There’s an interesting story in the New York Magazine by Michael Osinski–the author of the main software package used to create the CMOs and CDOs that have helped cripple the financial system.
I’m still having difficulties getting my podcasts up and running at the moment, so in lieu here is a link to the ABC Radio National Big Ideas recording of an Evatt Foundation forum on the Global Financial Crisis.
Speakers were Bernie Fraser, ex-Governor of the Reserve Bank of Australia, myself, and Garry Weiss, a corporate lawyer (this is also the speaking order).
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The whole of the most recent Real World Economics Review (formerly known as the Post-Autistic Economics Review) is devoted to the question of “How should the collapse of the world financial system affect economics?”.
This is a facetious way of letting you all know that, as of about 5 minutes ago, there are now 1,000 users (plus yours truly) subcribed to this blog.
The average daily unique readership count is currently 5,500, which I believe implies roughly 3–5 times that many readers on a monthly basis.
The First Home Owners Boost (as it is officially known) has certainly given the Government bang for its buck. By spending roughly $200 million of its own money to date, it has added about $3 billion to the housing market. But the additional $2.8 billion has come from increased mortgage debt taken on by those most vulnerable to a serious economic downturn, at a time when the latest “unexpected” increase in unemployment indicates that, like it or not, the global downturn is coming our way.
James Galbraith has written a very good analysis of the crisis and why the policies being followed in the USA (and, by implication, here) will not work.
I reproduce some extracts here to give you a flavour of the article, but I recommend a read of the full paper in the Washington Monthly–thanks to blog member Warren Raftshol for bringing it to my attention. The emphasis added to some points is mine.
It seems we’ve moved from Stanley Kubrick to John Cleese. Rory Robertson’s reply to my “Rory Robertson Designs a Car” post reminds me of one of my many favourite scenes from Monty Python, the fight between King Arthur and the Black Knight:
King Arthur: [after Arthur’s cut off both of the Black Knight’s arms] Look, you stupid Bastard. You’ve got no arms left.
A new high performance hybrid car has recently been released by a Roring Motors, Inc. According to Managing Director Rory Robertson, the new “GoFlowMobile” ™© achieves unparalleled performance for a hybrid car, by applying a simple insight from economics to the hide-bound world of engineering.
Bnet Australia has just posted an interview with me by Phil Dobbie.
The interview is linked here, and I’ve also tried to post it to my podcast feed using a new WordPress plug in.
Can subscribers to the Debtwatch podcast please let me know whether this turns up in their iTunes, etc.? I don’t get any confirmation of whether the posting succeeds or not.
Jon Stewart at “Comedy Central” put together a masterful rip into the stock market spruikers on the CNBC network, exposing how their so-called expertise was little more than a blind exhortation to join in the euphoric excess of the bubble, and to keep it alive as it died an inevitable death.