If you have "no place to go," come here!

Tell me again why the AIG contracts are so legitimate we're paying 100 cents on the dollar for them?

Chris Whalen:

For some time now, we have been trying to reconcile the apparent paradox of American International Group (NYSE:AIG) walking away from the highly profitable, double-digit RAROC business of underwriting property and casualty (P&C) risk and diving into the rancid cesspool of credit default swaps (”CDS”) contracts and other types of “high beta” risks, business lines that are highly correlated with the financial markets.

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Thursday Night Rational Marijuana Policy Lo-Fi Blogging

Krugman: G20 successful. But.

Not a "turning point", but successful. Good. Now we'll see what the other econobloggers have to say (the V2M* being completely untrustworthy, of course, except possibly Bloomberg).

NOTE Versailles/Village Media.

UPDATE Tomorrow's column: Crisis has years to run. Ouch! Read below the fold...

Some encouragement from the unemployment numbers

Edward Harrison at Naked Capitalism has some good charts. Here's what I see as the key material:

As you can see, the graph clearly indicates that the change in initial jobless claims has peaked (temporarily?). These peaks are not lagging indicators, they are usually coincident or leading indicators. Here are the dates and numbers for peaks in changes in initial claims going back to 1967 when the data began:

5 December 1970 at 120,000 (the recession ended in November 1970)

1 Feb 1975 at 361,000 (the recession ended in March 1975. Note: Apr-Jun 1974 showed positive GDP growth)

7 Jun 1980 at 238,000 (the recession ended in July 1980. Note: this was the first in a double dip recession)

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Caro's picture

Politics and Media Headlines 4/2/09

London Calling ( by Susie at Suburban Guerrilla)

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Sarah's picture

So, if you give a lady what she asks for, that's a bad gift?

Evidently if the lady in question is the Queen of England, and what you give her is a video ipod, yes. Amazing what louts we have dictating our manners, propriety and etiquette in the eighth week of the 44th Presidency, especially when you consider that Bush 43 often gave self-centered gifts to go with his loutish behavior. He got praise for his loutishness, you may recall. Read below the fold...

DCblogger's picture

Single payer blogging

I have to say that I am really proud of the work of the Corrente community. When I first started single payer blogging I had to search for material.

Our first achievement was to establish a connection between netroots and single payer activists in the field. I believe our coverage of the National Day of Action did this. We are now known as the go to source for grassroots health care activism. Read below the fold...

Mandos's picture

"Uniquely American": exceptionalism, capitalism, ideology

The phrase "uniquely American" is, to me, key in understanding the ideological predicament of any attempt at efficient delivery of public services in the United States, particularly but not only in the area of health delivery. It represents not merely a nationalistic claim of a need for difference from the effective policy solutions of other countries, but a shorthand for a more specific ideological claim. Read below the fold...

Business Week: Geithner's auction plan "highly game-able"

Who'd a thunk it? I mean, it's not like gaming the Geithner plan was a parlor game for econobloggers, or anything. Business Week: Read below the fold...

Tipping point?

About those loan tapes....


[Charles] Bowsher, who was comptroller general of the U.S. from 1981 to 1996, had a simple reason for resigning last week as chairman of the Federal Home Loan Bank System’s Office of Finance. He didn’t want to put his name on the banks’ combined financial statements, because he was uncomfortable vouching for them. Bowsher, 77, had held the post since April 2007.

With so many top executives complaining they can’t figure out what their companies’ assets are worth, the real wonder is that more corporate directors haven’t quit rather than certify financial reports they don’t understand.

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Jess Fiedorowicz's picture


[Dr. F. has returned! --lambert]

I'm currently online and would like to thank Lambert for contacting me to set up this live blog. I'm looking forward to talking to everyone about single payer. Read below the fold...

The world according to Buzz Potamkin

The effect of The Big Shitstorm on the animation industry. This paragraph caught my eye: Read below the fold...

DCblogger's picture

Does Politico read hipparchia?

Damon's picture

Jesus, Extraterrestrials, & Teh Awesomeness


Author Kurt Anderson penned a piece for Time, last week, essentially taking down Modern America since the Reagan Revolution. The piece is long, and goes all over the place, going between deep meta and more readily observable facts. Sometimes, its very much on point, and other times he goes way off in the reeds. In fact, that's the reason I skimmed it rather than reading through the whole thing, but one particular part caught my eye:

The reset button has been pushed. So what will be the protocols and look and feel of the America about to emerge?

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