What happens to big houses after the crash? FOX
No FDR. Krugman, Palley (h/t nakedcapitalism)
US' very disappointing employment report. Calculated Risk
The job creation needed for recovery. Zero Hedge
Gold signals QEIII. Kitco
Bob Janjuah's yeah right. Zero Hedge
New Glass-Steagall. Thomas Hoenig
Remember ForeclosureGate? Euromoney
Global übermenschBaseline Scenario
Trichet fights. Gavyn Davies
ECB splinches vigilantes. Zero Hedge
Ireland, Portugal squeezed.
Greece, Spain, Belgium in a touch. Italy out.
Retailers howling. SMH, The Oz. Good, go Glenn.
More leaks on bank reform. Adele Ferguson
Bank porn. The Age, The OZ
The bankrupt housing model. Michael Stutchbury
Rio/Chinaclo looking for met coal and copper. Steel Orbis
2 comments:
Re Jamie Dimon JP Morgan piece, Jarad Diamond (Guns Germs and Steel and Collapse) includes in his list of key indicators of subsequent failure of any society/culture/regime is when the elite do not feel or suffer the pain or difficulties of the broader populace.
Keeping the big banks in mind,this does not auger well.
The concept of moral hazard has been extinguished, these institutions can operate almost at will, be rescued by the taxpayers of the world, continue to reward themselves in a manner that has no relation to the importance of what they do - and largely have the politicians in their pockets.
As an aside, interesting that when Julian Assange reports Wikileks has information to be released that will bring down two major banks, the sh*t really hits the fan...
The Charming Lunatic should read this:
http://www.nakedcapitalism.com/2010/12/debunking-the-myth-that-bigger-banks-are-more-efficient-and-necessary.html
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