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Monthly Archives: October 2007
Blogonomics: Ed Glaeser Is Too a Blogger
Ed Glaeser reads Market Movers! In my post last week about Tyler Cowen on blogonomics, I quoted Cowen on Glaeser, saying that he’s basically a blogger even if he doesn’t realise it. Glaeser has now responded – a very bloggish … Continue reading
Posted in blogonomics
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How Imports Help Soccer
Dani Rodrik has a post today on the globalization of soccer, and poses what he calls an "interesting question": One question is what has the presence of foreign players in Europe done to the quality of the national teams. Following … Continue reading
Posted in sports
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The Return of Price Controls
In a move described by Dresdner Kleinwort as "even more predictable than the price surge that triggered it", Russia has decided to impose price controls on elected types of bread, cheese, milk, eggs and vegetable oil; the fourth word of … Continue reading
Posted in economics
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Fed to Cut 25bp on Wednesday
What was that about Bernanke being unpredictable? The markets might not have known earlier this month what the Fed was going to do at its next meeting, but they’re pretty certain now, with pretty much every house on Wall Street … Continue reading
Posted in fiscal and monetary policy
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When Cash Isn’t King
The WSJ’s Jessica Vascellaro has an interesting article about what Jeff Bercovici calls the "Diller-Malone marriage": two media moguls fighting over control of a bunch of internet properties which presently goes by the unwieldy name of IAC/InterActiveCorp. IAC bought also-ran … Continue reading
Blogonomics: Paying Readers
Wherein I pay my readers.
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Posted in blogonomics
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Ben Stein Watch: October 28, 2007
If last week’s Ben Stein column was a reversion to mean, a bad column following a vaguely reasonable one, then this week’s is a momentum trade. You thought that Stein couldn’t get any worse than he was last week? Well, … Continue reading
Posted in ben stein watch
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Extra Credit, Weekend Edition
The Joint Economic Committee report on subprime lending. Notes Calculated Risk: "In 2006, 29% of all mortgage loans were originated through mortgage brokers, but 63% of all subprime mortgages were originated through brokers." The Brazilian stock exchange, at the end … Continue reading
Posted in remainders
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Subprime: It’s Still Really Bad
Countrywide shares gained more than 32% today: that must mean the market thinks the subprime crisis is over, right? Not at all. For one thing, today’s close of $17.30 a share puts the company’s share price at pretty much exactly … Continue reading
Posted in bonds and loans, housing, stocks
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Who Will Rescue Merrill?
Peter Eavis joins the Tim Price/Lily Tomlin school of investment-banking analysis: It doesn’t look good that O’Neal was allegedly raising the possibility of a sale at a time when the brokerage was about to report over $8.3 billion of losses … Continue reading
Posted in banking
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O’Neal and Parsons Both Out?
It’s not a good day to be a black CEO in America: both Stan O’Neal of Merrill Lynch and Dick Parsons of Time Warner seem to be on their way out, with the shares of both companies soaring as a … Continue reading
Posted in defenestrations
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How to Spend $40 Billion
The Sultan of Brunei pays his five PR people $12 million each. But still ends up with really bad press: The total bill was $40 billion. The gifts included $2,570,050 for masseuses and acupuncturists; $14,955,000 for a house supervisor in … Continue reading
Posted in consumption
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Litigation Datapoint of the Day
In the case of Jarndyce and Jarndyce Princeton and the Robertsons, the judge, Neil Shuster, has so far ruled only that Princeton should return the sum total of $62,500. So far, reports the WSJ’s John Hechinger, "the Robertsons have spent … Continue reading
Posted in law
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Regulatory Bureaucracy Datapoint of the Day
Yet another example of a government agency refusing to admit defeat: the FTC still hasn’t given up trying to block the Whole Foods acquisition of Wild Oats, even now the deal is done! Interestingly, the chairman of the FTC thinks … Continue reading
Posted in M&A
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Counterfeiting: Much Less Prevalent Than You Think
The OECD counterfeiting report is now public, and only 18 months or so behind schedule! As you might recall, there was some pushback from OECD member states when they realized the report would peg global counterfeiting activity at only $200 … Continue reading
Posted in intellectual property
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Merrill’s Board Turns on O’Neal
Who told the NYT’s Jenny Anderson about Stan O’Neal’s abortive attempt to float a merger with Wachovia? She sources her scoop to "people close to the beleaguered Wall Street firm," which is not very helpful, but it seems clear that … Continue reading
Posted in banking, defenestrations
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Extra Credit, Friday Edition
Fed Plans to Increase Transparency, from Greg Ip. Mark Thoma provides background. 6th Grade Econ Question of the Day: Yes, they try to teach economics to 6th-graders. And yes, they do a very bad job of it. The economics of … Continue reading
Posted in remainders
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The Globalization of Goldman Sachs
The New York Post tells us today that 57% of Goldman Sachs’s 299 new managing directors work outside the US. But how does that compare to the present cohort? I asked Goldman if they could give me the goegraphical breakdown … Continue reading
Posted in banking
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Buiter Blogging at FT.com (If You Can Find Him)
Last week, Lance Knobel noted that you can’t find the FT’s blogs at blogs.ft.com: that’s the home of just one blog, Martin Wolf’s economists’ forum. Instead, the official FT blogs page is www.ft.com/comment/blogs, which points to eight different blogs including … Continue reading
Posted in Media
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Solly, 1987: Hero or Villain?
Traders never pay much attention to strategists, and are generally much the richer for it.
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Posted in banking
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Lily Tomlin, Market Strategist
Tim Price sums up the state of contemporary investment banking in two quotes: “I’ve had all the fun I can stand in investment banking” – Ken Lewis, (current) chief executive, Bank of America. “Things are going to get a lot … Continue reading
Posted in banking
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The Carried-Interest Debate Returns
The WSJ’s Sarah Lueck seems to say today that the idea of taxing carried interest – forcing private-equity honchos and hedge-fund managers to pay income tax on their income – is back. Two new taxes targeted at hedge-fund managers are … Continue reading
Posted in fiscal and monetary policy
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The Google PageRank Massacre
Google is now a major – arguably the major – force driving news sites. As a result, sites’ PageRank is utterly crucial for any business model. Right now, Google seems to be slashing the PageRank of a lot of blogs, … Continue reading
Posted in Media, technology
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Microsoft: Still No Facebook Insider
What is Microsoft meant to do with its 1.6% stake in Facebook? While it’s easy to get excited about the implied $15 billion valuation for the the social-networking company and start talking about Mark Zuckerberg’s multi-billionaire status, the fact is … Continue reading
Posted in technology
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Calculating Housing Losses
The NYT today fronts a big state-of-the-meltdown story, keyed off Merrill Lynch’s losses yesterday. It doesn’t quite come out and say that we’re going to have a recession (David Wessel does that, in the WSJ), but it doesn’t shy from … Continue reading
Posted in housing
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