Well! New York Magazine helpfully points out that Billy Crudup will be playing former New York Federal Reserve Chairman and current Treasury Secretary Tim Geithner in HBO’s adaptation of Andrew Ross Sorkin’s bailout tome, Too Big to Fail.
Crudup’s recent portrayals of government employees include J. Edgar Hoover in Public Enemies and the naked Read More
• The Financial Crisis Inquiry Commission, which like the 9/11 Commission, only for the Panic of 2008, may have trouble writing a comprehensive report, because senior staff have left in droves and bickering plagues those who remain. [NYT]
• Back in 2007, China asked the Fed if could buy 10% of Morgan Stanley. Yesterday, the Read More
• Not content with the disaster it created in the Gulf of Mexico, BP also released a bunch of hazardous chemicals into the air at one of its Texas refineries, adding “maybe giving kids cancer” to its already impressive 2010 resume. [NYT]
• Even though Ben Bernanke said the Federal Reserve will take action if the economy Read More
In a speech today in Jackson Hole, Wyo., Fed chairman Ben Bernanke said that the economy is a lot worse since the last time central bankers got together for their annual nature retreat and economic conference. Growth hasn’t picked up enough, the unemployment rate is still, um, excessive, and banks are still having trouble Read More
• In accordance with the past few weeks’ spate of mixed economic indicators, the Bureau of Economic Analysis said the U.S. economy grew at an annual rate of 1.6 percent in the second quarter — slower than the government’s initial estimate of 2.4 percent but faster than economists had expected. [Bureau of Economic Analysis / Bloomberg]
• Investors Read More
Earlier today, the Federal Reserve issued their eighth and final Beige Book report of 2008 (PDF here), finding, as you might expect, that economic conditions are weakening across the nation in virtually all sectors of the economy. Here is a quick recap of the dreary news in District II, which includes all of New Read More
The Federal Reserve on Wednesday released their seventh and second-to-last Beige Book report of 2008 (PDF), finding depressing economic trends in virtually all of the Fed’s 12 districts nationwide. But what about the Second District, which includes all of New York, northern New Jersey and southwestern Connecticut?
Some highlights:
A fortnight ago, the Federal Reserve raised its base rate for the 17th time in two years, to 5.25 percent. The purpose of the hike was to fight inflation, classically defined as too much money chasing too few goods. Higher interest rates are thought to suppress the demand for credit, and with it, the specter Read More
A fortnight ago, the Federal Reserve raised its base rate for the 17th time in two years, to 5.25 percent. The purpose of the hike was to fight inflation, classically defined as too much money chasing too few goods. Higher interest rates are thought to suppress the demand for credit, and with it, the specter Read More
