walter bagehot

Banks Are The Key To This Stock Market Decline, & The Recession That Might Follow

Summary: After years of slow economic growth and rising asset prices in America, with investment gurus and economists predicting booms & crashes, events have again taken center stage. It’s time to again pay attention to the data.  {2nd of 2 posts today} Risk markets are rolling over, high-grade bonds rise on a flight to safety. …

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The EU does Kabuki for Greece. Is it the next domino to fall?

The ever-evolving rescue plans are — so far — just Kabuki.  It’s obvious, but seldom acknowledged — as explained in this excerpt from “Europe’s bazooka is not enough“, Models and Agents, 8 April 2010: Back in August 2008, Hank Paulson, then US Treasury Secretary, went to Congress to request the mandate for a potential financial backstop …

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