Posts filed under “Bailouts”
Post Credit Crisis Job Creation
Source: Oregon Office of Economic Analysis
Last week’s jobs report has returned the U.S. economy back to its peak pre-recession levels of employment. (there is a debate about the quality of jobs being created, but we shall save that conversation for another time).
As the Oregon Office of Economic Analysis reminds us, all financial crises are different, including the Great Recession.
I was as surprised as I suspect you will be to see the US recovery since 2009 has looked much better than many other financial crises. This was a faster recovery than Sweden (1991), Finland (1991), Norway (1987), Spain (1977) and United States (1929). Observers continue to wait out Japan (1992), which still has yet to regain its peak pre crisis employment levels.
click for larger version Source: BV, FT This morning we discussed the danger that arises from merely fining banks instead of prosecuting them for violating laws. Since the news cycle is focusing on the potential multibillion-dollar fines for BNP Paribas SA and Bank of America Corp., let’s have a look at the amount of…Read More
Since 2008, the U.S. authorities have meted out $87.53 billion in fines to global banks. That number comes from data complied by the Financial Times. Some people believe that bankers are finally getting their due, being hit with billion-dollar penalties for their recklessness. I don’t see it that way; rather, it looks like little more…Read More
Monetary Rules: Theory and Practice Frameworks for Central Banking in the Next Century Policy Conference Hoover Institution Stanford, CA May 30, 2014 Charles I. Plosser President and Chief Executive Officer Federal Reserve Bank of Philadelphia Highlights President Charles Plosser discusses his views on the benefits of a systematic and rule-like approach to monetary policy. President…Read More
Banksters Pretend that Prosecuting Wall Street Crime Will Blow Up the Economy Banksters Pretend that Prosecuting Wall Street Crime Will Blow Up the EconomyThe Department of Justice is “considering” initiating criminal charges against 2 banks. In response, the normal cast of characters is saying – as they have for years – that prosecuting…Read More
“To avert panic, central banks should lend early and freely, to solvent firms, against good collateral, and at ‘high rates.’ ” -Walter Bagehot, Lombard Street Former U.S. Treasury Secretary Timothy Geithner has been promoting his new book, “Stress Test: Reflections on Financial Crises.” I haven’t read it, and based on what I have heard…Read More
Big Banks Started Laundering Massive Sums of Drug Money In the 1980s … And Are Still Doing It Today. It has become mainstream news that at least some of the big banks are laundering staggering sums of drug money. See this, this, this, this, this, this and and this. But you may not know the…Read More