2012 February | timiacono.com - Part 4

Back in Time, Lost Decades, etc.

Using a variety of economic indicators, this item in The Economist’s Daily Chart section provide a depiction of how economies around the world have fared in recent years, from the point of view of how far the Great Recession has set them back.

No big surprise there with Greece taking down the top … er, bottom … spot, but the U.S. coming in third with economic conditions set back to late-2001, is a bit of a shocker. Germany has recovered nicely from the recession and their position relative to Greece goes a long way in explaining why the Greek bailout has been so difficult.

My guess is that a chart depicting the amount of new debt taken on prior to the bust would result in  about the same country order as the upper-left graphic above.

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Monday Morning Links

MUST READS
G20 seeks eurozone bailout boost – BBC
Europe Gets Ready for Round 2 of Bank Loans – NY Times
A Greek exit: Nothing to fear but the lack of fear itself – Economist
Spanish revolt brews as economic rearmament begins in Europe – Telegraph
The robosigning deal is a useless embarrassment – Washington Post
Buffett on housing: Was “dead wrong,” but still believes – Fortune
Wall Street Confesses to Bonus Culture Ills – Bloomberg
10 investment lessons from Jeremy Grantham – MarketWatch
Right-wing political extremism in the Great Depression – voxeu
Bernanke Pessimism Drives Credit Amid Cuts – Bloomberg
Economists see more reasons for optimism this year – AP
A new recession seems inevitable – CNN/Money

MARKETS/INVESTING
Surging oil prices weighing on markets – AP
Gold retreats in line with euro, stock markets – Reuters
Factors in the recent oil price increases – Econbrowser
What High-I.Q. Investors Do Differently – NY Times
Paulson Said to Tell Clients Gold Fund Will Top Others – Bloomberg
Buffett Buys US Precious Metals Business from Cookson Group – Jesse’s Cafe
Your pot of gold’s ‘sell-by’ date, after which it’ll be trash – Emirates 24/7
Thinking small so your gold investment can make it big – Globe & Mail
Factors leading to paradigm shift in metals commodities pricing – Mineweb
The new Canadian gold rush – Globe & Mail

ECONOMY/WORLD/HOUSING/BANKING
The High Price of Losing Manufacturing Jobs – Fiscal Times
The ‘High Oil Prices = Recession’ Fallacy – Daily Capitalist
Why the Government Must Keep Running Deficits. Forever. – Angry Bear
Is the Administration Joining Team Balance-Sheet Recession? – rortybomb
China’s Billionaire Congress Makes Capitol Hill Look Poor – Bloomberg
Yen Shows BOJ Stimulus Beating Intervention – Bloomberg
Debunking the “Housing Has Bottomed” Meme – Naked Capitalism
Why the Federal Reserve can’t fix housing – CNN/Money
There is No Shortage of Rental Housing and Rents Are Not Rising Rapidly – CEPR
Bullard: Housing Declines May Have Cost a Generation of Buyers – Bloomberg
How Will Central Banks Respond to Oil Prices? – WSJ
Contemporary Monetary Analysis – Prudent Bear

 

Achuthan Unbowed – Recession Still Looms

ECRI’s Lakshman Achuthan of the Economic Cycle Research Institute defends their recession call from five months ago in this appearance on CNBC, much to the chagrin of the CNBC hosts who would much prefer that everyone just keep feeling better about the economy.

It’s kind of funny that, in checking to make sure I had Achuthan’s name spelled correctly via Google, the basic search results show entry after entry of “Lakshman Achuthan Stands By His Recession Call”, “Achuthan: The Recession is still Coming”, “ECRI Sticks to Recession Call, Even Amid Positive Signs”, “ECRI Reaffirms Recession Call”, etc.

I guess it won’t be so funny if he turns out to be right…

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The Best of the Bozeman Police Reports

Culled from the Police Reports page of the Bozeman Daily Chronicle come the best of the Bozeman police reports from the last week along with some items from the Sheriff’s Office. Note that a new book featuring the very best of these police reports is now available from the Chronicle for only $10 – just click on the banner below to find out how to order.

Once again, it is slim ‘pickens in the police reports section of the newspaper as the recent snow – a couple feet this month after practically nothing prior – must be keeping a lot of people indoors and, those who venture outside don’t seem to be getting into a whole lot of trouble, though driving appears to be much more prone to error this time of the year.

  • Between 4:20 p.m. and midnight, 20 motor vehicle accidents were reported.
  • A rubbernecking woman looking at officers dealing with an incident at North 11th Avenue and Main Street around 3 p.m. failed to stop for traffic in front of her and rear-ended a vehicle.
  • An officer gave a drunken man a ride to the correct hotel and warned him after he was found pounding on doors of a North Seventh Avenue hotel where he was not staying.
  • A dispatcher heard “numerous people talking and laughing about Valentine’s Day” during a 911 call around midnight. There was no emergency.
  • A woman sneezed while at a stoplight at the intersection of North 19th Avenue and Baxter Lane, causing her to inadvertently rear-end the vehicle in front of her.

(more…)

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