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Credit Rationing and Crowding Out During the Industrial Revolution: Evidence from Hoare's Bank, 1702-1862
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Why was growth so slow during the British Industrial Revolution? More than a decade ago, Jeff Williamson proposed "crowding-out" as a result of Britain's numerous wars as a key mechanism, but little empirical evidence existed to support it.
Working Paper, University of California, Berkeley, 2005 , Peter Temin, Hans-Joachim Voth
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A Real Estate Bubble in the US?
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Not if you look at it in relation to GDP growth, personal income and in the context of the past 20 years.
Ameco Financial Services , André Hämmerli
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A first impression of looming troubles in European real estate.
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If you really think real estate in the US is to blame for the current crisis, then check at what's coming to Europe.
Investments Office , R. Weber
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AMBAC and MBIA analysts silence
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One can't fail to notice that (-90% later) there is not a single analysts sell rating on either MBIA or Ambac!
A disturbing silence in my opinion.
Investments Office , R. Weber
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Sarcastic thoughts on Fortune's most admired companies
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"Morgan Stanley is ``World Wise.'' Citigroup Inc. and its Smith Barney subsidiary can show investors ``The way forward.'' E*Trade Financial Corp. is so good that it can ``earn six times the national average for savings'' for investors smart enough to entrust it with their money. Merrill Lynch & Co. is the ``Derivatives House of the Year.'' "
Excerpts from Bloomberg - January 9, 2008 , Susan Antilla
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The Panic of 1907: Lessons Learned from the Market's 'Perfect Storm'
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From credit anorexia to falling dominoes, a highly readable account of the 1907 crisis and its management by the great private banker J. P. Morgan. Congress heeded the lessons of 1907, launching the Federal Reserve System in 1913 to prevent banking panics and foster financial stability.
Wiley, John & Sons, August 2007 , Robert F. Bruner, Sean D. Carr
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A Realistic Take on Europe !
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While everyone has seen that the US consumers have, in recent years, massively overextended themselves (and are now paying the price for this excessive leverage), what few see is that this attitude to spend come hell or high-water has been matched across the Atlantic Ocean not by the European consumers, but instead by European governments.
GaveKal
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Tsukiji: The Fish Market at the Center of the World
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A vivid and fascinating ethnography of the world's largest marketplace for fresh and frozen seafood, Tokyo's gigantic Tsukiji market, where $6 billion worth of fish trades hands each year.
University of California Press, June 2004 , Theodore C. Bestor
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Central Banks, Liquidity, Solvency and the Growth/Profitability issue
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China is the problem: not US housing. China is growing fast but it has few profits. Consequently, it requires more and-more credit to sustain growth.
Crossborder Capital , Michael Howell
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The Sushi Economy: Globalization and the Making of a Modern Delicacy
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"You're trying to tell me that tuna would sell in Japan? Who'd eat such fish?"
A fisherman's reply to two Japanese businessmen on Canada's eastern province in October 1971.
Bluefin, it turned out, were a long-standing nuisance to the cod fishermen, who oten found their nets ruined by the tuna enmeshed in them.
Penguin Group (USA), May 2007 , Sasha Issenberg
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