! Run for your lives!" If they did, would it be helpful? Would it have been helpful if Churchill had told the British the truth during the war-- that they had very little chance, that they would probably lose the war, and end up a Nazi colony? Those were the odds, at the time. Instead, he lied a little, rallied the people, and against all odds, they won. I'm just saying, sometimes mass psychology requires hope, even if it's a false hope.
Yah, I think Rob is just throwing dirt at Krugman because Krugman's got better facial hair. That remark about "there not being a Nobel Prize in economics" is pure pettifoggery:
The Sveriges Riksbank Prize in Economic Sciences in Memory of
Alfred Nobel
Tim waiting for 2012 @ 12:37 pm What happens when the tax thingies don't pass? BHO comes in and buys CA debt. Other states follow.
Yup....Someone here posted this on thread last week
State Budget Troubles Worsen
March 13, 2009
Recession Continues to Batter State Budgets; State Responses Could Slow Recovery — Center on Budget and Policy Priorities
TABLE 2: STATES WITH PROJECTED FY2010 BUDGET GAPS = $104 Billion
Dollar to donuts this needs to be updated and is probably now closer to $150 Billion
CLAP HANDS!
YouTube - Tom Waits - Clap Hands
inflection point? - No. Try head-fake instead.
$150 billion - pfffft
clap hands?
910 down.
Bloomberg (May 11, 2009)
A spokesman for the State of Michigan responded to the Chinese government stated desire to purchase the state with this statement "The great State of Michigan is not for sale! Lease arrangements are possible and the Mayor of Detroit is willing to negotiate."
When questioned further, the spokesperson replied "Are we off the record? Okay. We say 'Hell Yes!'
Yah, I think Rob is just throwing dirt at Krugman because Krugman's got better facial hair. That remark about "there not being a Nobel Prize in economics" is pure pettifoggery:
It's all a sham. Do you think there's any chance he would have gotten the Nobel Prize without the beard?
The whole thing is just a thinly disguised beard contest.
Don't think people are fooled.
We have become acclimated to the new reality - In Ameribabwe billions dont count any more... Remember Wilbur Mills? "A billion here, a billion there, pretty soon you are talking some real money.." Now we are thinking in trillions... What comes after that - bazillions? Oh wait - that must be bra sizes...
The market pump-fakes left, dribbles down the western sideline and get fouled in the act of shooting. It'll go to the line.
shadow
Gazillion I think is next
i can only imagine how many people could have had health care for what it just cost the green team to defend 910
Meanwhile in China we interviewed one of the 112 million Chinese getting ready to board the slow boat to Michigan.
Sir: "How do you feel about moving to Michigan?"
幸运的
Sir: "What do you plan on doing there?"
性交
Apparently the next prefix is quadrillion...
SI prefix - Wikipedia, the free encyclopedia
"Tell all the truth but tell it slant,
Success in circuit lies.
Too grand for our imperfect wit,
the truth's superb surprise.
As children to new lightening eased,
by explanations kind,
So untruths must be told delicately,
Lest everyman go blind."
Q4, 2007 -- every economist stated that all was contained, a modest setback at best.
Q3, 2008 -- Armageddon, the end of the world, pass TARP of face the end of global financial system
Q2, 2009 -- Fixed, onward and upward, just have to do a bit of mopping to get back to harmony and equilibrium
Bah, Humbug! The masses have become innoculated to state duplicity after witnessing its many forms these many years.
Hardwiring has adapted to accept that sovereign deceit must be handicapped in every equation.
Deep structural damage has occurred. Yet the mine owners insist it is merely lack of confidence that produces the fear in the veteran miners. Believe it to be so and it shall be. Go ahead and go into the mine again, me boys.
Ameribabwe ...
priceless ....
Been thinking about that inflection point...is that the location in the rabbit hole when everything turns on its head? Like falling through the center of the earth. Of course you are still falling...
One Quadrillion = 1000 Trillion... We are not that far away from it.....
Shadow
The CDS market is getting close to that number
Even in Zimbabwe, it's always good to be the king...
WTF: Gallery of Zimbabwe’s Robert Mugabe’s Palace | Kuwait Life, Lifestyle, Classifieds, Jobs & Reviews
未成年抽烟/喝酒/性行为
Why China likes America.
otishertz @ 1:01 pm i can only imagine how many people could have had health care for what it cost the green team to defend 910
Bingo !
WASHINGTON (AFP) – US President Barack Obama on Monday unveiled a “historic” joint plan with healthcare providers to slash increases in medical costs by up to two trillion dollars over the next 10 years. “I will not rest until the dream of healthcare reform is achieved in the United States of America,” Obama said Monday.
Obama how you going to pay for this ?
1) The projected budget deficit for 2009 is $2 trillion
2) The debt-drowned United States debt is already 350 percent of G.D.P and rising fast !
3) The Fed is now holding $10 Trillion of ‘assets’ ( mostly toxic ) transferred from too big to fail banks.
4) Other countries are now buying less of our debt
5) The USA already has $53 Trillion in unfunded liabilities
Perhaps if you gave Wall St Crooks $2 Trillion less !!!!
Mugabe's joint reminds me a lot of Hitler's Berghof - only with better decorating...
Chinese take-out special: Dollars
km4 I dont disagree with you but I wish you would say how you got that 10 trillion number for the Fed balance sheet...
There is a good piece out today at Spain Economy Watch describing how Spain's unemployment has almost doubled in the last year and is now around 17%. The IMF forecast for Spain's GDP is -3% for 2009 and -.6% for 2010.
Notice that Krugman made his comments in China, where he has freedom of speech.
The bad news for CR readers is the on-rushing recovery.
The good News that Jas bet against it, too
Shadow
The "front lawn" looks disturbingly like the White House.
http://www.chillnite.com/wp-content/gallery/harare_palace/image005.jpg
@Nova
vulgar in Chinese is still vulgar
Nemo: "I wonder what Trichet means by "the" inflection point. "
it's a pronunciation thing - he was actually talking about A-H1N1 swineflu and the infection point
I think this is about posturing by the ECB so they have a reason not to do deficit spending. This way, they can say things are going fine and piggyback off of our deficit spending. It's actually smart on their part. Kind of like us piggybacking off of Chinese savings for the last 9 years.
-funguy
I think that is partly true. The ECB is concerned about the EU coming apart because of their rules on deficit spending by member states. They don't want that dilemma on their plate. They don't want to have the political upheaval that could result-they don't want members leaving the EU going back to their own currencies and devaluing them with respect to the Euro trying to stimulate their own national economies. Hmmm. I kinda think that might end up happening in the end...
RATM (profile) wrote on Mon, 5/11/2009 - 2:32 pm reply Ignore user Meredith Whitney is one foxy lady.
Careful, she is married and you don't want to get her hubby pissed off (Pro Wrestler)
I was reading throught the comments on the Mugabe house and some people are saying that is not his house... I dunno...
Jas ne sais quote.
@Johnny Lee
sigh...not even a trace of wit?
This is why my wife doesn't let me play with power tools:
"Man Accidentally Kills Wife With Chain Saw"
Ahh Trichet... Mr. "Myopia is always 20/20 when your high up". Why should we listen to any of the people who didn't see this coming in the first place?
sorry
Notice that Krugman made his comments in China, where he has freedom of speech.
The bad news for CR readers is the on-rushing recovery.
The good News that Jas bet against it, too
Well, we might lose Jas, but we'll get Sebastian and tennis_8 back again.
Doc - I have been wondering if the ECB will suspend their 3% deficit rule... The EU is already sort of fragmented since not all the countries are in -
reminds me more of liberace - who at least had the sense of humor to put genuine louis xiv furniture worth 100s of K next to cheap knockoffs...
mad bob seems determined to be more european than old king louis himself in style
ShadowInventory @ 5/11/2009 - 1:09 pm
Monday, May 11, 2009
The Federal Reserve Can Not Account For $9 Trillion In Off-Balance Sheet Transactions
Zero Hedge: The Federal Reserve Can Not Account For $9 Trillion In Off-Balance Sheet Transactions
Apparently nobody at the Federal Reserve has any clue where the trillions of dollars that have come from the Fed's expanded balance sheet have gone. Additionally, nobody there seems to have any idea what the losses on the Fed's $2 trillion portfolio really are.
As for the pittance of $9 trillion in Fed off-balance sheet transactions over the past 8 months, well, yeah, that's also somewhere out there... Just don't ask the Federal Reserve where.
Rep. Alan Grayson summarizes it best "I am shocked to find out that nobody at the Federal Reserve is keeping track of anything."
Doc at the Radar Station,
I think Spain and Italy might be the first countries to break down and break the EU deficit rules. They'll have to to pay for the unemployment benefits promised to their citizens.
您是非常滑稽，圆的眼睛投资者人
It's awfully reassuring to know that we have such a bright Inspector General working for America @ the Fed...
"Rep. Alan Grayson summarizes it best "I am shocked to find out that nobody at the Federal Reserve is keeping track of anything.""
obviously, he's one of those hr 1207 limbaugh acolytes that wants America to fail...
why does he hate America, anyways?
Our Congress has their head up their inflection point.
There is no actual Nobel Prize for economics. Actual Nobel prizes are given as dictated in Alfred Nobel's will. Economics was not listed in Nobel's will.
The sham known as the "Nobel Prize" in economics is an award given out in HONOR of Alfred Nobel by the Swedish Central Bank. The same Swedish Central Bank that oversaw the collapse of the Swedish banking system in the 1990s.
And if the IMF doesn't bailout a bunch of Eastern European nations soon, Swedens banks will go bust again.
When it comes to eCONomics, it's best to assume it's a sham. Why? It usually is.
Here's one: Angry Saver's Nobel Prize in eCONomics, given out whenever Angry deems necessary and sometimes in honor of the Swedish prize in economics honoring Alfred Nobel.
"Maybe after this is over, people will not tolerate lying so much."
I think when this is all over, somebody will try to make the case that lying is what fixed it all. Any correlative active will be given credit by somebody, somewhere!
WOW. Ford just filed to sell 300MM shares.
I am thinking this period in stock market history will come to be known as "The Great Pump and Dump".
Fed I.G. will do reverse forensic accounting when/if economy survives. Otherwise why waste time and effort.
Will give accountability upon condition that we live to see it. Ever try to square books in a rowboat during tempest?
ShadowInventory, Kung.Fu.Panda,
Yes, there will be pressure by member states to change the rule and there will be some that will want to preserve it. If they aren't forced to make those changes, they are spared the political friction that will result. If the US and China can do enough fiscal stimulus then they can hope their problems will be solved for them. I don't think they are going to be able to avoid making the rule changes though. However, in the article the countries mentioned that are still in a "strong slowdown" are generally the countries with the greatest trade imbalances.
@Johnny Lee
I see... o o
Dawg, true the Economic Nobel was not founded by Mr. Dynomite, but why is that so important to you? The prize has been around since 1969 and the list of winners is as distingished as the lists in Physics or Bio since then. Not all of them are left wing of even Keynsian either. Yeah, they might wish they had the Merton and Scholes call back after LTCM blew up. Then again, they might want to rethink some of their Peace Prize calls too, Kissinger and Arafat come to mind there.
2008 - Paul Krugman
2007 - Leonid Hurwicz, Eric S. Maskin, Roger B. Myerson
2006 - Edmund S. Phelps
2005 - Robert J. Aumann, Thomas C. Schelling
2004 - Finn E. Kydland, Edward C. Prescott
2003 - Robert F. Engle III, Clive W.J. Granger
2002 - Daniel Kahneman, Vernon L. Smith
2001 - George A. Akerlof, A. Michael Spence, Joseph E. Stiglitz
2000 - James J. Heckman, Daniel L. McFadden
1999 - Robert A. Mundell
1998 - Amartya Sen
1997 - Robert C. Merton, Myron S. Scholes
1996 - James A. Mirrlees, William Vickrey
1995 - Robert E. Lucas Jr.
1994 - John C. Harsanyi, John F. Nash Jr., Reinhard Selten
1993 - Robert W. Fogel, Douglass C. North
1992 - Gary S. Becker
1991 - Ronald H. Coase
1990 - Harry M. Markowitz, Merton H. Miller, William F. Sharpe
1989 - Trygve Haavelmo
1988 - Maurice Allais
1987 - Robert M. Solow
1986 - James M. Buchanan Jr.
1985 - Franco Modigliani
1984 - Richard Stone
1983 - Gerard Debreu
1982 - George J. Stigler
1981 - James Tobin
1980 - Lawrence R. Klein
1979 - Theodore W. Schultz, Sir Arthur Lewis
1978 - Herbert A. Simon
1977 - Bertil Ohlin, James E. Meade
1976 - Milton Friedman
1975 - Leonid Vitaliyevich Kantorovich, Tjalling C. Koopmans
1974 - Gunnar Myrdal, Friedrich August von Hayek
1973 - Wassily Leontief
1972 - John R. Hicks, Kenneth J. Arrow
1971 - Simon Kuznets
1970 - Paul A. Samuelson
1969 - Ragnar Frisch, Jan Tinbergen
km4 - thanks for the link on the fed accounting - the IG looked really surprised to hear that there even were off balance sheet assets... She should have borrowed the teleprompter from the president... So it's 2 trillion on balance sheet, 9 trillion off balance sheet... Well now that changes the old deficit a little doesnt it....
they said Britan is on a path of recovery from the worst slow down, etc. I don't buy it. As far as I know, their banks have even HIGHER (hard to believe, huh?) leverage and are loaded with loans both from domestic RE/CRE bubble & world RE/Industrial projects bubble. Also, given that % of the financial sector as economy in Britan is much higher than the US or EU, I don't see how the OECD red shots (p.s. 3 rd derivative, I assume the first two come from change and acceleration of change & derivative on acceleration is meaningless) came up with their conclusions.
@ ShadowInventory you're most welcome
Bush admin was most Orwellian but Obama admin shaping up to be mostly hype with little substance
I thought the billion here, there thing was Dirksen?
"Dawg, true the Economic Nobel was not founded by Mr. Dynomite, but why is that so important to you?"
May we start with accuracy?
Just because you called the cat a parakeet doesn't make the cat a parakeet.
The Chinese have repeatedly denied any desire to buy the state of California. A Chinese spokesperson reportedly said today "We have no desire to buy California. There is some interest in Michigan and Kansas."
Less botox & silicone = more edible parts?