Nouriel Roubini, RGEMonitor.com, and Howard Lutnick, BGC Partners, discuss the transformation in the banking sector.
Fri. Feb. 27 2009 | 4:14 PM ET
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof. —John Kenneth Galbraith
Retail Sales in Jan rose .4% headline m/o/m, .7% ex auto's, .6% ex auto's and gasoline and .7% at the core. The headline figure was less than expected while the rest were slightly better. But, with respect to non headline sales, because Dec figures were revised lower, taking the two months together were about in line with forecasts overall. Sales rose in electronics, building materials, food/beverages, clothing, sporting goods, dept stores and restaurant/bars and fell interestingly for online retailers, health/personal care, furniture and motor vehicle/parts. Bottom line, headline sales were below expectations due to the greater than expected fall m/o/m...
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March 7th, 2009 at 7:08 am
I am glad that Howard Lutnick is taking up the new good bank proposal, which is the real catalyst for lending , the big announcement to be made. Start new banks is a process that could be parallel to nationalization, the latter being neither necessary nor desirable. If new banks, with private and public “seed” money, want to buy operational and good assets of insolvent ones or to be nationalized let them do it. Open the market to competition! So far we are stuck with the big too fail which do not allow the system to function and do not lend. Nationalization or not is a false dilemma. Here I call for the euthanasia of the present banking system