It’s that time again, when all of the pundits and analysts weigh in with their predictions for the new year, and, as we leave “the aughts” behind, the new decade. The past two weeks have been chockablock with best of/worst of ‘09 lists, events of the year, people of the year, etc. (Time magazine’s choice for Person of the Year for 2009, Fed Chairman Ben Bernanke, actually ties in very nicely with Futures’ January Markets piece, “Interest rate policy: Under pressure.”) The consensus among many pundits is that the coming decade HAS to be better than the one we’re leaving behind. Continue reading ‘Drama ahead in 2010?’ »

Blogger Felix Salmon tossed out the subject of whether a PhD in Financial Journalism should be created, apparently in light of the poor job done by the media in covering the credit crisis. Actually he notes that an ex Lehman Bros. executive is trying to create such an education track and Salmon threw it out for public discussion and it has been bandied about by media based chat rooms.

Continue reading ‘More curiosity, less arrogance is what is needed’ »

The Nation recently published an interesting article on the financial crisis of 2008 citing the head of the obscure regulatory body the Office of the Comptroller of the Currency (OCC), John Dugan, as one of the prime architects of our current economic woes.

I’ve read several lists citing people to blame for last year’s financial turmoil and Mr. Dugan, if cited, certainly wouldn’t be on the list of usual suspects.

Continue reading ‘Economic meltdown coming into focus’ »

Today I saw the following two headlines: “Bank Sees Economic Link Between Commodity Prices” and “Speculation and Speculators don’t cause oil price swings.”

Oddly enough both stories were citing the same study produced by analysts with JP Morgan.

Continue reading ‘Make sense of this’ »

Did you hear? Citigroup is paying back its $20 billion in TARP money! But as this New York Times editorial points out, big banks’ motives for paying back the government are (surprise, surprise) less than pure; namely, the banks want to get out from under the pay caps and restraints of the bailout. As the Times says:

“The Treasury Department, which seems to have no qualms about Citigroup’s self-proclaimed strength, plans to sell its $25 billion stake over the next six to 12 months… The Treasury Department’s approval is a grim reminder of the political power of the banks, even as the economy they did so much to damage continues to struggle.” Continue reading ‘Big banks’ fog follies’ »

Goldman Sachs’ holiday partying spirit was once again dimmed this year by a Grinch called the economy. Like last year, Goldman’s holiday party was cancelled, but this year, there’s a new twist. According to the Business Insider, Goldman Sachs employees are not allowed to organize private Christmas parties for the firm’s employees at their own homes, even if no firm money goes to pay for them. This Gawker story says that Goldman employees are basically not allowed to party in groups of 12 or more. Continue reading ‘Ain’t no party like a Goldman party’ »