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koganbotI AM TYPING IN CAPITALS BECAUSE EVERYONE AGREES THAT THE BANKS NEED CAPITAL AND I AM DOING MY PART.
OK, I've done my part. Happy Day Of Atonement.
The intro
13 leading economists from all walks of economics - and ignorant me has even heard of two of them (Eichengreen, DeLong) - say,
Without rapid and coordinated action by G7/8 leaders, this financial crisis* could turn into a jobs crisis, a pension crisis and much more...
Policy makers must move boldly to stabilise the financial system. The basic elements are:
--A quick bank recapitalisation with global coordination
--A guarantee of deposits and/or loans with global coordination
--Further, coordinated macroeconomic stimulus.
All the authors agreed on the first, many on the second and a good number on the third.
The essays
*It's a financial crisis, a jobs crisis, a pension crisis, a floor wax, a dessert topping...
OK, I've done my part. Happy Day Of Atonement.
The intro
13 leading economists from all walks of economics - and ignorant me has even heard of two of them (Eichengreen, DeLong) - say,
Without rapid and coordinated action by G7/8 leaders, this financial crisis* could turn into a jobs crisis, a pension crisis and much more...
Policy makers must move boldly to stabilise the financial system. The basic elements are:
--A quick bank recapitalisation with global coordination
--A guarantee of deposits and/or loans with global coordination
--Further, coordinated macroeconomic stimulus.
All the authors agreed on the first, many on the second and a good number on the third.
The essays
*It's a financial crisis, a jobs crisis, a pension crisis, a floor wax, a dessert topping...
Cheer up, the sky is falling!
Date: 2008-10-10 02:24 am (UTC)Dow 9,000!
Stock prices are, however, the least of our worries. The money markets are frozen; the TED spread is 4.14%.
G7 meeting tomorrow, IMF-World Bank over the weekend. Now is the time for major action - an announcement of coordinated capital injections, liquidity measures, and more. If we've had nothing except vague assurances by Monday...
Re: Cheer up, the sky is falling!
Date: 2008-10-10 02:39 am (UTC)no subject
Date: 2008-10-10 02:37 am (UTC)Dear Investors,
You're supposed to buy low and sell high, not vice versa.
Your friend,
Frank
no subject
Date: 2008-10-10 02:57 am (UTC)(I hope these economists are as prominent as this paragraph makes them appear.)
Is "long" a verb among economists?
Date: 2008-10-10 03:07 am (UTC)The Princes of Midtown Manhattan and Canary Wharf need to know that their fortunes will be lost if their institution blows up within a decade of their handing over operational control - only such can you make them truly long the fortunes of their firms and of the global economy rather than simply long volatility.
Re: Is "long" a verb among economists?
Date: 2008-10-10 03:37 am (UTC)c.f., to "pine"; however, I don't think that that is what is meant in this sentence. I've already been suffering for several decades from people saying things such as "we have to grow the economy." An economy is, to my understanding, a set of relations, not a potato or a flower. Furthermore, I am not happy about having to worry about what the G7 does or doesn't do, and I miss the days when I mainly had to worry about what Dave at A7 did. (You sunk my Battleship!)
Free Bathroom Night At A7
Date: 2008-10-10 03:58 am (UTC)If things keep on the way they are, we may have to grow a new economy.
Re: Is "long" a verb among economists?
Date: 2008-10-10 03:59 am (UTC)Re: Is "long" a verb among economists?
Date: 2008-10-10 11:38 am (UTC)http://www.blogger.com/profile/07202549972236588648
Re: Is "long" a verb among economists?
Date: 2008-10-10 12:20 pm (UTC)