NYT Quote: Two Days in a Row


Here’s something kinda funny: The writing or commentary I do is rarely quoted in the NYT; For whatever reason, the work seems to find its way into the WSJ, Barron’s, Reuters, AP, etc.

So its kind of cool to see not one but two quotes — today and yesterday — in the NYTimes.

Yesterday’s quote was the very last paragraph of the front page article, Central Bankers to Lend Billions in Credit Crisis:

"Still, several analysts contended that the plan might raise more doubts about whether even bigger problems loomed. “It smacks of panic,” Barry Ritholtz wrote on his widely read economics blog, the Big Picture, “and suggests the Fed is very worried.”

Today’s quote is more specific:

“We are not remotely close” to the bottom of the housing market, said Barry L. Ritholtz, chief executive and director of equity research at Fusion IQ, “until we get this huge inventory worked out.”

Mr. Ritholtz, who writes on the popular blog The Big Picture, also noted that during the housing boom, rising real estate wealth helped support a lot of consumer spending. Americans were tapping nearly $250 billion worth of home equity every quarter in the form of second mortgages and refinancings. That represented nearly 10 percent of disposable income. For the third quarter of this year, though, equity withdrawals fell to about $170 billion, or 6.6 percent of disposable income, according to data from the Federal Reserve."

Cool stuff, although I could hear my mother’s voice: "Would it have killed them to embed a link . . . ?"


UPDATE: December 14, 2007 9:15am

If you count online, then its 3X in one week — thanks to Paul Krugman’s NYT blog post: Bubble denial   

And congrats to Calculated Risk, whose excellent work was cited in Krugman’s op-ed column today, After the Money’s Gone.


Economy Holding Up, Reports Find    
NYT, December 14, 2007

Central Bankers to Lend Billions in Credit Crisis
NYT, December 13, 2007

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